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CA- CPT self-assessment test quiz

CA- CPT self-assessment test quiz

CA- CPT self-assessment test quiz

CA CPT QUIZ helps students for Charter Accountancy.

CA-CPT ACCOUNTS1

CA-CPT

general economics 1

general economics 1

ca law 1

ca law 1

ROE QUIZ 1

ROE QUIZ 1

1.The expenditure Rs.2,000 incurred on a trial run of newly purchased machine is

  1. Preliminary expenses
  2. Capital expenditure
  3. Revenue expenditure
  4. Deferred revenue expenditure

2. Unclaimed dividend is shown under

  1. Other current liabilities
  2. Reserves & Surplus
  3. Secured loans
  4. Miscellaneous expenditure

3 .Proprietor used a rented building both for business purpose and as well as residence equally. The rent paid during the year for the building was Rs.1,32,000 debited to rent expenses A/c in the books of business. One month rent is still outstanding. Liability of the business for rent outstanding ___

  1. Rs.11,000
  2. Rs.12,000
  3. Rs.5,500
  4. Rs.6,000

 

3.Which of the following will not affect trial balance?

  1. Purchase book was under casted by Rs.5,000
  2. White wash charges Rs.10,000 were debited to building A/c
  3. Cash paid to Briz Binan Rs.500 was debited to Briz Binan A/c as Rs.5,000
  4. Credit sales of Rs.2,000 to P correctly recorded in sales book but not posted to P’s account.

4.The normal rate of return is 20%. The total capital employed is Rs.6,00,000. The average profit is Rs.1,50,000. Calculate goodwill as the basis of 3 years purchase of super profits.

  1. Rs.90,000
  2. Rs.1,20,000
  3. Rs.1,00,000
  4. Rs.60,000

4.Which of the following is not a contingent liability?

  1. Claim against enterprises not acknowledged as debt
  2. Guarantee given in respect of third parties
  3. Liability in respect of bills discounted
  4. Penalty imposed by excise officer for violation of provisions of Central Excise Act

5.Opening stock 400 units @ Rs.20 each. Purchases during the year 200 units @ Rs.25each. Issues – 250 units

  1. 8750
  2. 7000
  3. 7750
  4. 8000

6.Balance in JLP A/c of partners is

  1. Total premium paid by the firm
  2. Total premium paid by the firm
  3. Surrender Value
  4. JLP amount – Surrender Value

 

7. Goods costing Rs.5,000 will be distributed as wages for Rs.5,000. Market price is Rs.6,000. Journal entry is __

  1. Wages A/c Dr. 6000 To salary A/c 6000
  2. Wages A/c Dr. 6000 To salaries A/c
  3. Wages A/c Dr. 5000 To purchases A/c 5000
  4. Wages A/c Dr. 6000 To purchases 6000

8.

Which of the following should be valued compulsory at the time of admission of a partner

  1. Goodwill
  2. Plant & machinery
  3. Furniture & fillings
  4. Land & Buildings

 

9. Which Accounts are used to prepare Bank Reconciliation statement?

  1. Cash column & Bank statement
  2. Bank column & Bank Statement
  3. Cash column & Bank Balance
  4. None of the above

 

9. The opening stock is overstated by Rs.10,000 and closing stock is understated by Rs.15,000. The impact on the net profit of the current year is

  1. Rs.5,000 overstated
  2. Rs.25,000 overstated
  3. Rs. 5,000 understated
  4. Rs.25,000 understated

 

 

10.If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

  1. Is assumed that it is not followed
  2. Is assumed to be followed
  3. Is assumed to be followed to some extent
  4. None of the above

11. A & B have started a Joint Venture for purchase & Sale of garments. Initial capital contribution was Rs.25,000 & Rs.50,000. There is no written agreement about share of P & L among them. They purchased garments worth Rs.50,000 & sold for Rs.75,000, the profit to be

  1. Rs.8,333 & Rs.16,667
  2. Rs.10,000 & Rs.15,000
  3. Rs.12,500 & Rs.12,500
  4. Rs.20,000 & Rs.5,000

12.Preference shares can be redeemed, unless they are

  1. Partly paid
  2. Fully paid
  3. Transferred
  4. Re-Issued

13.On 1st April, Mr.A sold goods of Rs.10,000 to B and drew a bill for 3 months. 13.Mr. A discounted the bill with bank at 15%. Amount of discount will be?

  1. Rs. 125
  2. Rs.250
  3. Rs.375
  4. None

14.Underwriting commission will not be paid on shares taken by

  1. Promoters
  2. Employees
  3. Directors
  4. All of these

15.Renewal fee of patents is a ____ expenditure

  1. Capital
  2. Revenue
  3. Differed revenue
  4. Development

16 A & B are equal partners. They admitted ‘C’ for 1/7th share. The new Ratio of A & B is

  1. 7/1:7/4
  2. 3/7:3/7
  3. 4/7:5/7
  4. 6/7:1/7

17.On 1st April, Mr.A sold goods of Rs.10,000 to B and drew a bill for 3 months. Mr. A discounted the bill with bank at 15%. Amount of discount will be?

  1. Rs 125
  2. 250
  3. 375
  4. None

18. Underwriting commission will not be paid on shares taken by

  1. Promoter
  2. Employee
  3. director
  4. All of these

19.Renewal fee of patents is a ____ expenditure.

  1. Revenue
  2. Capital
  3. differed revenue
  4. Development

19. A & B are equal partners. They admitted ‘C’ for 1/7th share. The new Ratio of A & B is

  1. 7/1:7:4
  2. 3/7:3/7
  3. 4:7:5:7
  4. 6:7:1/7

20.The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.

  1. Money measurement
  2. Cost
  3. entity
  4. Dual aspect

21.Where a machine produces products of uniform size, the method of depreciation to be applied

  1. Machine hour method
  2. annuity method
  3. Sinking fund method
  4. Production method

22.Debentures are shown under the heading____

  1. Secured Loan
  2. Reserve and surplus
  3. Capital Reserve
  4. Current Liabilities

23.Fixed assets are held by business for

  1. Converting into cash
  2. Generating revenue
  3. resale
  4. None of the above

24.Net realizable value is

  1. Estimated selling price plus cost incurred in order to make sale

 25.Estimated selling price plus cost incurred in order to make sale

  1. 2
  2. 7
  3. 4
  4. 1

 

26.Retirement of a Bill means

27.What are the options available to the holder of a bill in the bills of exchange (Besides retaining the bill, till the due date)?