Cpt 2011 June Session 1 with Key

Topics: Contract, Balance sheet, Capital expenditure Pages: 11 (3564 words) Published: July 12, 2011
No.1 for CA/CWA & MEC/CEC


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CPT – June 2011 Question Paper (Based on Memory) 1st session Marks: 100 Marks

Part A – Fundamentals of Accounting
1. Which method of depreciation is approved as per the income tax rules? a) Sinking fund method b) Written Down Value Method c) Annuity Method d) None of the above 2. Capital A/c is a _______ A/c. a) Personal b) Real c) Nominal d) None 3. Cash A/c is a ________ A/c. a) Personal b) Real c) Nominal d) None 4. Which is not only a subsidiary book, but also a principal book? a) Cash book b) Sales book c) Purchase book d) Bills receivable book 5. The principle “Debit the receiver and credit the giver” is related to_____ a) Personal a/c b) Real a/c c) Nominal a/c d) None 6. If shares are forfeited, Share Capital a/c is debited with ________ a) Called up face value b) Face value c) Paid up face value d) none of these 7. Wages paid for erection of machinery is debited to _____ a) Machinery A/c b) Wages A/c c) Cash A/c d) None of these 8. Share Premium A/c appears in the Balance Sheet under the heading. a) Current liabilities b) Reserves & Surplus c) Miscellaneous expenditure d) None of the above 9. The goods or cash taken by the proprietor for his personal use will be debited to _____ a) Expenditure a/c b) Debtors a/c c) Drawings a/c d) None of these 10. Interest on drawings is a ___ to the business a) Expenditure b) Gain c) Liability d) Loss 11. If a contingent liability becomes probable, it has to be: a) Shown in notes on accounts b) Provided in the books of accounts c) Ignored and no entry will be passed d) Shown in director’s report 12. Capital work in progress is shown in the balance sheet under _____ a) Share capital b) Current Assets c) Fixed Assets d) Current Liabilities 13. Which of the following statements is correct? a) Goodwill is a fictitious asset b) Patents are intangible asset c) Debtors are current liability d) None of the above 14. ________ is allowed by the consignor to the consignee to put hard work while introducing a new product in the market. a) Commission on total sales b) Del-credere commission c) Over riding commission d) Extra salary 15. The company decided to redeem 5000 redeemable preference shares of Rs.100 each. The company issued 2000 equity shares of Rs.100 each. The amount to be transferred to CRR is _____. a) Rs.2,00,000 b) Rs.3,00,000 c) Rs.1,50,000 d) Rs.5,00,000 16. Which account should be credited in case of shares issued at premium? a) Share capital account b) Securities premium A/c c) Share forfeiture A/c d) Both (a) & (b) 17. Income tax demand disputed will be _____ a) Contingent liability b) Current Liability c) Possible Asset d) Possible Liability 18. Goods worth Rs.100 bought from Narayan have remained unrecorded. What will be the effect of the error on trial balance. a) No effect b) Trial Balance Credit total will be short by Rs.100 c) Trial Balance Debit total will be short by Rs.100 d) Trial Balance Credit total will be increased by Rs.200 19. Credit balance in the ledger will be either _____ or ____ a) Assets, Revenue b) Expenses, Assets c) Liabilities, Revenue d) Expenses, Liabilities

Time: 2 hrs.

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No.1 for CA/CWA & MEC/CEC
20. As per the Revenue – ? a) Expenses c) Losses Matching concept, = Profit b) Liabilities d) Assets

30. Capital reserves are created out of: a) Capital Profits b) Profits in balance c) Revenue profits d) None 31. Discount...
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