CA CPT Questions and Answers

Q 1

Where a machine produces products of uniform size, the __________method of depreciation is applied


A)  

Machine hour method

B)  

Sinking fund method

C)  

Annuity method

D)  

Production units


Correct Option - D

Explanation


Report this question

Q 2

In income measurement & recognisation of assets & liabilities which of the following concepts goes together ?


A)

Periodicity, Accural, Matching

B)

Cost, Accural, matching

C)

Going concern, cost, Realization

D)

Going concern, Periodicity, Reliability


Correct Option - A

Explanation


Report this question

Q 3

What entry is required to be passed to nullify the effect of Loading:


A)

Goods sent on consignment A/c    Dr.

        To Trading A/c

B)

Goods sent on consignment A/c Dr.

          To Consignment A/c

C)

Consignment A/c Dr.

           To goods sent on consignment A/c

D)

None of these


Correct Option - B

Explanation


Report this question

Q 4

Consignment A/c is prepared in the book of:


A)  

Consignor

B)  

Consignee

C)  

Third party

D)  

None of these


Correct Option - A

Explanation


Report this question

Q 5

Following are the differences between Partnership and Joint Venture except:


A)

Joint Venture is essentially planned for short terms mainly for one contract/ deal. However, partnership are normally undertaken as going concerns and are expected to last for a very long period.

B)

The persons involved in a joint venture are called co-ventures whereas persons involved in a partnership are called partners

C)

Any specific statute of the Government does not govern joint ventures but the Indian Partnership Act, 1932, governs partnership

D)

Memorandum of Understanding is mandatory to be drafted to spell the relationship between the co-ventures whereas the basic relationship between the partners is defined by the partnership deed


Correct Option - A

Explanation


Report this question


Share This Page -