CPT Question Paper for Online Practice, Online CPT Quiz, CPT MCQ

Financial position of a business concern is ascertained on the basis of _____:

On March 31, 2015 after sale of goods worth Rs.50,000, he is left with the closing inventory of Rs.20,000. This is

Inventory is valued either at cost or market price whichever is lower, according to the principle of ____:

Purchases = Rs. 25,00,000
70% of the goods are sold
Closing inventory is valued at Rs. 5,00,000 instead of at Rs. 7,50,000. Which concept has been followed?

Total assets = Rs. 3,06,000
Secured loans = Rs. 3,06,000
Unsecured loans = Rs. 3,06,000
Total assets = Rs. 3,06,000
Capital = ?

Insurance claim received on machinery destroyed by fire is a ____

In Journal & ledger transactions are recorded in ______ order respectively:

If repair cost is Rs.30,000, whitewash expenses are Rs.6,000, cost of extension of building is Rs.3,00,000 and cost of improvement in electrical wiring system is Rs.22,800; the amount to be expensed is:

Errors can be detected ____:

Which of the following statements is not true?

Sunset Tours has a Rs.70,000 account receivable from Mohan. On January 20, the latter makes a partial payment of Rs.50,000 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transaction includes:

From the following balances find out the total of trial balance:

Capital = Rs. 4,00,000
Computer = Rs. 25,000
AC & Furniture = Rs. 1,00,000
Fixed deposits = Rs. 2,00,000
Salaries = Rs. 8,00,000
Fees Received = Rs. 12,00,000
Traveling expenses = Rs. 1,50,000
Rent & office expenses = Rs. 2,40,000
Cash = Rs. 1,80,000
Bank O.D = Rs. 95,000

Sohan purchased goods for Rs.18,00,000 and sold 4/5th of the goods for Rs.21,60,000 and met expenses amounting to Rs.3,00,000 during the year, 2015. He counted net profit as Rs.4,20,000. Which of the accounting concepts was followed by him?

Rent received from a tenant Rs. 18,000 was correctly entered in the cash book and posted to the debit of Rent a/c. The effect of this error on the trial balance will be

BRS is a part of _____:

Credit balance of bank pass book will be ___ to the account holder:

Overdraft balance as per Cash book Rs. 4,500 Cheques issued, but not presented Rs. 300,Rs. 150, Rs. 375 Cheques paid into bank account, but not cleared Rs. 1,200 Find the balance as per Pass Book

Opening inventory = Rs. 4,00,000
Cash sales = Rs. 2,00,000
Cash sales = Rs. 17,00,000
Selling price = 125% of purchase price
What is the cost of goods sold?

Opening inventory = Rs. 23,200
Cost of goods sold = Rs. 3,22,800
Closing inventory = Rs. 24,000
Purchases =?

The books of T Ltd. revealed the following information:
Particulars Rs.
Opening inventory 7,50,000
Purchases during the year 2014-15 22,50,000
Sales during the year 2014-2015 25,00,000
On March 31, 2015, the value of inventory as per physical Inventory-taking was
Rs. 10,45,000. The company’s gross profit on sales has remained constant at 25%. The
management of the company suspects that some inventory might have been pilfered by a
new employee. What is the cost of goods sold & estimated cost of missing inventory?

Product	A	B	C	D	E
Cost (Rs.)	45,000	57,500	1,37,500	50,000	1,05,000
NRV (Rs.)	47,600	77,500	1,32,500	62,500	1,00,000

What is the value of inventory at the end of the year as per conservatism principle?

On 09-01-2018, the physical inventory of a business concern is taken at Rs.70,000. The following transaction took place between 01-01-2018 and 09-01-2018. Goods sold Rs.48,000, at a profit of 25% on cost which includes goods of the sale value of is Rs.5,000 not delivered to customer and of Rs.3,000 delivered on 29-12-2015. Calculate the value of physical inventory as on 31-12-2015.

From the following data, find out the gross profit on the inventory sold under weighted average price method

1st Jan – opening inventory – 1000 units @ Rs. 4 per unit

15th Jan Purchase – 1100 units @ Rs. 5 per unit

30th Jan Purchase – 1300 units @ Rs. 6 per unit

Sales during the month – 3000 units @ Rs. 10 per unit

Study the following table and answer:

Particulars                      Rs.

Opening Inventory       15,000

Closing Inventory       20,000

Purchases                 2,80,000

Return outward             7,500

Return inward             10,000

Carriage inward            2,500

If gross profit is 20% of sales, the gross sales will be:

A plant was purchased on 01-04-2010 for Rs.3,50,000. The useful life was estimated to be 5 years and scrap value as Rs.50,000. Calculate the rate of depreciation under Straight line method.

Which of the following statements is/are false?

I. The terms ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning.

II. Provision for depreciation A/c is debited when provision for depreciation A/c is created.

III. The main purpose of charging the profit and loss A/c with the amount of depreciation is to spread the cost of an asset over its useful life for the purpose of income determination.

A machine was purchased on 01-04-2012 for Rs.15,00,000. The scrap value is estimated at Rs.50,000. Depreciation is charged at 15% p.a. under WDV method. The machine was sold on 01-07-2015 for Rs.9,04,115. Calculate the profit.

A decrease in the provision for doubtful debts would result in _____:

Stock worth Rs. 50,000 was destroyed by fire. The claim was fully accepted by the insurance company. The journal entry is

Discount received = Rs. 1,000 Provision for discount on creditors = Rs. 1,600 It is desired to make a provision of Rs. 1,100 on creditors. Find out the amount to be transferred to Profit & Loss A/c:

Opening capital = Rs. 45,000

Interest on capital = Rs. 2,000

Interest on drawings = Rs. 5,000

Drawings = Rs. 14,000

Profit = Rs. 15,000

Closing Capital = ?

Amount recovered from debtor, which was earlier written off as bad debt is debited to Cash A/c and credited to _______________ A/c:

The net profit of X & Co. was Rs.7,02,000, before charging Mehta’s (Manager) salary and commission. Mehta was entitled to a salary of Rs. 6,000 per month plus a commission of 5% on net profit after charging his salary and commission. Calculate the amount payable to Mehta

When Del-credere commission is paid, bad debts will be debited to ____ A/c in the books of consignee:

Goods sent on consignment = Rs. 2,00,000

Consignor’s expenses = Rs. 5,000

Consignee’s expenses = Rs. 2,000

Cash sales = Rs. 1,00,000

Credit sales = Rs. 1,10,000

Closing Inventory = Rs. 40,000

Ordinary Commission = Rs. 3,000

Del-credere commission = Rs. 2,000

Bad Debts = Rs. 2,000

Find the profit on consignment.

Mr. X consigned goods costing Rs. 1,50,000 to Mr. Y at cost + 25%. 1/10 of the goods were lost in transit. Mr. Y sold 3/5th of the remaining goods at 10% above the invoice price. Calculate the amount of sales:

Aar and Bar were partners in a joint venture sharing profits and losses in the proportion of 4/5th and 1/5th respectively. Aar supplies goods to the value of Rs.50,000 and incurs expenses amounting to Rs.5,400. Bar supplies goods to the value of Rs.14,000 and his expense amount to Rs.800. Bar sells goods on behalf of the joint venture and realizes Rs.92,000. Bar is entitled to a commission of 5 percent on sales. Bar settles his account by bank draft. What will be the final remittance?

Can a minor be admitted into a joint venture?

X sends out goods costing Rs.2,00,000 to Y. 3/5th of the goods were sold by consignee for Rs.1,40,000.Commission 2% on sales plus 20% of gross sales less all commission exceeds cost price. The amount of commission will be:

A bill drawn and accepted for mutual help is known as ____ bill:

On 05-01-16, Mr. A draws a bill on Mr. B for 30 days after sight. The bill was accepted on 08-01-16. Then the date of maturity of the bill will be___________ :

Mr. Sobby draws a two months bill of Rs. 50,000 on Mr. Dobby. Dobby accepts it on 01-02-16. Sobby discounts it on 15-02-16 at 18% per annum. On the due date of bill Dobby became insolvent and 50 paise in a rupee could only be recovered from his estate. Calculate the amount of bad debt:

Sales for the year ended 31st March, 2010 amounted to Rs.10,00,000. Sales included goods sold to Mr. A for Rs.50,000 at a profit of 20% on cost. Such goods are still lying in the godown at the buyer’s risk. Therefore, such goods should be treated as part of:

If goods are sent on sale or return basis, it will be treated as _____:

A sent some goods costing Rs.3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs.800. At the end of the accounting period i.e. on 31st December, 2014, the remaining goods were neither returned nor were approved by him. The Inventories on approval will be shown in the balance sheet at Rs.

P & Q are partners in a firm sharing profits and losses in the ratio of 5 : 3. R is admitted as a new partner for 1/5th share. Then the sacrificing ratio will be ____:

A & B are partners in a firm with capitals of Rs.5,00,000 each. C joined as a new partner for 1/4th share in profits with a capital of Rs.8,00,000. The credit balance of Profit & Loss a/c is Rs.4,00,000. Find the value of hidden goodwill:

Profit of the year = Rs. 6,00,000 Capital employed = Rs. 4,00,000 Normal rate of return = 15%

Calculate the value of goodwill under capitalization method

A & B are partners in a firm sharing profits and losses in the ratio of 5 : 3 with capitals of Rs.2,50,000 and Rs.2,00,000 respectively. C is admitted as a new partner who brings Rs.50,000 as capital and Rs.16,000 as goodwill for his 1/5th share. The closing capitals of all the partners will be

Rohit, Suman and Rohan are partners sharing profits & losses in the ratio of 2 : 1 : 1. They took a JLP for Rs. 1,00,000. Besides they took a JLP for Rs. 1,00,000. they took policies severally amounting to Rs.50,000 each. Rohit died on 30th September, 2015. The surrender values of the policies will be 30% of the policy values. What is the share of Rohit in the life policies?

According to SEBI guidelines, the minimum share application money is ____:

The subscribed share capital of S Ltd. is Rs.80,00,000 divided into shares of Rs.100 each. There were no calls in arrears till the final call was made. The final call made was paid on 77,500 shares. The calls in arrears amounted to Rs.67,500. The final call per share=?

Reserve capital means:

Oye Ltd. Issued 10,000 equity shares of Rs. 100 each at a premium of 20%. The money is payable as Rs.30 (including premium) on application, Rs.50 on allotment, Rs.20 on First call & Rs.20 on Final call. The company received applications for 15,000 shares and allotment was made on prorata. H, the holder of 400 shares failed to pay allotment money and on his subsequent failure to pay the 1st call money, the company forfeited his shares. The amount to be transferred to Share Forfeiture A/c at the time of forfeiting his shares will be:

A holder of 100 shares of Rs. 10 each, failed to pay the final call money of Rs. 4 per share. These shares were forfeited and reissued at Rs. 7 per share as fully paid up. The entry on reissue will be:

WYE ltd redeemed 1,000, 10% preference shares of Rs.100 each at a premium of Rs.10 per share. The company had a balance of Rs.50,000 in general reserve and Rs.27,000 in Profit & Loss a/c. For the purpose of redemption the company issued 5,000 equity shares of Rs. 10 each at a premium of 20%. The amount to be transferred to Capital Redemption Reserve will be:

Which of the following can be utilized for redemption of preference shares?

Debentures can be _________.

I. Mortgage Debentures or Simple Debentures

II. Registered Debentures or Bearer Debentures.

III. Redeemable Debentures or Irredeemable Debentures.

IV. Convertible Debentures or Non-convertible Debentures.

Debenture interest:

If preference shares are redeemed out of divisible profits, the nominal value of preference shares should be transferred to ___:

The subsequent change in law leads to _____________:

A telegraphed to B “will you sell me your house? Let me know the lowest price” B replied “Lowest price is Rs.900.” A agreed to uy and asked for title deeds. There is no reply from B. Is B under obligation to sell?

Doctrine of privity of contract means:

Which is false regarding consideration?

If a creditor does not file a suit against buyer for recovery of price with is 3 years, the debt becomes :

In case of sale of shares :

The agreement is void with _____________:

In case of misrepresentation, parties have option to:

An agreement in which consideration is unlawful becomes _____________:

A and B entered into a contract where first part is legal and the second is illegal. Here former part is ____ and later part is ______ :

A buys a lottery ticket of Rs. 500/-. It comes under ____ agreement/contract:

An agreement in restraint of marriage is _____:

In case of wagering agreement, the event is _________________:

Wagering agreement is of _______ nature:

_______ of contract can take place without consideration:

A promise can be performed by:

In an agreement to sell, transfer of property takes pace in _____:

Auctioneer is ____ of owner of goods:

X agrees to deliver 100 kgs. Of wheat in exchange of 10 liters of milk. It is:

In an agreement to sell where goods are under the possession of seller and buyer breaches the contract, the remedy available to seller is :

In a contract of sale, consideration can be :

A document becomes document of title to goods if _______ undertaking to deliver the goods to holder exists:

A Contracts with B to sell a new Car. But A delivers an old Car. Here is:

Caveat emptor means:

In a contract of Sale, Condition is ____ to main purpose of contract:

A horse is sold on sale or return basis where trial period is 3 days. Horse dies on second day with out fault of either party. Who has to bear the loss?

The buyer of goods gets good title, if the seller had acquired goods under:

When agent sells goods on behalf of principal, the buyer gets good title where the agent is:

In which of the following cases, the seller can exercise right of stoppage of goods in transit:

Some persons formed a group to collect money for the purpose of giving financial assistance to widows. Here is:

Which of the following is/ are partnership/s?

The partner who gets share its profits:

In case of partnership, dissolution can be done by notice in case of:

A partner can retire form the firm:

Which of the following is incorrect?

A,B and C are partners in a financial firm. X a customer of firm deposits certain securities with the firm for safe custody. A & B sell away the securities without the knowledge of C. who will be liable for damages?

Right of a partner to open a bank account on behalf of the firm in his own name is not with in the scope of ____ authority:

Non registration of the firm will not effect the following:

On which of the following grounds, a partner need not apply to the court for dissolution of the firm:

In case of no agreement among partners insolvency of partner leads to:

Micro Economics is the study of ________:

India is a _____ economy:

An economy achieves “productive efficiency” when:

Law of demand explains inverse relationship between _______:

Which of the following would cause the demand curve for auto mobiles shift to the left?

The second glass of lemonade gives lesser satisfaction to a thirsty boy. This is clear case of

The price elasticity at mid point of a straight line on demand curve is”

Which of the following is not a property of indifference curve?

Find out value of X?

No. of units            MU             TU

1                                30               30

2                               27                X

As the price of commodity increases, normally its supply:

Price elasticity of demand for a product is infinite under:

The marginal rate of substitution ____ as a consumer moves on indifference curve:

An indifference curve slopes down towards right since more of one commodity and less of another result in:

The law of variable proportions is associated with ________________:

Iso-Quant is also known as:

The market price of a good is more than opportunity cost of producing it, then _____:

Human capital refers to:

Which of the following statement is false ?

The vertical difference between TVC and TC is equal to ________:

What happens to marginal cost when average cost increases?

Fixed cost curve is normally:

A rational producer will produce in the stage in which marginal product is positive and

Comparing a monopoly and competitive firm the monopolist will ________:

If equilibrium is present in a market, then:

If the price of a commodity is fixed, then every increase in its sold quantity the total revenue will ______ and the marginal revenue will ____:

A discriminating monopolist will charge a higher price in the market in which the demand for its product is:

The reason for the kinked demand curve is that:

If a firm under monopoly wants to sell more, its average revenue curve will be a _____ line:

What is Net National Product?

Which of the following is not a Khariff crop?

The concept of ‘entitlements’ was introduced by ______ :

Which of the following is not correct?

Over the years in India cost of tax collection is:

The ratio of dependents to working age population is called ______:

Which of the following is a direct tax?

______ is the best indicator of economic development of any country:

The share of which one of the following sectors has increased rapidly in recent years in the GDP of India:

Balance of payments _____:

The Philips curve describe the relationship between:

Among all the states of India _____ has the lowest birth rate:

What is the average calories required in rural areas for measuring poverty?

Multi Dimensional Poverty index is used by ______ to measure poverty:

Which of the following statements defines the density of population?

Inflation is _______:

Special Drawing Rights was created by ______:

Which of the following statement is not correct about the WTO?

What does devaluation of a currency mean?

Which of the following statements about repo rate is not correct?

x, y, z together starts a business. If x invests 3 times as much as y invests and y invests two third of what z invests, then the ratio of capitals of x, y, z is _______:

The integral part of a logarithm is called ____, and the decimal part of a logarithm is called _____.

If a line passes through the midpoint of the line segment joining the points (-3,-4) & (-5,6) and its slope is 4/5 then the equation of the line is:

If an amount is kept at Simple Interest, it earns Rs.600 in first 2 years but when kept at Compound Interest it earns at interest of Rs.660 for the same period; then the rate of interest and principle amount respectively are:

Mr. X bought an electronic item for Rs.1000. What would be the future value of the item after two years, if the value is compounded semiannually at the rate of 22% per annum?

In how many ways can a selection of 6 out of 4 teachers and 8 students be done so as to include atleast two teachers?

The maximum number of points of intersection of 10 circles will be:

If set A = {x: x/2  Z, 0 ≤ x ≤ 10}, B = {x : x is one digit prime number} and C = {x : x/3  N, x ≤ 12} then A ⋂ (B ⋂ C) :

Let A be the set of the squares of natural numbers and x _€ A, y _€ A then _______:

The domain ‘D’and range ‘R’ of the function f(x) = 2 – |x +1| is:

Data collected on religion from the census reports are:

If the Arithmetic Mean of two numbers is 30 and Geometric Mean is 24 then what will be those two numbers?

If same amount is added to or subtracted from all the value of the individual series then the standard deviation and variance both shall be:

If mean and coefficient of variation of the marks of n students is 20 and 80 respectively. What will be variance of them:

If r = 0.6 then the coefficient of non-determination is _____:

If the coefficient of correlation between x and y variables is –0.90 then what will be the coefficient of determination:

The two lines of regression become identical when:

If P(A) = 2/3, P(B) = 3/5, P(A U B) = 5/6 then P(A/B’) is:

Two dice are tossed what is the probability that the total is divisible by 3 or 4.

If 2 dice are rolled simultaneously then the probability that their sum is neither 3 nor 6 is:

A bag contains 4 red and 5 black balls. Another bag contains 5 red, 3 black balls. If one ball is drawn at random from each bag. Then the probability that one red and one black ball drawn is _______.

For a Poisson variate X, P(X=1)=P(X=2). What is the mean of X?

If a discrete random variable follows uniform distribution and assumes only the values 8,9,11,15,18,20. Then P(X ≤ 15) is ____:

The normal curve is:

A sample may be defined as a part of population is selected with a view to representing in all its ____:

A parameter is a characteristic of:

The measure of divergence is ____ as a size of the sample approaches that of the population:

If price are changing year by year, then what should be preferred:

Purchasing power of money is:

In the year 2010 the monthly salary was Rs.24,000. The consumer price index number was 140 in the year 2010 which rises to 224 in the year 2018. If he has to be rightly compensated what additional monthly salary to be paid to him: