CA CPT Accountancy Model questions - Page 1
Total No. of Questions = 50
(Presented in Page1 continues with page 2, 3, 4, 5)
1. Purchases Journal will contain
(a) All cash purchases.
(b) All credit purchases.
(c) Credit purchases of trading goods
(d) None of the above.
2. In the absence of any provision in the partnership agreement, profits and
losses are shared
(a) In the ratio of capitals contributed.
(b) In accordance with Partnership Act
(c) In the ratio of loans given by them to the firm.
(d) None of the above.
3. Which financial statement represents the accounting equation,
assets = Liabilities + Owner’s equity:
(a) Income Statement
(b) Statement of Cash flows
(c) Balance Sheet
(d) None of the above
4. Revenue from sale of products, is generally, recognized in the period in which
(a)Sale is made.
(b)Cash is collected
(c) Products are manufactured.
(d) None of the above.
5. Fundamental accounting assumptions are
(a) Materiality
(b) Business entity.
(c) Going concern.
(d) Dual aspect
6. The amount due to the retiring partner on account of goodwill is debited to the
Continuing partners in their __________.
(a) Profit sharing ratio.
(b) Sacrificing ratio.
(c) Capital ratio.
(d) Gaining ratio.
7. Goods costing Rs.1,00,000 were sent on consignment basis. These goods are
Invoiced to give a gross margin of 20% on invoice price. The amount of loading is:
(a) Rs.20,000.
(b) Rs.25,000.
(c) Rs.30,000.
(d) None of the above.
8. PQ Ltd. follows the written down value method of depreciating their Buildings
year after year due to
(a) Convenience.
(b) Comparability
(c) Consistency.
(d) All of the above
9. The owner of the consignment stock is________
(a) Consignor
(b) Consignee
(c) Debtors
(d) None
10. Which of the following expenses are of capital nature?
(a) Repair expenses
(b) cash purchase of trading goods.
(c) Wages paid for installation of machinery
(d) Rent paid for factory building
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