Commerce exams sample papers

CA CPT Fundamental Accounting Sample Paper 1

Question 1:

Which of the following provide frame work and accounting policies so that the financial statements of different enterprises become comparable?

(a) Business Standards

(b) Accounting Standards

(c) Market Standards

(d) None of these

Question 2:

Cash a/c is a ______

(a) Real a/c

(b) Nominal

(c) Personal

(d) None

Question 3:

Securities premium used for the purpose of

(a) Dividends

(b) fully paid bonus shares

(c) capital loss

(d) none of these

Question 4:

Liability on bills discounted at the time of final accounts is treated as ____

(a) not an liability

(b) current liability

(c) differed liability

(d) contingent liability

Question 5:

As per accrual concept, which of the followings is not true

(a) revenue – expenditure = profit

(b) revenue – profit = expenditure

(c) sales + gross profit = revenue

(d) revenue = profit + expenditure

Question 6:

The liability of a partner in a firm to outside is _____

(a) Unlimited

(b) Unlimited up to their capital sharing ratio

(c) Unlimited up to their guaranteed amount

(d) Unlimited up to their profit sharing ratio

Question 7:

The buyer refused to take delivery and the seller refused to take return then the goods are

(a) Deemed to be in transit

(b) Not deemed to be in transit

(c) both

(d) none of these

Question 8:

Purchased the asset for Rs. 2,00,000 with available discount 20% then what amount should be credited to debentures A/c, when the purchase consideration is discharged by the issue of debentures.

(a) Rs.2,00,000

(b) Rs.1,80,000

(c) Rs. 1,60,000

(d) Rs.2,40,000

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Question 9:

An amount of Rs. 8765 paid to M was debited to N

(a) increase in net profit

(b) decrease in net profit

(c) increase in asset

(d) no effect on net profit

Question 10:

Which of the following statements is correct?

(a) Accounting profit is the difference between cash receipts and cash paid in a period.

(b) Accounting profit is the total of cash sales in the year less the expenses for the period.

(c) Accounting profit is the difference between revenue income and expenses for the period.

(d) Accounting profit is the difference between revenue income and cash payments for the period.

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