CPT Mock Test Paper for Accounts and Laws, CPT Online Test Series

On January 1, Mohan paid wages amounting Rs. 10,000. This is__________:

Window dressing means:

Contingent liabilities are shown as a footnote under the Balance Sheet as per which concept:

Income is measured on the basis of:

Ram starts business with Rs. 90,000 and then buys goods from Shyam on credit for Rs. 23,000. The
accounting equation based on assets = Capital + Liabilities will be:

One of the Fundamental accounting assumption is:

Profit leads to increase in:

A purchased a car for Rs. 5,00,000, making a down payment of Rs. 1,00,000 and signing a Rs.
4,00,000 bill payable due in 60 days. As a result of this transaction:

Accounting standards in India are issued by:

Accounting policies refer to specific accounting ________:

……………………are measured in terms of money:

Goods given as charity credited to:

Rent payable to the landlord Rs. 5,000.00 is credited to:

Prepaid insurance account is a:

Narrations are given at the end of:

Ledger book is popularly known as:

Which of the following accounts may have a debit or a credit balance:

Which of the following will not affect the agreement of Trail Balance:

After preparing the trial balance the accountant finds that the total of the debit side is short by
Rs. 1,000. This difference will be_________:

Purchases book records:

Credit purchase of stationery worth Rs. 5,000 by a stationery dealer:

Purchase of Plant & Machinery on credit basis is recorded in:

The petty cashier generally work on _________system:

Cheques received but deposited on the next day are recorded in:

On January 1, 2010 Victory Ltd., purchased a second hand machinery for Rs.50,000 and spend
Rs.2,000 as shipping and forwarding charges, Rs.1,000 as import duty, Rs.1,000 as carriage inwards,
Rs.500 is repair charges, Rs.200 as installation charges, Rs.400 as brokerage of the middle man and
Rs.100 for an iron pad. Total cost of machinery is:

An old machinery is purchased for Rs. 10,000. Installation charges of Rs. 1,000 were incurred.
Repairs to the old machinery = Rs. 7000 repairs accounts will be debited by:

Heavy amount spent on advertisement is__________:

Insurance claim received on account of machinery damaged completely by fire is:

Contingent asset is not recognized in the financial statements on the basis of _______ accounting
concept:

Errors are:

Purchase of office furniture Rs. 1,200 has been debited to General Expense Account. It is:

A cheque Rs. 1000/- received from Ratnesh was dishonoured and had been posted to the debit to
the sales return account. The rectifing Journal entry will be:

If a sales return of Rs.1,500 has been wrongly posted to the credit of the purchase returns account,
but has been correctly entered in the debtors’ account, the total of the:

Overdraft as per Cash Book Rs. 4,500
1. Cheques sent for collection but not credited by Bank Rs.6,225
2. Cheque drawn but not presented for payment Rs.10,250
Overdraft as per Pass Book will be

A Bank Reconciliation statement is prepared to know the causes for the difference between:

When balance as per cash book (debit balance) as on 31st March is the starting point, what will be
the effect while preparing bank reconciliation statement when out of the cheques amounting to Rs.
5,000 deposited, cheques aggregating Rs. 1,500 were credited in March and cheques aggregating Rs.
2,000 credited in April and the rest have not been collected:

If we take balance as per Pass book which of the following will be deducted to get balance as per
cash book:

Depreciation starts on a machine from the date:

Actual total cost of plant – Rs 1,50,000
Salvage value – Rs. 20,000
Useful Life – 10 years
Annual depreciation under Straight line method will be:

Which method of depreciation is effective if repairs and maintenance cost of an asset increases as it
grows old:

Under diminishing balance method, depreciation:

Cost of machine 7,50,000. Life 10 years scrap value at the end of life-50,000. Machine is expected to
produce 15,00,000 units in it’s life. Expected distribution of production of units are as follows.
1-3 years 2,50,000 units each year
4-6 years 1,25,000 units each year
7-10 years 93,750 units each year
Annual depreciation for 1-3 years using production units method will be:

In the books of D Ltd. the machinery account shows a debit balance of Rs.60,000 as on April
1,2003.The machinery was sold on September 30, 2004 for Rs.30,000. The company charges
depreciation @ 20% p.a. on diminishing balance method. Profit / Loss on sale will be:

When depreciation is recorded by charging to Asset account, the asset appears:

Which Adjustment are made in adjusted cash book:

Provision for Depreciations A/c Dr. 5000
To Fixed Assets A/c 5000
Entry in above A/c Shows

Plant & Machinery purchased for Rs. 1,00,000. Which was wrongly debited to repair a/c. Rate of
Depreciation 10% per annum. What will be the effect of this error on current year profit?

Cost of machine is Rs. 1,00,000. Scrape value after charging 20% depreciation per annum by WDV
method is 8,590 Rs. What is the life of machine?

A machine was purchased for Rs. 1,00,000, 4 years ago. Depreciation charged @10% per annum as
per SLM basis. Now company want to charge depreciation @ 15% on WDV Basis from 5th year. P & L
A/c will be:

The following ledger posting in the debtors Account specify:
Debtors A/c

Calculate revenue Profit from the following in information:
Original Cost Rs. 1,00,000
Written down Value Rs. 95,000
Selling Price Rs. 1,15,000

Balance of which coloum in not calculated in cash book:

In which method of depreciation, depreciation is charged more than value of cost:

The value to be shown in the Balance Sheet under “Cash at Bank” is received from:

Bad Debts recovered from Ram but wrongly Ram A/c was credited, Because of this error:

From the following information, Prepare Bank Reconciliation statement on 31.03.2014
Opening Balance of Cash Book Rs. 50,000
Bank Credited the Customer A/c by Interest amounting Rs. 500 But at the time preparing the cash
book, it was entered in credit side in cash book.
Bank charges Debited by Bank Rs. 50, which was recorded in the cash book on 1st April.
Balance as per Pass book will be:

Advantages of double entry system are:

Which standard deals with Provisions, contingent liabilities & Contingent Assets?

Contra entry in Cash Book is completed when:

Suspense Account is a:

A jus in personam means a right against:

Match the following:
(i) Agreement (a) Right against a specific person
(ii) Contract (b) Agree upon same thing in same sense
(iii) Jus in personam (c) Offer+acceptance
(iv) Consensus ad idem (d) Agreement + enforceability

Which one of the following promises is enforceable:

All ……….agreements are void but all……………..agreements or contracts are not necessarily illegal:

S agrees to sell his DVD player to R promising to deliver on the date of payment. R promises to pay
the amount, one month hence. This is an example of:

A contract in which only one party has to fulfill his obligation at the time of the formation of the
contract, the other party having fulfilled his obligation at the time of the contract or before the
contract comes into existence is known as……….:

Cross Offers means:

Advertising agent invites a tender. It is known as ________:

The communication of an acceptance is complete as against the acceptor, _____________:

Consent should be given:

An offer may lapse by……….:

The following are the essential elements which need to co-exist in order to make a valid contract:

Valid consideration in India is:

Stranger to a ___________ can sue:

Consideration without agreement are valid in case:

The consideration must be at the desire of the:

In India the age of majority is regulated by ________:

Ordinarily, a minor’s agreement is ____________:

A contract with the resident of an enemy country is:

The concept of “Duress” under English Contact Law is similar to:

D believes blue colour to be black colour, for any reason whatsoever. He has a garment shop. He
sells one blue colour shirt to M, representing it to be black colour. M knows nothing about colours.
M believes D and accepts the blue colour to be black colour. Later on M’s mother explains M that
the colour of the shirt is actually blue and not black. It is a clear case of:

A contract made by mistake about some foreign law is:

Which of the following statement is not correct:
(i) A threat to commit suicide does not amount to coercion
(ii) Undue influence involves use of physical pressure
(iii) Ignorance of law is no excuse
(iv) Silence always amounts to fraud

Which of the following is a requirement for misrepresentation to exist:

Where an agreement consists of two parts one legal and the other illegal, and the legal part is
separable from the illegal one, such legal part is __________:

“One should not make a trade of felony” this principle belongs to:

An agreement in restraint of legal proceedings is void. It does not cover an agreement which:

Contract created to restrict the rights related to legal proceedings is:

A promise to super intend, on behalf of Y, a legal manufacturer of indigo and an illegal traffic in
other articles. B promised to pay A salary of Rs. 2000 per month:

In places other than Gujarat and Maharashtra, Collateral Transactions to a Wagering Agreement
are……:

Consider the following:
1. Major person 2. Minor
3. Alien enemy 4. Sound mind
5. Foreign sovereigns 6. Accredited representative of foreign state
7. Insolvent 8. Convicts
9. Qualified by law
Who are eligible to enter into contract:

A contract which is valid initially however ceases to be enforceable by law subsequently:

Mere silence can constitute acceptance:

An oral promise to pay a time-barred debt is………….:

The agreements made by a minor, jointly with a major person are in relation to negotiable
instrument are ………….:

Contracts entered into during non lucid intervals are…………:

Committing or threatning to commit any act forbidden by IPC and inducing the other party to enter
into a contract is……..:

Match the following:
(i) Coercion (a) Involves Moral Pressure.
(ii) Undue Influence (b) Person making false representation does not
believe it to be true.
(iii) Fraud (c) Involves Physical force.
(iv) misrepresentation (d) The person making false representation
believes it to be true.

The compromise of any public offence is………illegal:

‘A’ borrows Rs. 500 from ‘B’ to pay to C to whom ‘A’ has lost a bet. Contract between ‘A’ and ‘B’ is: