CPT mock test in accounting

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

____ is root cause for financial accounting?

Gyan received Rs.5,000 in advance but he credited to sale account. Which of the following concept he did not follow?

Change in Accounting estimate means :

Interpretation means

A trader purchased goods for Rs. 25,00,000, of these 70% of goods were sold during the year.At the end of 31st December 2009, the market value of such goods were Rs.5,00,000. But the trader recorded in his books for Rs.7,50,000.Which of the following concept is violated.

If wages are paid for construction of business premises ______ A/c is credited and _____ A/c is debited.

A building worth Rs.35 lakhs was purchased and it was dismantled with Rs.1 lakh and it was decided to build as shopping mall. The cost of construction of building was Rs.50,00,000 and other expenses of Rs.50,000. The amount of capital expenditure is

Which of the following is not a difference between provision & contingent liability

. __ is shown as foot note under the Balance Sheet.

Diwali advance given to an employee is ___

The amount of depreciation charged under
Annuity method _______

Who decides how much sales taxes should be paid by the concern?

Value of stock is taken at the year end at market price or cost price whichever is less

Keep separate record in individual accounts

If Mr.Praharsha starts a business m/s ABC&CO with a capital of Rs.50000, This amount is shown as a liability in the books of M/S ABC&co

Financial instrument:disclosures

Following is not an example of an accounting policy

According to AS-1 disclosure should be made

Capital of business is Rs.20000 and Liability if Rs.5000 then total assets of business would be

Journal records transactions of the firm in a

The preparation of trial balance is for

Unpaid salary For Rs.340 is to be provided for in the accounts

Which of the following is not a column of a Three column cash book?

Wages due for the month of March will appear

Heavy advertising cost of Rs.20000 spent on the launching of a company’s new product

In the case of —— either outflow of the resources to settle to the obligation is not probable or the amount expected to be paid to settle the liability can’t be measured with sufficient reliability

The consignor sends——– along with the consigned goods to the consignee.

Following are the characteristics of joint venture except

No cancellation entry is required when a bill is renewed.