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CA CPT : MOCK TEST PAPER (with Answers) - November 2016

42 pages, 200 questions, 136 questions with responses, 147 total responses,

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Test Series: November, 2016 MOCK TEST PAPER - 2 COMMON PROFICIENCY TEST Time Allowed 4 Hours Maximum Marks 200 SECTION A: FUNDAMENTALS OF ACCOUNTING 1. Rs. 1,500 spent on repairs before using a second hand car purchased recently is a (a) Capital expenditure (b) Revenue expenditure (c) Prepaid revenue expenditure (d) None of the three 2. Commission received in advance is a (a) Personal account (b) Nominal account (c) Real account (d) None of the three 3. 100 articles at the sale price of Rs. 200 each sent to a customer on approval basis were recorded as actual sales on that price. The sale price was made cost plus 25%. The amount of inventory on approval will be (a) 16,000 (b) 20,000 (c) 15,000 (d) none 4. A and B are partners, sharing profits in the ratio of 5:3. They admit C with 1/5 share in profits, which he acquires equally from both 1/10 from A and 1/10 from B. New profit sharing ratio between A and B will be (a) 21:11 (b) 20:10:4 (c) 15:10:5 (d) None of the three 1 The Institute of Chartered Accountants of India

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