CA CPT Examination

Fundamentals of Accounting

Level of Knowledge : Basic knowledge

Objective :

1. Capital work in progress is shown in the balance sheet under _____

a) Share capital
b) Current Assets
c) Fixed Assets
d) Current Liabilities

2. Which of the following statements is correct?

a) Goodwill is a fictitious asset
b) Patents are intangible asset
c) Debtors are current liability
d) None of the above

3. ________ is allowed by the consignor to the consignee to put hard work while introducing a new product in the market.

a) Commission on total sales
b) Del-credere commission
c) Over riding commission
d) Extra salary

strong>4. The company decided to redeem 5000 redeemable preference shares of Rs.100 each. The company issued 2000 equity shares of Rs.100 each. The amount to be transferred to CRR is _____.

a) Rs.2,00,000
b) Rs.3,00,000
c) Rs.1,50,000
d) Rs.5,00,000

5. Which account should be credited in case of shares issued at premium?

a) Share capital account
b) Securities premium A/c
c) Share forfeiture A/c
d) Both (a) & (b)