Daily Test For CPT

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| By Kumarnirmalprasa
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Quizzes Created: 2 | Total Attempts: 502
Questions: 10 | Attempts: 264

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CPT Quizzes & Trivia

Daily test for ICAI - CPT. This test contains questions from all papers.


Questions and Answers
  • 1. 

    The difference between subscribed capital and called up capital is:

    • A.

      Paid Up Capital

    • B.

      Calls in Arrear

    • C.

      Calls in Advance

    • D.

      Uncalled Capital

    Correct Answer
    D. Uncalled Capital
    Explanation
    Uncalled capital refers to the portion of subscribed capital that has not yet been called up by the company. Subscribed capital is the total amount of capital that shareholders have agreed to contribute to the company, while called up capital is the portion of subscribed capital that the company has actually requested from shareholders. Therefore, the difference between subscribed capital and called up capital is the uncalled capital, which represents the amount that shareholders are still obligated to contribute in the future if and when the company makes further calls for capital.

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  • 2. 

    Cost or market price which ever is lower is ________ Concept.

    • A.

      Conservatism

    • B.

      Going Concern

    • C.

      Consistency

    • D.

      Materiality

    Correct Answer
    A. Conservatism
    Explanation
    The concept being referred to in the given question is conservatism. This concept states that when valuing assets or liabilities, the lower of cost or market price should be considered. This approach ensures that potential losses are recognized earlier and assets are not overstated. By choosing the lower value, conservatism helps to provide a more realistic and cautious representation of a company's financial position.

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  • 3. 

    A second hand computer is purchased from soft tech company by a cloth merchant is entered in _________.

    • A.

      Purchase Day Book

    • B.

      Journal

    • C.

      Cash Book

    • D.

      None of the above

    Correct Answer
    B. Journal
    Explanation
    When a second-hand computer is purchased from Soft Tech Company, it is recorded in the Journal. The Journal is a book of original entry where all financial transactions are initially recorded in chronological order. Since the purchase of the computer is a business transaction, it needs to be recorded in the Journal to maintain accurate and organized financial records. The Journal entry will include details such as the date of purchase, the vendor's name (Soft Tech Company), the amount paid, and any other relevant information.

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  • 4. 

    Under the Indian Contract Act 1872, a completed gift have ______________

    • A.

      No Consideration

    • B.

      Less Consideration than the value of gift

    • C.

      More consideration than the value of gift

    • D.

      Equal consideration to the value of gift

    Correct Answer
    A. No Consideration
    Explanation
    Under the Indian Contract Act 1872, a completed gift does not require any consideration. This means that the person giving the gift does not expect anything in return for it. In a completed gift, the transfer of ownership is voluntary and without any exchange of value. Therefore, there is no need for any consideration or payment to be made by the recipient of the gift.

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  • 5. 

    According to Indian Partnership act 1932; The Person who contributes capital & share profits but takes no active interest in efforts of business:

    • A.

      Active Partner

    • B.

      Nominal Partner

    • C.

      Dormant Partner

    • D.

      Partner's in Profits only

    Correct Answer
    C. Dormant Partner
    Explanation
    A dormant partner is someone who contributes capital and shares in the profits of a partnership but does not actively participate in the day-to-day operations or management of the business. They are essentially a silent partner who provides financial support but does not take an active interest in the business's efforts. This type of partner is often seen in partnerships where one party provides the necessary funds while the other party handles the operations and management.

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  • 6. 

    The finder of lost of goods under the contract act 1872 he can sell the goods if they are:

    • A.

      Ascertained

    • B.

      Unascertained

    • C.

      Valuable

    • D.

      Perisiable

    Correct Answer
    D. Perisiable
    Explanation
    According to the Contract Act 1872, the finder of lost goods can sell them if they are perishable. Perishable goods are those that have a limited shelf life and are likely to decay or spoil quickly if not consumed or used within a certain time frame. Since perishable goods have a short lifespan, it is reasonable for the finder to sell them in order to prevent wastage or loss of value.

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  • 7. 

    Time Reversal and Factor Reversal test satisfied by :

    • A.

      Paasche's Index

    • B.

      Laspeyre's Index

    • C.

      Fisher's Index

    • D.

      None of the above

    Correct Answer
    D. None of the above
    Explanation
    The time reversal test is satisfied when reversing the time period does not change the index value. The factor reversal test is satisfied when reversing the base and current period values does not change the index value. None of the given indexes (Paasche's, Laspeyre's, Fisher's) satisfy both of these tests, hence the correct answer is "None of the above".

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  • 8. 

    Fisher's Ideal Index no is :

    • A.

      AM of Laspeyre's and Paasche's Method

    • B.

      HM of Laspeyre's and Paasche's Method

    • C.

      GM of Laspeyre's and Paasche's Method

    • D.

      Median of Laspeyre's and Paasche's Method

    Correct Answer
    C. GM of Laspeyre's and Paasche's Method
    Explanation
    The Fisher's Ideal Index number is calculated by taking the geometric mean of the Laspeyre's and Paasche's methods. This means that the index number is obtained by taking the square root of the product of the Laspeyre's and Paasche's index numbers. The geometric mean is used in this case because it provides a balanced measure of the average between the two methods, giving equal weight to both.

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  • 9. 

    Who expressed the view that "Economics is neutral between ends".

    • A.

      Robbins

    • B.

      Marshall

    • C.

      Pigou

    • D.

      Adam smith

    Correct Answer
    A. Robbins
    Explanation
    Lionel Robbins, a British economist, expressed the view that "Economics is neutral between ends". He argued that economics as a discipline is concerned with the efficient allocation of scarce resources to satisfy unlimited human wants. According to Robbins, economics does not take a stance on what ends or goals individuals should pursue, but rather focuses on the means to achieve those ends. This concept of economic neutrality has been influential in shaping modern economic thinking.

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  • 10. 

    The Branch of Economic theory that deals with the problems of allocation of resource  is:

    • A.

      Micro - Economic Theory

    • B.

      Macro - Economic Theory

    • C.

      Econometrics

    • D.

      None of the above

    Correct Answer
    A. Micro - Economic Theory
    Explanation
    Microeconomic theory is the branch of economic theory that focuses on the behavior of individual economic agents such as households, firms, and consumers. It analyzes how these agents make decisions regarding the allocation of scarce resources and how these decisions impact the market. Therefore, microeconomic theory is concerned with the problems of resource allocation at a smaller, more specific level. This makes it the correct answer to the question.

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 13, 2013
    Quiz Created by
    Kumarnirmalprasa

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