Daily Test For CPT
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 CapitalExplanation
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.Rate this question:
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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. ConservatismExplanation
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.Rate this question:
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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. JournalExplanation
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.Rate this question:
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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 ConsiderationExplanation
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.Rate this question:
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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 PartnerExplanation
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.Rate this question:
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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. PerisiableExplanation
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.Rate this question:
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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 aboveExplanation
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".Rate this question:
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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 MethodExplanation
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.Rate this question:
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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. RobbinsExplanation
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.Rate this question:
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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 TheoryExplanation
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.Rate this question:
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Mar 22, 2023Quiz Edited by
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Feb 13, 2013Quiz Created by
Kumarnirmalprasa
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