It is an entry level test for Chartered Accountancy Course, which is held twice in a year in June and
December. It is a test of four subjects i.e., Accounting, Mercantile Laws, General Economics and Quantitative
Aptitude with an objective to test basic knowledge in these subject areas. This test is of 200 marks. This test
is divided into two sessions of two hours each with a break in between. CPT is an objective type test with
negative marking. Subjects to be studied in CPT are as follows:
SESSION – I ( Two Sections – Two hours – 100 marks )
Objective: Through Fundamentals of Accounting, it is expected to develop conceptual understanding of the Financial
Accounting and basic skills of accounting for different kinds of business transactions.
Content:
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Theoretical Framework
(i) Meaning and Scope of Accounting
(ii) Accounting Concepts, Principles and Conventions
(iii) Accounting Standards – concepts, objectives, benefits
(iv) Accounting Policies
(v) Accounting as a measurement discipline – valuation principles, accounting estimates
Accounting Process - Books of Account leading to the preparation of Trial Balance, Capital and revenue expenditures,
Capital and revenue receipts, Contingent assets and contingent liabilities, Fundamental errors including rectifications thereof.
Bank Reconciliation Statement
Inventories - Basis of inventory valuation and record keeping.
Depreciation Accounting - Methods, computation and accounting treatment of depreciation, Change in depreciation methods.
Preparation of Final Accounts for Sole Proprietors
Accounting for Special Transactions
(a) Consignments
(b) Joint Ventures
(c) Bills of exchange and promissory notes
(d) Sale of goods on approval or return basis.
Partnership Accounts
Final accounts of partnership firms – Basic concepts of admission, retirement and death of a partner including treatment of goodwill.
Introduction to Company Accounts -
Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares, redemption of preference shares.
