How to mention paper that we withdrew and another paper under preparation in CV? One of my papers have been accepted to a conference for presentation. But we figured that the quality of the conference was quite bad and we wanted to submit it to a good/okay conference in the coming days. But my Master's application deadline is fast approaching and I need to submit my CV.   

Moreover, another work of mine is currently at the final stage (draft has been made) for submission in a journal.   

How do I meantion this in my CV? Or should I not mention at all? So far I only have one conference paper that I have presented and has been included in the proceedings. Thank you.
I would avoid mentioning the bad-quality conference and the withdrawal.  Mentioning it may send a negative message about your  planning habits, and your willingness to waste peoples' (reviewers') time due to those planning habits.

After re-submitting the paper, you can mention it in your CV if you clearly label it as "submitted". The other, unsubmitted paper can be mentioned as well, with the note "in progress" rather than "submitted".