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CA Foundation Accounting Practice Questions - ICAI CA Foundation Paper 1 Accounting Exam

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About this Exam

Prepare with the CA Foundation Accounting Practice Questions - ICAI CA Foundation Paper 1 Accounting Exam practice quiz. This question bank includes 100 questions covering account, profit, balance, book, and accounting. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
According to the accounting concept that a business is treated as separate and distinct from its owners, how should a proprietor's personal car purchased from business funds for private use be recorded?
As a fixed asset of the business
As a current liability of the business
As a business expense in the profit and loss account
As drawings reducing the owner's capital
Question 2
The accounting convention that requires anticipating all possible losses but not anticipating profits is known as:
Consistency
Materiality
Conservatism (prudence)
Full disclosure
Question 3
Expenditure incurred to acquire a new delivery van for a trading business is classified as:
Revenue expenditure
A contingent liability
Deferred revenue expenditure
Capital expenditure
Question 4
Under the accrual concept, rent of 12,000 paid for the year but covering 3 months of the next accounting period should be treated in the current year as:
Full 12,000 expense with no adjustment
3,000 expense and 9,000 prepaid expense
12,000 expense and 3,000 outstanding liability
9,000 expense and 3,000 prepaid expense (asset)
Question 5
Which qualitative characteristic of financial statements requires that information be free from material error and bias and faithfully represent transactions?
Reliability
Comparability
Understandability
Timeliness

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Additional Information

CA Foundation Accounting Practice Questions - ICAI CA Foundation Paper 1 Accounting Exam

This practice set contains 100 questions from the matching question bank and focuses on account, profit, balance, book, and accounting. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Frequently Asked Questions

This quiz contains a total of 100 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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