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CA Foundation Accounting MCQs

Authored by Alagammai Kalairaj

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CA Foundation Accounting MCQs
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the primary objective of accounting?

To maintain records of assets

To ascertain profit or loss

To comply with legal requirements

To establish controls over business activities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which accounting principle requires recognizing revenue when it is earned and not when cash is received?

Cost Concept

Entity Concept

Realization Concept

Matching Concept

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of the Accrual Basis of Accounting?

Transactions are recorded only when cash is received or paid

Revenues and expenses are recognized when they are earned or incurred

Only cash transactions are recorded

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The dual aspect concept is based on which of the following accounting equations?

Assets + Liabilities = Capital

Assets = Liabilities + Capital

Assets = Capital - Liabilities

Liabilities = Assets + Capital

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following is considered a branch of accounting?

Auditing

Cost Accounting

Business Law

Business Ethics

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The principle of conservatism is also known as:

Realization Concept

Prudence Concept

Matching Concept

Materiality Concept

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The entity concept in accounting implies that:

The business is separate from its owners

The business and its owners are one and the same

Only large businesses should prepare financial statements

The business is always a legal entity

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