Ch 1: Basics Concept and Principles of Accounting — Chapter Test
CSEET
📚 Fundamentals of Accounting
📖 Ch.1 — BASICS CONCEPT AND PRINCIPLES OF ACCOUNTING
⭐ V1: Previous Year Question (PYQ)
⚡ Free Mode (Answers Locked)
⏱ Duration: 25 Mins
🎯 Total Marks: 20
Passed at: 10 Marks
Max Attempts: 10
Standard ICSI CSEET objective examination for Basics Concept and Principles of Accounting. 20 MCQs with instant scoring and detailed explanations.
📑 Exam Questions
20 Questions • Total 20 MarksQuestion 1:
1 Marks
Which accounting concept states that the business is considered a separate entity from its owner(s) for accounting purposes?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 2:
1 Marks
Every business transaction has two aspects, a debit and a credit, of equal amount. This statement is based on which fundamental accounting concept?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 3:
1 Marks
A business is assumed to continue its operations for an indefinite period and not be liquidated in the foreseeable future. This underlying assumption is known as the:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 4:
1 Marks
Only transactions and events that can be expressed in monetary terms are recorded in the books of accounts. This principle is known as:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 5:
1 Marks
Revenue is recognized when earned and expenses are recognized when incurred, regardless of when cash is received or paid. This principle is known as the:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 6:
1 Marks
Once an accounting method is chosen, it should be applied uniformly from one accounting period to another to ensure comparability. This is an application of the:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 7:
1 Marks
The accounting convention that states 'Anticipate no profit, but provide for all possible losses' is known as:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 8:
1 Marks
An item is considered significant enough to influence the decisions of users of financial statements. This relates to the:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 9:
1 Marks
Assets are recorded at the price paid to acquire them, and this cost is the basis for all subsequent accounting for the asset. This is known as the:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 10:
1 Marks
Expenses incurred in earning revenue during an accounting period should be recognized in the same period as the revenue. This is the essence of the:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 11:
1 Marks
Accounting Standards are primarily issued to:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 12:
1 Marks
In India, the primary body responsible for formulating and issuing Accounting Standards is the:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 13:
1 Marks
Which of the following is the fundamental principle of the double-entry system of accounting?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 14:
1 Marks
The double-entry system of accounting primarily ensures:
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 15:
1 Marks
According to the golden rules of accounting, what is the rule for a Personal Account?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 16:
1 Marks
When a business purchases machinery for cash, which golden rule of accounting applies to the Machinery Account?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 17:
1 Marks
The rule 'Debit all expenses and losses, Credit all incomes and gains' is applicable to which type of account?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 18:
1 Marks
If a business pays rent for its office premises, which account will be debited?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 19:
1 Marks
When goods are sold on credit to a customer, which account is credited?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Question 20:
1 Marks
The practice of not recording a small expenditure like the cost of a pen as an asset but treating it as an expense is justified by which accounting principle?
🔒 Official Model Solution
Model answers and self-evaluation solutions are available in the Premium Tier & Rankers Plan.
Advertisement