1. There is no difference between book keeping and accounting, both are same.
A) True
B) False ✓
From: Chapter 1: Meaning and Scope of Accounting
Mock Test
Accounting - CA Foundation
Questions
50
Time Limit
60 min
Source
All Chapters
Total Pool
501 MCQs
Instructions
- • 50 questions randomly selected from all chapters
- • 60 minutes time limit - test auto-submits when time ends
- • You can navigate between questions freely
- • Unanswered questions are marked wrong
- • Results shown immediately after submission
Question 1 of 50 60:00
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Sample Questions: CA Foundation Accounting
A preview of 8 questions from the 501-MCQ pool. Start the mock test above for a full randomized, timed exam.
2. When it is probable that the firm will need to pay off the obligation, this gives rise to Contingent liability.
A) True
B) False ✓
From: Chapter 1: Contingent Assets and Contingent Liabilities
3. Ledger records the transactions in a chronological order.
A) True
B) False ✓
From: Chapter 2: Accounting Process - Ledgers
4. If a purchase return of ₹1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers' account, the total of the
A) Trial balance would show the debit side to be ₹1,000 more than the credit.
B) Trial balance would show the credit side to be ₹1,000 more than the debit.
C) The debit side of the trial balance will be ₹2,000 more than the credit side. ✓
From: Chapter 2: Accounting Process - Rectification of Errors
5. A company is following weighted average cost method for valuing its inventory. The details of its purchase and issue of raw-materials during the week are as follows: 1.12.2022 opening Inventory 50 units value Rs. 2,200. 2.12.2022 purchased 100 units @ Rs. 47. 4.12.2022 issued 50 units. 5.12.2022 purchased 200 units @ Rs. 48. The value of inventory at the end of the week and the unit weighted average costs is:
A) Rs. 14,200 - Rs. 47.33 ✓
B) Rs. 14,300 - Rs. 47.67
C) Rs. 14,000 - Rs. 46.66
From: Chapter 4: Inventories
6. XZ draws a bill on YZ for Rs. 2,00,000 for 3 months on 1.1.2022. The bill is discounted with banker at a charge of Rs. 1,000. At maturity the bill return dishonoured. In the books of XZ, for dishonour, the bank account will be credited by:
A) Rs. 1,99,000
B) Rs. 2,00,000
C) Rs. 2,01,000 ✓
From: Chapter 6: Bills of Exchange and Promissory Notes
7. Tournament fund, building fund, library fund is based on the fund based accounting.
A) True ✓
B) False
From: Chapter 8: Financial Statements of Not for Profit Organisations
8. Weighted average method of calculating goodwill should be followed when:
A) Profits has increasing trend.
B) Profits has decreasing trend.
C) Either 'a' or 'b'. ✓
From: Chapter 10: Goodwill