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Important Questions

Generally Accepted Accounting Principles (GAAP) — Important Questions

ICSE · Class 11 · Accountancy

63 important questions from Generally Accepted Accounting Principles (GAAP) for ICSE Class 11 Accountancy, with answers.

63 questions40 flashcards2 formulas & key relations5 concepts

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63 Questions·
multiple choicemultiple correcttrue false

Important Questions from Generally Accepted Accounting Principles (GAAP)

1multiple choice
3 marks

A plant cost ₹4,00,000 and is expected to last 10 years. What is the annual depreciation if the cost is spread equally over the life of the asset?

Show answer

₹40,000 per year

Annual depreciation = ₹4,00,000 ÷ 10 = ₹40,000 per year.

2multiple choice
3 marks

A firm records revenue of ₹1,20,000 from a long-term project completed 30% during the accounting year. Under production basis, what revenue is recognised for the year?

Show answer

₹36,000

Revenue recognised = 30% of ₹1,20,000 = 0.30 × ₹1,20,000 = ₹36,000.

3multiple choice
3 marks

A customer pays ₹15,000 in cash for an installment sale where total selling price is ₹60,000. Under cash basis, how much revenue is recognised now?

Show answer

₹15,000

Under cash basis, revenue is recognised when cash is actually received. Therefore, the recognised revenue is ₹15,000.

4multiple choice
3 marks

A business earned ₹85,000 from sales in a year, paid ₹52,000 in expenses, and had ₹8,000 of expenses outstanding at year-end. What is the profit under accrual and matching principles?

Show answer

₹25,000

Total expenses for the period = ₹52,000 + ₹8,000 = ₹60,000. Profit = Revenue - Expenses = ₹85,000 - ₹60,000 = ₹25,000.

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Frequently Asked Questions

What are the important topics in Generally Accepted Accounting Principles (GAAP) for ICSE Class 11 Accountancy?
Key topics in Generally Accepted Accounting Principles (GAAP) include Meaning and Nature of Accounting Principles, Basic Accounting Assumptions as per AS4, Other Accounting Concepts, Bases of Revenue Recognition. Study these first, then practise questions on each for Class 11 exams.
How many important questions are there in Generally Accepted Accounting Principles (GAAP)?
Super Tutor has 63 practice questions for Generally Accepted Accounting Principles (GAAP), including multiple choice, multiple correct, true false questions. A sample with answers is on this page.

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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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All ICSE Class 11 Accountancy Important Questions

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