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Important Questions

Basis of Accounting

ICSE · Class 11 · Accountancy

Most important questions from Basis of Accounting for ICSE Class 11 Accountancy board exam 2026. MCQs, short answer, and long answer questions with marks.

60 questions28 flashcards5 concepts

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60 Questions·
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Sample Questions

1multiple choice
3 marks

A business records cash income of Rs. 60,000, cash expenses of Rs. 35,000, prepaid expenses of Rs. 2,500, and outstanding expenses of Rs. 4,500. Under cash basis, what profit is shown before any adjustments?

Show answer

Rs. 25,000

Under cash basis, only cash income and cash expenses are considered. Profit = 60,000 - 35,000 = Rs. 25,000. Prepaid and outstanding items are ignored.

2multiple choice
3 marks

A company earns Rs. 50,000 and incurs expenses of Rs. 32,000 during a period, but Rs. 5,000 of expenses are unpaid at period end. Under accrual basis, what profit is calculated?

Show answer

Rs. 13,000

Under accrual basis, unpaid expenses are still treated as expenses of the period when due. Total expenses = 32,000 + 5,000 = 37,000. Profit = 50,000 - 37,000 = Rs. 13,000.

3multiple choice
3 marks

A business has cash income of Rs. 42,000 and cash expenses of Rs. 16,000. It also has accrued income of Rs. 8,000 and prepaid expenses of Rs. 5,000. Under accrual basis, what is the profit?

Show answer

Rs. 29,000

Under accrual basis, total income = 42,000 + 8,000 = 50,000. Prepaid expenses are adjusted, so total expenses = 16,000 + 5,000 = 21,000. Profit = 50,000 - 21,000 = Rs. 29,000.

4multiple choice
3 marks

A firm records Rs. 70,000 cash receipts and Rs. 45,000 cash payments. Under cash basis, what is the cash profit?

Show answer

Rs. 25,000

Cash profit = cash receipts - cash payments = 70,000 - 45,000 = Rs. 25,000.

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Frequently Asked Questions

What are the important topics in Basis of Accounting for ICSE Class 11 Accountancy?
Basis of Accounting covers several key topics that are frequently asked in ICSE Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Basis of Accounting — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 60 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.
How many important questions are there in Basis of Accounting?
There are 60 practice questions available for Basis of Accounting. These cover multiple question types including MCQs, short answer, and long answer questions.

Sources & Official References

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

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