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Basis of Accounting — Practice Quiz

ICSE · Class 11 · Accountancy

Try a 4-question quiz on Basis of Accounting for ICSE Class 11 Accountancy: tap an answer to check it and see why. 60 questions in the full chapter test.

60 questions28 flashcards2 formulas & key relations5 concepts

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Quick Quiz: Basis of Accounting

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1

A business earns income of Rs. 48,000 in cash and has cash expenses of Rs. 29,500 during a period. Under cash basis, what is the cash profit?

2

A landlord's rent of Rs. 8,000 is due but unpaid, and cash incomes are Rs. 35,000 with cash expenses of Rs. 20,000. Under accrual basis, what profit is earned if no other adjustments exist?

3

A professional receives Rs. 22,000 in cash and also earns Rs. 9,000 on credit in a period. Under cash basis, what income is recorded?

4

A merchant has sales on credit of Rs. 40,000 and sales in cash of Rs. 15,000. Under accrual basis, what is the total sales of the period?

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?
Key topics in Basis of Accounting include Meaning of Cash Basis of Accounting, Meaning of Accrual Basis of Accounting, Difference Between Cash Basis and Accrual Basis, Which Basis Should Be Followed?. Study these first, then practise questions on each for Class 11 exams.
How many practice questions are there for Basis of Accounting?
There are 60 questions on Basis of Accounting. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

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

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