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Generally Accepted Accounting Principles (GAAP)

ICSE · Class 11 · Accountancy

Practice quiz for Generally Accepted Accounting Principles (GAAP) — ICSE Class 11 Accountancy. MCQs and questions with answers to test your preparation.

63 questions40 flashcards5 concepts

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Quick Quiz: Generally Accepted Accounting Principles (GAAP)

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1

A business starts with assets of ₹1,20,000 and liabilities of ₹35,000. Using the accounting equation, what is the capital?

2

Ram begins business with ₹80,000. He then buys furniture worth ₹20,000 on credit from Gopal. What is the new accounting equation?

3

A company has current assets of ₹75,000 and fixed assets of ₹1,25,000. Its current liabilities are ₹40,000 and long-term liabilities are ₹55,000. What is the capital?

4

A machine is purchased for ₹2,00,000 and depreciation charged to date is ₹65,000. What is its book value under the historical cost concept?

63 Questions·
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Sample Questions

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?

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₹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?

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₹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?
Generally Accepted Accounting Principles (GAAP) 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 Generally Accepted Accounting Principles (GAAP) — ICSE Class 11 Accountancy?
Understand the core concepts first, then work through the 63 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

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

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