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Generally Accepted Accounting Principles (GAAP) — Practice Quiz

ICSE · Class 11 · Accountancy

Try a 4-question quiz on Generally Accepted Accounting Principles (GAAP) for ICSE Class 11 Accountancy: tap an answer to check it and see why.

63 questions40 flashcards2 formulas & key relations5 concepts

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Quick Quiz: Generally Accepted Accounting Principles (GAAP)

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Tap an answer to check it instantly. No sign-up needed for these 4.

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?

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.

+59 more questions on Generally Accepted Accounting Principles (GAAP) (ICSE Class 11 Accountancy)

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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 practice questions are there for Generally Accepted Accounting Principles (GAAP)?
There are 63 questions on Generally Accepted Accounting Principles (GAAP). Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

Sources & Official References

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

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