ICSE Class 12 Accounts by Pavan | Practice Test to Test Your Knowledge
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ICSE Class 12 Accounts

ICSE Class 12 Accounts

Complete Mock test on Accountancy, focusing on financial statements, bookkeeping, taxation, and practical applications in accounting.

2025-07-20
ICSE Class 12 Accounts Grade 12

Duration

30 min

Questions

30

Marking

Negative

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Questions Preview

Which of the following is NOT a subfield of accounting?

A
Cost Accounting
B
Management Accounting
C
Auditing
D
Financial Accounting

Which type of asset is Goodwill considered?

A
Tangible Asset
B
Intangible Asset
C
Current Asset
D
Fixed Asset

Which term refers to money or goods withdrawn by the owner from the business?

A
Capital
B
Drawings
C
Assets
D
Liabilities

Who are internal users of accounting information?

A
Investors
B
Suppliers
C
Management
D
Creditors

Which of the following is a fictitious asset?

A
Patent
B
Preliminary Expenses
C
Furniture
D
Stock

Accounting is often referred to as the:

A
Language of business
B
Science of communication
C
Art of economics
D
Language of mathematics

Which of the following is an example of an external liability?

A
Capital
B
Bank Loan
C
Outstanding Salary
D
Accrued Income

Which type of account is 'Sales Account'?

A
Personal
B
Real
C
Nominal
D
Representative

The basic accounting equation is:

A
Assets = Liabilities + Expenses
B
Assets = Capital + Liabilities
C
Assets = Revenue - Liabilities
D
Assets = Capital - Drawings

Book-keeping involves:

A
Interpretation of results
B
Analysis of financial data
C
Recording of financial transactions
D
Auditing accounts

Which of the following is NOT a basic term in accounting?

A
Voucher
B
Transaction
C
Merger
D
Event

Which phase of accounting involves interpreting financial data?

A
Recording
B
Classifying
C
Summarising
D
Interpreting

Which is a current asset?

A
Land
B
Building
C
Cash
D
Machinery

Capital introduced by the owner is treated as a/an:

A
Asset
B
Liability
C
Income
D
Expense

The full set of steps in accounting is called the:

A
Accounting structure
B
Accounting cycle
C
Accounting flow
D
Accounting format

Which one is a tangible fixed asset?

A
Patent
B
Trademark
C
Land
D
Goodwill

Which of the following users rely on accounting for tax purposes?

A
Investors
B
Government
C
Employees
D
Customers

Which of these best describes management accounting?

A
Recording day-to-day transactions
B
Auditing books
C
Providing data to internal users
D
Tax filing

Which of the following is a long-term liability?

A
Creditors
B
Outstanding Rent
C
Bank Loan (5 years)
D
Accrued Salary

Which type of account is Capital?

A
Personal
B
Real
C
Nominal
D
Fictitious

Which document serves as evidence of a transaction?

A
Balance Sheet
B
Voucher
C
Journal
D
Ledger

Which of the following terms refers to goods bought for resale?

A
Fixed Assets
B
Stock
C
Purchases
D
Revenue

Which is NOT a characteristic of an expense?

A
Decreases profit
B
Increases assets
C
Related to operations
D
Recurring

Revenue is recognized when:

A
Cash is received
B
Order is placed
C
Goods are manufactured
D
Goods/services are provided

Accounting helps in:

A
Measuring national income
B
Providing financial information
C
Scientific discoveries
D
Project management

Which is a wasting asset?

A
Mine
B
Stock
C
Land
D
Trademark

Trade Creditors are shown as:

A
Fixed Assets
B
Revenue
C
Liabilities
D
Drawings

Which of the following best defines 'Event' in accounting?

A
Any business expense
B
Any internal activity
C
Any observable happening with financial effect
D
Any meeting of shareholders

Trade Debtors are:

A
Internal Liabilities
B
Current Assets
C
Long-term Liabilities
D
Expenses

Accountancy refers to:

A
Practice of recording data only
B
Measurement and communication of financial data
C
Checking of errors
D
Preparation of legal contracts