Question 1
Under the dual aspect concept of accounting, every business transaction affects:
Correct Answer:
At least two accounts with equal debit and credit
Question 2
The accounting equation is best expressed as:
Correct Answer:
Assets = Capital + Liabilities
Question 3
The convention that requires anticipating no profit but providing for all possible losses is known as:
Correct Answer:
Conservatism (prudence)
Question 4
Purchase of a delivery van for use in the business is an example of:
Correct Answer:
Capital expenditure
Question 5
According to the golden rule for nominal accounts under the traditional (British) approach, you debit:
Correct Answer:
All expenses and losses
Question 1
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About this Exam

Prepare with the CMA Foundation Paper 2 (FFCA) Practice Questions - ICMAI CMA Foundation Paper 2 Fundamentals of Financial and Cost Accounting Exam practice quiz. This question bank includes 100 questions covering profit, balance, bill, goods, and account. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CMA Foundation Paper 2 (FFCA) Practice Questions - ICMAI CMA Foundation Paper 2 Fundamentals of Financial and Cost Accounting Exam

This practice set contains 100 questions from the matching question bank and focuses on profit, balance, bill, goods, and account. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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