Question 1
The accounting equation can be expressed as:
Correct Answer:
Assets = Capital + Liabilities
Question 2
A business has assets of £80,000 and liabilities of £30,000. What is the owner's capital?
Correct Answer:
£50,000
Question 3
Which of the following correctly records a business buying goods for resale on credit?
Correct Answer:
Debit purchases, credit payables
Question 4
In which book of prime entry is a credit sale first recorded?
Correct Answer:
Sales day book
Question 5
Which of the following is an example of a current asset?
Correct Answer:
Trade receivables
Question 1
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About this Exam

Prepare with the ICAEW ACA Accounting Practice Questions - ICAEW ACA Certificate Level - Accounting Fundamentals Exam practice quiz. This question bank includes 100 questions covering business, balance, year, account, and entry. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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ICAEW ACA Accounting Practice Questions - ICAEW ACA Certificate Level - Accounting Fundamentals Exam

This practice set contains 100 questions from the matching question bank and focuses on business, balance, year, account, and entry. 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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