Question 1
Under the dual aspect (duality) concept underpinning double-entry bookkeeping, every transaction is recorded with equal entries. If a business buys inventory for GBP 2,000 on credit, what is the correct double entry?
Correct Answer:
Debit purchases GBP 2,000; credit trade payables GBP 2,000
Question 2
The accounting equation states that assets equal capital plus liabilities. A sole trader has assets of GBP 80,000 and liabilities of GBP 30,000. What is the proprietor's capital?
Correct Answer:
GBP 50,000
Question 3
Which of the following best describes a debit entry in the double-entry system?
Correct Answer:
An increase in an asset or expense
Question 4
A business sells goods for GBP 600 cash. Which two ledger accounts are affected and how?
Correct Answer:
Debit cash GBP 600; credit sales GBP 600
Question 5
The going concern concept assumes that a business will:
Correct Answer:
Continue in operation for the foreseeable future
Question 1
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About this Exam

Prepare with the ICAEW ACA Accounting Practice Questions - ICAEW ACA Certificate Level Accounting (Accounting Fundamentals) Exam practice quiz. This question bank includes 100 questions covering year, business, entry, profit, and double. 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 (Accounting Fundamentals) Exam

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