Question 1
Which of the following accounting concepts states that a business should be treated as a separate entity from its owners?
Correct Answer:
Business entity concept
Question 2
Which accounting concept assumes that a business will continue to operate indefinitely and has no intention or necessity of liquidating its operations?
Correct Answer:
Going concern concept
Question 3
Under which accounting concept are revenues and expenses recognized in the period they occur, regardless of when the cash is actually received or paid?
Correct Answer:
Accrual concept
Question 4
Which concept requires assets to be recorded in the books of accounts at their original purchase price rather than their current market value?
Correct Answer:
Historical cost concept
Question 5
A company decides to change its depreciation method from straight-line to reducing balance without any valid reason. Which accounting concept is violated?
Correct Answer:
Consistency concept
Question 1
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About this Exam

Prepare with the ICSAN Intro Accounting Practice Questions - ICSAN Pre-Professional - Introduction to Accounting Exam practice quiz. This question bank includes 100 questions covering account, business, accounting, cash, and concept. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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ICSAN Intro Accounting Practice Questions - ICSAN Pre-Professional - Introduction to Accounting Exam

This practice set contains 100 questions from the matching question bank and focuses on account, business, accounting, cash, and concept. 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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