Question 1
Which accounting concept requires that revenue and related expenses are recognised in the period to which they relate, regardless of when cash is received or paid?
Correct Answer:
Accruals (matching) concept
Question 2
Under the prudence concept, which treatment is most appropriate?
Correct Answer:
Recognise anticipated losses when probable but recognise profits only when realised
Question 3
Equipment cost €48,000, residual value €3,000, useful life 5 years, straight-line method. What is the annual depreciation charge?
Correct Answer:
€9,000
Question 4
A machine cost €25,000 and is depreciated at 20% per annum using the diminishing (reducing) balance method. What is depreciation for Year 2?
Correct Answer:
€4,000
Question 5
On 1 January a van cost €30,000. Straight-line depreciation is 20% per year on cost (no residual). The van is sold on 31 December of Year 2 for €16,000. What is the profit or loss on disposal?
Correct Answer:
Loss of €2,000
Question 1
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About this Exam

Prepare with the LC Accounting Practice Questions - Leaving Certificate Accounting Exam practice quiz. This question bank includes 100 questions covering cost, profit, closing, opening, and year. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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LC Accounting Practice Questions - Leaving Certificate Accounting Exam

This practice set contains 100 questions from the matching question bank and focuses on cost, profit, closing, opening, and year. 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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