Class 9 Introduction to Accounting and Bookkeeping Mock Test (ICSE)

Topics in Introduction to Accounting and Bookkeeping

• Meaning and objectives of accounting
• Double entry system
• Accounting equation
• Journal and ledger
• Trial balance and cash book

Introduction to Accounting and Bookkeeping practice questions with answers

1. Q1Multiple choice·1 mark
   Which book is primarily known as the book of original entry where transactions are recorded first in chronological order?

   1. (a)Trial Balance
   2. (b)Journal
   3. (c)Ledger
   4. (d)Balance Sheet
   Show answer and step marks

   1. Correct option: (b) Journal. The journal is the book of original entry where business transactions are first recorded chronologically.+1

   Answer: (b)
2. Q2Multiple choice·1 mark
   A trial balance is prepared primarily to check the:

   1. (a)Arithmetical accuracy of books of accounts
   2. (b)Net profit or net loss for the period
   3. (c)Cash and bank balance at the end of the year
   4. (d)True financial position of the business
   Show answer and step marks

   1. Correct option: (a) Arithmetical accuracy of books of accounts. A trial balance verifies whether the debit and credit balances are equal.+1

   Answer: (a)
3. Q3Multiple choice·1 mark
   If a business has total assets of ₹ $500000$ and capital of ₹ $350000$, what is the amount of liabilities?

   1. (a)₹ $500000$
   2. (b)₹ $150000$
   3. (c)₹ $850000$
   4. (d)₹ $350000$
   Show answer and step marks

   1. Correct option: (b) ₹ $150000$. Liabilities = Assets - Capital = ₹ $500000$ - ₹ $350000$ = ₹ $150000$.+1

   Answer: (b)
4. Q4Multiple choice·1 mark
   Which of the following is considered a primary objective of accounting?

   1. (a)To fix selling prices of manufactured goods
   2. (b)To calculate the total number of employees in the firm
   3. (c)To prepare income tax returns for individuals
   4. (d)To maintain systematic recording of financial transactions
   Show answer and step marks

   1. Correct option: (d) To maintain systematic recording of financial transactions. Accounting aims to keep a systematic record of all financial operations.+1

   Answer: (d)

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