Start learning →

CIMA Strategic Level Accounting Principles and Double Entry — practice questions

Explore 30 free Accounting Principles and Double Entry questions in CIMA Strategic Level Accountancy. Open each question or exercise to read its content, reference answers and available explanation.

Practise Accounting Principles and Double Entry with Quill →

Accounting Principles and Double Entry questions and exercises with answers

Showing questions 1–30 of 30.

The concepts, standards and rules guiding financial statements are known as:Read the answer and worked solution →The US agency that protects investors and regulates stock markets is the:Read the answer and worked solution →The SEC hands the job of writing US accounting standards to the:Read the answer and worked solution →Revenue is recognised in the period in which it is:Read the answer and worked solution →Revenue is not treated as earned until the firm has provided a:Read the answer and worked solution →The rule requiring expenses to sit in the same period as the revenue they helped earn is the:Read the answer and worked solution →To record any transaction, accounting needs a system of:Read the answer and worked solution →The assumption that a business will keep operating in the foreseeable future is:Read the answer and worked solution →Defaults on loans and a run of losses are red flags against which assumption?Read the answer and worked solution →Once recorded, an asset stays on the books at its:Read the answer and worked solution →Uncertain losses should be recorded, but uncertain gains should:Read the answer and worked solution →A record showing increases and decreases to an asset or liability is an:Read the answer and worked solution →A complete listing of all a company's accounts and their balances is the general:Read the answer and worked solution →Every transaction must touch at least how many accounts?Read the answer and worked solution →For every transaction, the sum of the debits must equal the sum of the:Read the answer and worked solution →The visual two sided picture of a ledger account is called a:Read the answer and worked solution →A debit is recorded on which side of an account?Read the answer and worked solution →A credit is recorded on which side of an account?Read the answer and worked solution →Asset accounts increase on which side?Read the answer and worked solution →Liability accounts increase on which side?Read the answer and worked solution →The side on which an account normally increases is called its:Read the answer and worked solution →An account showing a balance on the opposite side to what is expected has an:Read the answer and worked solution →Catch the accounting wordsRead the answer and worked solution →Pop the financial statementsRead the answer and worked solution →Run the ledger gatesRead the answer and worked solution →Slice the accounting wordsRead the answer and worked solution →Debit or credit normalRead the answer and worked solution →Sort the accounting ideasRead the answer and worked solution →Type the numberRead the answer and worked solution →Accounting bingoRead the answer and worked solution →

Worked practice questions

The concepts, standards and rules guiding financial statements are known as:

  1. GAAP
  2. GATT
  3. GDPR
  4. GMAT
Show answer and solution

Correct answer: A. GAAP

1. Statements must follow agreed rules. 2. Those rules are collected under one name. 3. That name is GAAP. _Source: OpenStax Principles of Accounting Volume 1, Chapter 3, Analyzing and Recording Transactions._

Open this question →

The US agency that protects investors and regulates stock markets is the:

  1. SIM
  2. SEC
  3. SET
  4. SIP
Show answer and solution

Correct answer: B. SEC

1. It enforces the accounting rules. 2. It also polices the share markets. 3. That agency is the SEC. _Source: OpenStax Principles of Accounting Volume 1, Chapter 3, Analyzing and Recording Transactions._

Open this question →

The SEC hands the job of writing US accounting standards to the:

  1. FASB
  2. FSSAI
  3. FIFA
  4. FICCI
Show answer and solution

Correct answer: A. FASB

1. The SEC enforces rather than drafts. 2. A standards board writes the rules. 3. That board is the FASB. _Source: OpenStax Principles of Accounting Volume 1, Chapter 3, Analyzing and Recording Transactions._

Open this question →

How to practise

  1. Choose a Accounting Principles and Double Entry question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

More Accountancy topics

AccountancyCommerce Degree