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ICAN CAP-I (Chartered Accountancy) — Practice Quiz

By sushil / August 29, 2026

Test your knowledge of ICAN’s CAP-I level Chartered Accountancy exam — covering basic accounting principles, the structure of Nepal’s CA course, and foundational business law concepts.

ICAN CAP-I (Chartered Accountancy) — Practice Quiz

10 questions · 15 minute time limit

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What is ICAN, the body that oversees Nepalu2019s Chartered Accountancy profession? A private accounting firm The Institute of Chartered Accountants of Nepal, the statutory regulator of the CA profession A commercial bank A university offering business degrees

What is the correct order of levels in ICANu2019s Chartered Accountancy course? CAP-III, CAP-II, CAP-I CAP-I, CAP-III, CAP-II CAP-I, CAP-II, CAP-III Foundation, CAP-II, Final

Besides passing the required exam levels, what practical component must a CA student complete before qualifying as a Chartered Accountant? A foreign language certification Articleship (practical training under a practicing chartered accountant) A separate law degree A government job placement

What is the basic accounting equation? Assets = Liabilities u2212 Capital Assets = Liabilities + Capital Capital = Assets + Liabilities Liabilities = Assets + Capital

Under the traditional classification of accounts, which type of account would u201cFurniture Accountu201d or u201cCash Accountu201d fall under? Personal account Nominal account Real account Contra account

What is the golden rule of accounting applicable to a personal account? Debit all expenses and losses, credit all incomes and gains Debit what comes in, credit what goes out Debit the receiver, credit the giver Debit the giver, credit the receiver

What does u201cdepreciationu201d refer to in basic accounting? An increase in the market value of an asset over time The gradual reduction in the value of a fixed asset due to usage, wear and tear, or time Cash withdrawn by the owner for personal use The write-off of a bad debt

Why is a Bank Reconciliation Statement prepared? To calculate the companyu2019s net profit for the year To record all cash sales made during the month To explain and reconcile differences between the cash book balance and the bank passbook/statement balance To determine the depreciation on fixed assets

Which of the following is an example of a negotiable instrument? A share certificate A cheque A partnership deed An invoice

Under basic company law concepts, what does it mean for a company to have u201cseparate legal entityu201d status? The companyu2019s shareholders are personally liable for all its debts The company is legally distinct from its owners and can own property, sue, and be sued in its own name The company must be dissolved if a shareholder dies The company cannot enter into contracts on its own

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