ICAN CAP-I MCQ Questions with Answers – Practice Set 3By sushil / October 6, 2026 More ICAN CAP-I (Chartered Accountancy) Practice SetsICAN CAP-I (Chartered Accountancy) — Practice QuizICAN CAP-I (Chartered Accountancy) MCQ Questions with Answers – Practice Set 2ICAN CAP-I MCQ Questions with Answers – Practice Set 4ICAN CAP-I MCQ Questions with Answers – Practice Set 5← All ICAN CAP-I (Chartered Accountancy) quizzes← Banking, Finance & Insurance category ICAN CAP-I MCQ Questions with Answers – Practice Set 3 10 questions · 15 minute time limit Start Quiz You can take this quiz as a guest. Log in first if you want it saved to your progress history. In accounting, the 'Dual Aspect Concept' states that: Every transaction has two effects on the accounting equation: Assets = Liabilities + Capital Only cash transactions are recorded Expenses are always recorded as assets Transactions are recorded only at year-end Which financial statement shows a company's financial position at a specific point in time? Balance Sheet Income Statement Cash Flow Statement Statement of Retained Earnings only In business mathematics, what is the simple interest on Rs. 10,000 at 10% per annum for 2 years? Rs. 2,000 Rs. 1,000 Rs. 2,100 Rs. 1,900 Effective business communication primarily requires: Clarity, conciseness, and audience awareness Using the most complex vocabulary possible Avoiding all written communication Communicating only through informal channels Which of these is classified as a 'current asset' in accounting? Cash and cash equivalents Long-term building Goodwill Issued share capital In basic economics, 'demand' refers to: The quantity of a good consumers are willing and able to buy at a given price The total amount of a good produced The price set by the government The cost of raw materials only A trial balance is prepared to: Check the arithmetic accuracy of ledger postings Calculate the company's annual tax liability directly Replace the need for a balance sheet Record new business transactions Which of the following is an example of a 'liability' in accounting? Accounts payable (money owed to suppliers) Cash in hand Inventory held for sale Office furniture owned by the business In communication, 'feedback' refers to: The receiver's response that lets the sender know if the message was understood A formal written contract The initial message sent by the speaker The physical medium used to transmit a message Which basic economic concept describes a situation of unlimited wants but limited resources? Scarcity Surplus Equilibrium Monopoly Submit Quiz
