100+ Free ICAB CL Accounting Practice Questions

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2026 Statistics

Key Facts: ICAB CL Accounting Exam

2 hours

Official exam duration

ICAB Syllabus 2023 Accounting module

100 marks

Paper total marks

ICAB Syllabus 2023

Tk. 1,200

Typical CL fee per 100-mark subject

ICAB CA brochure (confirm sitting notice)

40–45%

Preparing financial statements weighting

ICAB Syllabus 2023 specification grid

ICAB CL Accounting is a 100-mark, 2-hour Certificate Level paper (exam fee commonly Tk. 1,200). Syllabus 2023 weights: maintaining records 25–30%, adjustments 20–25%, preparing statements 40–45%, PFM 5–10%. This free set offers 100 practice MCQs mapped to those areas.

Sample ICAB CL Accounting Practice Questions

Try these sample questions to test your ICAB CL Accounting exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1The accounting equation can be expressed as:

A.Assets = Equity − Liabilities

B.Assets = Equity + Liabilities

C.Equity = Assets + Liabilities

D.Liabilities = Assets + Equity

Explanation: A reporting entity’s resources (assets) are financed by owners’ equity and amounts owed to outsiders (liabilities). The equation always balances: Assets = Equity + Liabilities.

2Under double-entry bookkeeping, every transaction:

A.Is recorded only in the cash book

B.Affects at least two accounts so that total debits equal total credits

C.Requires a suspense account entry

D.Affects only the statement of financial position

Explanation: Double entry records each transaction with equal debit and credit amounts across at least two accounts, keeping the accounting equation in balance.

3Which source document typically supports a credit sale of goods?

A.Purchase order only

B.Sales invoice

C.Bank paying-in slip

D.Petty cash voucher

Explanation: A sales invoice is the primary evidence of a credit sale, stating goods/services, amount, and customer details for receivables and revenue recording.

4Revenue is credited and receivables are debited when an entity:

A.Pays a supplier

B.Makes a credit sale

C.Buys inventory for cash

D.Receives a bank loan

Explanation: A credit sale increases trade receivables (debit asset) and recognizes revenue (credit income), applying the accruals concept.

5Which book of prime entry is used to record credit purchases from suppliers?

A.Sales day book

B.Purchases day book (purchases journal)

C.Petty cash book

D.Journal for non-routine corrections only

Explanation: Credit purchases are listed in the purchases day book (purchases journal) before being posted to the purchases and payables control accounts.

6A sole trader introduces additional cash capital into the business. The double entry is:

A.Debit capital; credit cash/bank

B.Debit cash/bank; credit capital (equity)

C.Debit drawings; credit cash/bank

D.Debit cash/bank; credit revenue

Explanation: Owner capital introduced increases business cash (debit asset) and increases owner’s equity (credit capital).

7Which item is an asset?

A.Trade payables

B.Trade receivables

C.Bank overdraft

D.Accrued expenses

Explanation: Trade receivables are amounts owed by customers and meet the definition of an asset (a present economic resource controlled by the entity).

8Why do entities maintain financial records?

A.Only to calculate VAT for the tax authority

B.To support preparation of financial statements and stewardship/decision information

C.Only to set the market price of shares

D.Only to replace the need for internal controls

Explanation: Financial records provide the data needed to prepare financial statements that inform users’ decisions and demonstrate stewardship of resources.

9Under the IESBA Code of Ethics fundamental principles, integrity primarily requires a professional accountant to:

A.Accept any client instruction without challenge

B.Be straightforward and honest in all professional and business relationships

C.Maximise short-term profit for the entity at any cost

D.Disclose all client information publicly

Explanation: Integrity means being straightforward and honest. ICAB’s Certificate Level Accounting syllabus expects awareness of the IESBA Code fundamental principles for preparers of financial statements.

10The trial balance is primarily used to:

A.Prove that every transaction was posted to the correct account

B.Check that total debit balances equal total credit balances extracted from the ledgers

C.Replace the need for financial statements

D.Calculate taxable profit for the year

Explanation: A trial balance lists ledger balances and tests arithmetic equality of debits and credits. It does not prove that entries were posted to the correct accounts.

About the ICAB CL Accounting Exam

ICAB Certificate Level Accounting builds competence in double-entry techniques, adjusting financial records, and preparing non-complex financial statements for sole traders, partnerships and limited companies, with a small Public Financial Management weighting under Syllabus 2023. Assessment is a 2-hour, 100-mark paper delivered in the Certificate Level objective/MCQ format used in the current curriculum pathway.

Assessment

ICAB Syllabus 2023 Certificate Level Accounting (100 marks): maintaining financial records; adjustments to accounting records and financial statements; preparing financial statements; public financial management. Ethics awareness sits within the maintaining-records weighting.

Time Limit

2 hours (120 minutes)

Passing Score

Pass/fail per ICAB examination regulations (fixed public % not confirmed in Syllabus-2023 PDF—verify current rules)

Exam Fee

Tk. 1,200 per 100-mark Certificate Level subject (ICAB brochure/exam notices; confirm sitting) (Institute of Chartered Accountants of Bangladesh (ICAB))

ICAB CL Accounting Exam Content Outline

25–30%

Maintaining financial records

Double entry, source documents, day books, ledgers, trial balance, ownership changes, and ethical considerations for preparers.

20–25%

Adjustments to accounting records and financial statements

Omissions and errors, control and suspense accounts, bank reconciliations, accruals/prepayments, depreciation, inventory, provisions, and extended trial balance.

40–45%

Preparing financial statements

Statement components; accruals vs cash vs break-up bases; SOFP, P&L, SOCIE and cash flows (or extracts) for sole traders, partnerships and companies.

5–10%

Public Financial Management

Introductory PFM: budget authority, public accountability, oversight and public-sector reporting awareness (PSFRA topic referenced in Syllabus 2023).

How to Pass the ICAB CL Accounting Exam

What You Need to Know

Passing score: Pass/fail per ICAB examination regulations (fixed public % not confirmed in Syllabus-2023 PDF—verify current rules)
Assessment: ICAB Syllabus 2023 Certificate Level Accounting (100 marks): maintaining financial records; adjustments to accounting records and financial statements; preparing financial statements; public financial management. Ethics awareness sits within the maintaining-records weighting.
Time limit: 2 hours (120 minutes)
Exam fee: Tk. 1,200 per 100-mark Certificate Level subject (ICAB brochure/exam notices; confirm sitting)

Keys to Passing

Work through all 100 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

ICAB CL Accounting Study Tips from Top Performers

1Drill double entry until debits always equal credits, then practise extracting a clean trial balance from day books and ledgers.

2Memorise period-end adjustments: accruals, prepayments, depreciation, inventory, irrecoverable debts, and how each affects profit and the SOFP.

3Practise error types that still balance the TB (principle, omission, compensating) versus those that create suspense differences.

4Prepare SOFP, P&L, SOCIE and cash-flow extracts for sole traders, partnerships and simple companies from an extended trial balance.

5Spend a short block on PFM: appropriations, budget discipline, public accountability and why public-sector reporting differs from commercial profit focus.

Frequently Asked Questions

What is ICAB Certificate Level Accounting?

It is the Accounting module of the Institute of Chartered Accountants of Bangladesh CA Certificate Level under Syllabus 2023. It tests double entry, adjustments, and preparation of non-complex financial statements, plus a small Public Financial Management component.

How long is the Accounting exam?

ICAB Syllabus 2023 states the Accounting module is assessed by a 2.0-hour examination (100 marks).

What does the syllabus weighting look like?

Indicative weights are maintaining financial records 25–30%, adjustments 20–25%, preparing financial statements 40–45%, and Public Financial Management 5–10%.

How much is the exam fee?

ICAB materials list Certificate Level examination fees of Tk. 1,200 per 100-mark subject (and Tk. 1,000 for 50-mark subjects). Confirm the fee on your sitting notice or exam.icab.org.bd.

Is the paper MCQ?

Under the current Certificate Level pathway, Accounting is assessed in objective/MCQ style (ICAB publishes sample CBT materials for CL papers). Always confirm format on your official sitting circular.

What is the pass mark?

ICAB issues pass/fail results under its examination regulations. A single permanent percentage pass mark was not confirmed in the public Syllabus-2023 PDF extract—check the latest ICAB examination rules for your sitting.