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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 Practice Questions
Verified exam format metadata for ICAB CA Certificate Level Accounting (Bangladesh) is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.