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100+ Free Pancyprian Accounting Practice Questions

Cyprus Pancyprian Access Examination Accounting (ΛΟΓΙΣΤΙΚΗ, code 025) practice questions are available now; exam metadata is being verified.

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2026 Statistics

Key Facts: Pancyprian Accounting Exam

025

Official subject code for ΛΟΓΙΣΤΙΚΗ in the 2026 Pancyprian Access Examinations

Cyprus Examinations Service

3 hours

Official examination duration from the 2026 timetable

Cyprus Examinations Service

EUR 25

2026 fee per access subject (not code 032)

Cyprus Examinations Service

0–20

Marking scale for each Pancyprian subject

Cyprus Examinations Service

8–26 June 2026

Examination period of the 2026 Pancyprian Access Examinations

Cyprus Examinations Service

100

Original practice questions in this study bank

OpenExamPrep

Free 100-question English-language MCQ study bank for Pancyprian Accounting (code 025). Official duration: 3 hours (08:00–11:00 per the official 2026 timetable). Official fee: EUR 25.00 per access subject in 2026. This bank is a study aid, not an official translation or format simulation.

Sample Pancyprian Accounting Practice Questions

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

1A sole trader pays the family grocery bill from the business bank account and records it as a business expense. Which accounting concept does this violate?
A.Business entity concept
B.Going concern concept
C.Consistency concept
D.Realisation concept
Explanation: The business entity concept requires the affairs of the business to be kept separate from the personal affairs of the owner. Personal spending paid from the business account should be recorded as drawings, not as a business expense.
2Preparing financial statements on the assumption that the business will continue to operate for the foreseeable future is an application of which concept?
A.Prudence concept
B.Going concern concept
C.Accruals concept
D.Money measurement concept
Explanation: The going concern concept assumes the business will not be wound up in the near future. This justifies valuing non-current assets at cost less depreciation rather than at forced-sale values.
3Under the accruals (matching) concept, the rent expense charged in the income statement for a year is:
A.The total cash paid for rent during the year
B.The rent that relates to the year, whether paid or not
C.The rent paid in advance at the start of the year
D.The rent that will be paid next year
Explanation: The accruals concept matches expenses to the period in which they are incurred, not when cash changes hands. The charge for the year must therefore be adjusted for any rent prepaid or accrued.
4The fundamental rule of double-entry bookkeeping is that:
A.Every transaction must be recorded in the cash book
B.Every transaction is recorded twice in the same account
C.For every debit entry there must be an equal credit entry
D.Every transaction must increase profit
Explanation: Double entry means every transaction has two equal and opposite aspects: a debit in one account and a credit in another account of the same amount. This keeps the accounting equation in balance.
5Closing inventory is valued at the lower of cost and net realisable value. Which accounting concept is being applied?
A.Consistency
B.Materiality
C.Prudence
D.Realisation
Explanation: Valuing inventory at the lower of cost and net realisable value is a classic application of prudence: losses in value are recognised as soon as they are foreseen, while profits are not anticipated.
6A business pays €1,200 on 1 October 2025 for a 12-month insurance policy. Its accounting year ends on 31 December 2025. Under the matching concept, the insurance expense for 2025 is:
A.€1,200
B.€300
C.€900
D.€100
Explanation: Only three months of the policy (October to December) relate to 2025, so the expense is 3/12 × €1,200 = €300. The remaining €900 is a prepayment, shown as a current asset at the year end.
7A retailer delivers goods to a customer on 28 December 2025 and issues the invoice the same day; the customer pays in February 2026. According to the realisation concept, in which year is the revenue recognised?
A.2026, when the cash is received
B.2025, when the goods are delivered and the invoice issued
C.2026, when the customer confirms satisfaction
D.Split equally between 2025 and 2026
Explanation: The realisation concept recognises revenue when it is earned, which for goods is normally on delivery/invoicing, not on receipt of cash. The sale therefore belongs to 2025 and creates a receivable at the 2025 year end.
8A business has used straight-line depreciation for its machinery for three years and continues to do so in year four, even though reducing balance would give a lower profit this year. Which concept is it applying?
A.Consistency
B.Prudence
C.Materiality
D.Business entity
Explanation: The consistency concept requires the same accounting treatment to be applied from one period to the next so that results are comparable. Changing depreciation method just to alter reported profit would breach consistency.
9Which of the following would NOT appear in a business's accounting records under the money measurement concept?
A.The purchase of a delivery van for €18,000
B.The outstanding skill and loyalty of the workforce
C.A bank loan of €10,000 received
D.Inventory costing €4,000
Explanation: The money measurement concept limits the accounts to items that can be expressed objectively in monetary terms. Workforce skill and loyalty cannot be reliably measured in money, so they are not recorded as assets.
10A business has assets of €40,000 and liabilities of €15,000. According to the accounting equation, the owner's capital is:
A.€55,000
B.€25,000
C.€15,000
D.€40,000
Explanation: The accounting equation states Assets = Capital + Liabilities, so Capital = Assets − Liabilities = €40,000 − €15,000 = €25,000.

About the Pancyprian Accounting Practice Questions

Verified exam format metadata for Cyprus Pancyprian Access Examination Accounting (ΛΟΓΙΣΤΙΚΗ, code 025) is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.