All those things, which are purchased for resale purpose, are called:
- Goods
- Assets
- Liabilities
- Sale
Show answer and explanation
Answer: A. Goods
Items bought with intent to resell them for profit are called 'goods'.
I.Com Accounting: Basic Accounting Concepts, questions with answers
Practise 31 real Federal Board questions on Basic Accounting Concepts from 2023 to 2026. See the answer and explanation as soon as you answer.
31real questions
24multiple choice
5exam sessions
About Basic Accounting Concepts in I.Com Accounting
Basic Accounting Concepts is one of the 10 main chapters in our Federal Board I.Com Accounting question bank (11th and 12th class), and about 8% of its real questions come from it. Tayyari Karo has 31 real questions on this chapter from 2023 to 2026; 24 are multiple choice and marked instantly, and the rest are short and long questions with a model answer. By difficulty: 28 easy, 3 medium.
Work through the questions below, then open the explanation for each one. Redo the ones you missed a few days later.
Try 8 real questions
These are real past-paper questions. Think of your answer first, then open the explanation.
Under which system of accounting entries are made only when cash is received or paid?
- Cash system
- Accrual system
- Mercantile system
- Single system
Show answer and explanation
Answer: A. Cash system
Under the cash system, transactions are recorded only when cash is actually received or paid, regardless of when they are earned/incurred.
A trader whose assets exceed from his liabilities is called:
- Debtor
- Creditor
- Solvent
- Insolvent
Show answer and explanation
Answer: C. Solvent
A solvent trader has assets greater than liabilities and can pay off all debts.
A person from whom credit purchases are made is called:
- Debtor
- Creditor
- Banker
- Owner
Show answer and explanation
Answer: B. Creditor
A creditor is a person from whom goods/services are bought on credit, and to whom the business owes money.
The Prime function of Accounting is to:
- Record economic data
- Maintain balance transaction
- Record, classify and summarize business transaction
- Provide the informational basis for action
Show answer and explanation
Answer: C. Record, classify and summarize business transaction
Accounting's basic function is to record, classify and summarize business transactions so that meaningful reports can be prepared.
A trader whose assets exceeds from his liabilities is called:
- Debtor
- Creditor
- Solvent
- Insolvent
Show answer and explanation
Answer: C. Solvent
A person/trader is solvent when their assets exceed their liabilities, i.e. they can pay off all debts.
Enlist the names of types of accounting.
Show model answer
The main types/branches of accounting are: (1) Financial Accounting — recording and reporting overall financial performance and position; (2) Cost Accounting — ascertaining and controlling the cost of products/services; (3) Management Accounting — providing information to management for planning, decision-making and control.
Briefly explain 'voucher'.
Show model answer
A voucher is a documentary evidence in support of a business transaction, such as a cash memo, receipt, invoice, or bill, which is used to verify the accuracy and authenticity of an entry recorded in the books of account. Vouchers form the basis on which entries are made in the journal or subsidiary books.
Sessions with Basic Accounting Concepts questions
| Session | Questions |
|---|---|
| 2026 Annual | 7 |
| 2025 1st Annual | 6 |
| 2025 2nd Annual | 7 |
| 2024 Annual | 5 |
| 2023 Annual | 6 |
Common questions
What does the Basic Accounting Concepts chapter cover on this page?
31 real Federal Board (FBISE) Accounting questions on Basic Accounting Concepts from 2023 to 2026, for 11th and 12th class. Each one shows the session it came from.
Are the answers official?
No. We could not find an official FBISE marking scheme for these papers, so the answers and explanations are written by Tayyari Karo for practice. Check anything important with your teacher or textbook.
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