Below are 50 multiple choice questions (MCQs) that match the style and difficulty level of ICAI CA exams (Foundation, Intermediate and Final levels). The ICAI Mock Test MCQs cover subjects such as Accounting, Business Law, Taxation, Cost and Management Accounting, Auditing and Financial Management, and are designed as per the ICAI syllabus 2025.
Some of the questions are theoretical while others are based on practical concepts. Some are also based on case studies, as some ICAI Intermediate and Final papers have 30% MCQs and 70% descriptive questions.
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#1. Which of the following is a characteristic of a liability?
#2. Under the accrual basis of accounting, revenue is recognized when:
#3. Which of the following is an essential element of a valid contract under the Indian Contract Act, 1872?
#4. If the mean of five numbers is 20 and the sum of four of them is 90, what is the fifth number?
#5. A shift in the demand curve to the right indicates:
#6. The concept of conservatism in accounting means:
#7. Under the Sale of Goods Act, 1930, an implied condition exists that goods shall be:
#8. The probability of getting an even number when a die is rolled is:
#9. Which of the following is a feature of a perfectly competitive market?
#10. A trial balance is prepared to:
#11. As per AS-2, inventories should be valued at:
#12. Under the Companies Act, 2013, a private company can have a maximum of:
#13. The basic exemption limit for a resident individual (below 60 years) for AY 2025-26 under the old tax regime is:
#14. The cost of goods sold is calculated as:
#15. The primary objective of an audit is to:
#16. The net present value (NPV) of a project is positive when:
#17. Under AS-10, Property, Plant, and Equipment should be carried at:
#18. The GST rate applicable on essential goods like food grains is:
#19. A contract of guarantee under the Indian Contract Act, 1872, involves:
#20. Which of the following is a type of audit evidence?
#21. A favorable material price variance occurs when:
#22. The cost of equity capital can be calculated using:
#23. A partnership firm is dissolved when:
#24. Income from house property is computed as:
#25. The auditor’s responsibility in case of fraud is to:
#26. As per Ind AS 16, revaluation of assets is:
#27. The auditor’s report under SA 700 should include:
#28. The maximum deduction under Section 80C for AY 2025-26 is:
#29. Input Tax Credit (ITC) under GST can be availed:
#30. The optimal capital structure is achieved when:
#31. Under Ind AS 115, revenue from contracts with customers is recognized:
#32. A qualified audit opinion is issued when:
#33. Capital gains on the sale of listed shares held for more than 12 months are:
#34. The time limit for issuing a GST invoice for goods is:
#35. Case Study: XYZ Ltd. has a contract to deliver 1,000 units of a product at ₹500 per unit. The performance obligation is satisfied over 6 months. 50% of the units are delivered by the end of the 3rd month. How much revenue should be recognized under Ind AS 115?
#36. Goodwill under Ind AS 103 is measured as:
#37. The auditor’s responsibility under SA 240 includes:
#38. The tax rate for a domestic company with turnover up to ₹400 crore for AY 2025-26 is:
#39. Which of the following is exempt from GST?
#40. The Black-Scholes model is used to value:
#41. Depreciation is charged to:
#42. The doctrine of privity of contract means:
#43. The maximum penalty for non-filing of GST returns is:
#44. Analytical procedures are used by auditors to:
#45. The payback period method ignores:
#46. The break-even point is reached when:
#47. The law of diminishing returns applies when:
#48. A contingent liability is recorded in the books when:
#49. Case Study: Mr. Sharma, a resident individual, earns ₹8,00,000 from salary and ₹2,00,000 from interest in AY 2025-26 (old regime). What is his taxable income after standard deduction?
#50. The auditor’s opinion is based on:
Notes for Students: ICAI Mock Test
- Source: These MCQs are inspired by the ICAI 2025 syllabus and exam pattern and are created with information taken from web sources such as ICAI official website and preparation platforms.
- Practice Tips: Solve these questions within the time limit to simulate the exam environment. For extra practice, use ICAI Mock Test Papers (MTPs) and Revision Test Papers (RTPs) available on ICAI BOS Knowledge Portal.
- Syllabus Updates: Do not forget to cross-check the answers with the latest ICAI study material as the correct answer may change due to legislative amendments or syllabus changes.
- Accessing MTPs: ICAI May and September 2025 MTPs can be downloaded from the ICAI BOS Knowledge Portal. Answer keys are uploaded within 48 hours of each test.
- Exam Pattern: Some CA Intermediate papers contain 30% MCQs and 70% descriptive questions. You can improve your performance by practicing in both formats.
Extra Help: If you want to prepare more, students can register for ICAI Mock Test Series I & II for May 2025, which are conducted in both physical and virtual modes. Registration can be done on the ICAI website (www.icai.org). Don’t forget to double-check from official ICAI resources every time so that the answers are accurate.
