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Principles of accounting are the rules and guidelines to report financial data, the general guidelines and principles, standards and detailed rules, plus industry practices that exist for financial reporting.
Principles of Accounting HSSC part 2, I.Com part 2 objective paper consists of MCQs of 20 marks and it has to be attempted in first 25 minutes. This objective MCQs section is compulsory.
By the end of the year students do not find enough time to write and prepare their papers because of time shortage, ilmkidunya has provided a solution for I.Com part 2 students. ICom part 2 Students can prepare their Principles of Accounting subject on this page by attempting this online MCQs objective paper. I.Com part 2 students can attempt Principles of Accounting objective paper as many times as they want. In this case I.com students will be able to prepare their principles of accounting paper in a better way with complete guidelines.
Ilmkidunya is the largest educational website of Pakistan which contains all up to date data for students of every field of subjects related to schools, colleges and universities. Every field of students can find help for their educational problems here. Ilmkidunya has given a great opportunity to I.Com part 2, HSSC part 2 students to prepare their papers online so that they can perform better in their annual exams. These online papers contain thousands of objective MCQs and by solving these online papers, ICom part 2 students can judge their preparation for annual exams.
Principles of Accounting Icom Part 2 English Medium Online Test
Try The Principles of Accounting Icom Part 2 English Medium Online Test
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Total Questions15
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Time Allowed20
Principles of Accounting Icom Part 2 English Medium Online Test
00:00
Question # 1
Depreciation is
Question # 2
Net worth is equal to,
Question # 3
Over riding commission is calculated on.
Question # 4
Receipts and payments account records the transactions of
Question # 5
Un recorded liability when paid on dissolution of the firmis debited to.
Question # 6
Receipts and payments account shows
Question # 7
In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.
Question # 8
The amount paid to person who was invited to deliver a lecture in a club is known as.
Question # 9
The balance of revalution account is transferred to the capital accounts of the partners in.
Question # 10
The figure of the bills receivable can be worked out from.
Question # 11
The rules and regulation foverning the internal management and administration of the company are called.
Question # 12
In single entry system ledger contains the accounts of,
Question # 13
Receipt and payment account starts with the.
Question # 14
Capital of the partners are maintained under.
Question # 15
Unclaimed dividend is shown as.
Here is List Of Chapter Wise Tests
| Ch. # | Test Name | MCQs Available | PDF File | Launch Test |
|---|---|---|---|---|
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 1 Online Test | 53 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 2 Online Test | 67 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 3 Online Test | 40 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 4 Online Test | 30 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 5 Online Test | 20 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 6 Online Test | 21 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 7 Online Test | 23 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 8 Online Test | 60 | Download PDF | Launch Test |
| 0 | Principles of Accounting Icom Part 2 English Medium Chapter 9 Online Test | 31 | Download PDF | Launch Test |
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M Moazzam Bhatti 21 - Apr - 2026 03 Min 24 Sec 9/15
ICom Part II Principles of Accounting Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Opening capital is calculated by taking the difference between, |
A. Opening assets and closing assets
B. Opening assets and closing liabilities
C. Opening assets and Opening liabilities
D. Closing assets and closing liabilities
|
| 2 | Registraion of the firm. |
A. It is legally necessary
B. It is optional
C. It depends on the will of the partners
D. It depends uopon the will of theemployee
|
| 3 | In appearance, the statement of affairs, is similar to a. |
A. Balance sheet
B. Profit and loss account
C. Trading account
D. Bank Reconciliation statement
|
| 4 | Cash received from the debtors can be find out by preparing. |
A. Debtors account
B. Creditors account
C. Balance sheet
D. Trial balance
|
| 5 | Income and expenditure account is credited with all. |
A. Expenses
B. Incomes
C. Assets
D. Liabilities
|
| 6 | The income and expenditure account begins with. |
A. Opening debit balance
B. Opening credit balance
C. Opening balance
D. None of these
|
| 7 | On the admission of a new partneer the decreasein the value of assets is debited to. |
A. Revaluation account
B. Assets account
C. Old parner's capital account
D. New partner capital account
|
| 8 | When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called. |
A. Fluctuating capitals
B. Fixed capitals
C. Current capitals
D. None of these
|
| 9 | A partner, who hasnot attained the age of majority is called. |
A. Junior partner
B. Minor partner
C. Nominal patner
D. Quasi Partner
|
| 10 | Excess of assets over liabilities is an indication of. |
A. Solvency
B. Insolvency
C. Deficiency
D. Loss
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions