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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.
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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
Equity share holders are.
Question # 2
A receipts and payments account is similar to
Question # 3
According to companies ordinance, single entry system cannot be adopted by,
Question # 4
In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
Question # 5
The maximum number of memebr in case of private limited comapny can be.
Question # 6
The value of an asset at the end of the working life is called.
Question # 7
If the goods will raised at the tim e of admissionof a new partner will be written off in.
Question # 8
The amount of share capital with which a company is registered is called.
Question # 9
Income and expenditure account is debited with all.
Question # 10
How many mathods are available to calculate the profit or loss under single entery system.
Question # 11
In the absence of an agreement, the share of new partner in patnership will be.
Question # 12
Ordinary shares are also known as.
Question # 13
Income and expenditure account is usually accompanied by.
Question # 14
The extra amount charged fromt he new partner over and above the capital is for.
Question # 15
The owner of the partnership are called 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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ICom Part II Principles of Accounting Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Single entry systme can bot be maintained by. |
A. Sole owner
B. Partnership concern
C. Joint stock companies
D. All of the above
|
| 2 | Liability of the partners in partnership is. |
A. Limited
B. Unlimited
C. Limited up to the extent of their capitals
D. Depend on the will of the partners
|
| 3 | The dividend paid to the shareholders during the finaincial year is. |
A. Final dividend
B. Interim divident
C. Unclaimed divident
D. Proposed dividend
|
| 4 | Which of the following method is suitable for charging depreciation an machinery and furniture. |
A. Straight line method
B. Diminishing balance method
C. Depreciation on fixed method
D. Annuity method
|
| 5 | Commission due to the consignee is calculated on. |
A. Credit sales only
B. Cash sales only
C. Total sales
D. None of these
|
| 6 | The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called. |
A. Memorandum of association
B. Article of association
C. Prospectus
D. None of he above
|
| 7 | The credit balacne of the retained earnings statement represents. |
A. Undisturbed Profit
B. Divided declared
C. Profit distributed
D. None of these
|
| 8 | At the end of the year non trading institutions prepare. |
A. Profit and loss account
B. Income and expenditure account
C. Manufacturing account
D. None of the above
|
| 9 | A statement of assets and liabilities is prepared under the single entery system is called. |
A. Balance sheet
B. Financial statement
C. Statement of affair
D. Cash transaction
|
| 10 | The retired is one who has |
A. Died
B. Withdraw his capital
C. Bought his capital
D. Decreases his capital
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions