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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
The Decision in Garner Va. Murray was given in.
Question # 2
Revaluation loss should be debited to.
Question # 3
Single entry system is suitable where,
Question # 4
Current accoujts of the partners should be opened when the capital are.
Question # 5
The shares of public limited company are.
Question # 6
A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.
Question # 7
Consignment signifies.
Question # 8
The part of the issued capital which has been taken up or subscribed by the public is called
Question # 9
the term depreciationis used with reference to.
Question # 10
In case of retirement when the good will raised with retiring partner written off among the remaining partner.
Question # 11
For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.
Question # 12
The closing balance of trade debtors can be located from.
Question # 13
Income and expenditur eaccount is prepared at the
Question # 14
Not worth method is equal to.
Question # 15
The owner wquity in a company is commonly called.
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 | Sacrificing rations are equal to. |
A. Capital Ratios- New ratios
B. Old ratios - New ratios
C. New ratio - old ratios
D. None of these
|
| 2 | Consignor is also called. |
A. Principal
B. Agent
C. Debtor of the consignee
D. Creditor of the consignee
|
| 3 | The method is specially suited to natural surces is said to be |
A. Annuity method
B. Depletion method
C. Revalution method
D. Sum of digit method
|
| 4 | The amount of share capital with which a company is registered is called. |
A. Authorized capital
B. Issued capital
C. Paid up capital
D. Called up capital
|
| 5 | The relation ship between consignor and consignee is thet of. |
A. Buyer and seller
B. Debtorsde creditor
C. Whole seller or retailer
D. Principal and agent
|
| 6 | A partner does not take an acitive partner is the managment firm is called. |
A. Active partner
B. Sinior partner
C. Darment of sleeping partner
D. Nominal partner
|
| 7 | The profit earned prior to the date of incorporatin is. |
A. Revenue profit
B. Capital profit
C. Capital gain
D. Revenue gain
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| 8 | Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's |
A. Trading and profit and loss account
B. Balance sheet
C. Bank account
D. Petty cash book
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| 9 | The sum total of the nominal vaue of shares of company is called is. |
A. Issued capital
B. Subscribed capital
C. Share capital
D. Called up capital
|
| 10 | Generatal reserve at the time of dissolution is transferred to |
A. All partners capital accounts
B. Realization account
C. Solvent partners capital account
D. Insolvent patner's capital account
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions