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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
Consignment account is in the nature of.
Question # 2
A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.
Question # 3
Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's
Question # 4
the loss whihc arises due to natural causes such as evaporation etc is called.
Question # 5
In single entry system,
Question # 6
In the books of consignor on reciving advance in cash from consignee should be debited to.
Question # 7
Debenture holders are.
Question # 8
In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.
Question # 9
The asses which have physical existence are called.
Question # 10
The consignee acts entirely on behalf of the
Question # 11
The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.
Question # 12
Good will is.
Question # 13
The figure of the bills receivable can be worked out from.
Question # 14
At the time of dissolution, all the assets of the firm are transfered in the realization account at.
Question # 15
In case of los on revaluation of assets and liabilities should be debited to.
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 | The end or termination of partnership is called. |
A. Amalgamation
B. Dissolution
C. Retirement
D. Admission
|
| 2 | Income and expenditure account records the transactions of |
A. Revenue nature
B. Capital nature
C. Revenue and capital nature
D. None of the these
|
| 3 | The joint stock company is formed under companies ordiance. |
A. 1984
B. 1974
C. 1884
D. 1962
|
| 4 | The abnormal loss on consignemnt is credited to. |
A. Consignment account
B. Consignment personal account
C. Profit and loss account
D. Goods sent on consignemnt account
|
| 5 | Due to fresh capital introduced during the year, the closing capital will, |
A. Increase
B. Decrease
C. Constant
D. Multiply
|
| 6 | In case of Garner Vs. Murray rule, the decision was given is. |
A. Mr. Justice james
B. Mr Garner
C. Mr. Justice joyee
D. Mr. Murray
|
| 7 | An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called. |
A. Bonus
B. Commission
C. Del creder commision
D. Credit commission
|
| 8 | In receipt and payments account |
A. No narration is written
B. No ledger reference is recorded
C. Daily cash balance cannot be ascertained
D. All of the above
|
| 9 | Value of the good will is calculated under capitalization formula. |
A. Average profit / reasonable return x 100
B. Resonable return / average profit x 100
C. Averager profit x 100 / resonable return
D. None of these
|
| 10 | Sacrificing rations are equal to. |
A. Capital Ratios- New ratios
B. Old ratios - New ratios
C. New ratio - old ratios
D. None of these
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions