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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
According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.
Question # 2
Bills payable issued durint the period must be debited to total creditors account credited to.
Question # 3
The rules and regulation foverning the internal management and administration of the company are called.
Question # 4
The part of the issued capital which has been taken up or subscribed by the public is called
Question # 5
The person who take the initaiative in the matter of formation of a company are known as the.
Question # 6
The asses which have physical existence are called.
Question # 7
The owner wquity in a company is commonly called.
Question # 8
In case of dissolution if there is any undivided profit are reserve should be credited to.
Question # 9
Purchase of sports material for the club should be treated as.
Question # 10
Gaining ratios are equal to.
Question # 11
A situation where a company receives a application for a large number of shares than offered to the public for subscription is termed as.
Question # 12
The closing balance of trade debtors can be located from.
Question # 13
The persons who have entered two partnership are individually called.
Question # 14
Good will is
Question # 15
The amount charged to depreciation goes on declining in.
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 | Income and expenditure account is equivalent to the. |
A. Receipt and payment account
B. Balance sheet
C. Cash book
D. Profit and loss account
|
| 2 | The unsold stock is valued at |
A. Original cost of the goods
B. Market value of the goods
C. Orginal cost price + proportionate direct expense incutred by the both consignor and consignee
D. Cost of market pric ewhich wver is the lower.
|
| 3 | How many methods are available to calculate the profit or loss under single entry system, |
A. One
B. Two
C. Three
D. Four
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| 4 | Income and expenditur eaccount is prepared on. |
A. Cash basis
B. Accrual basis
C. Cahs of accural basis
D. None of these
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| 5 | 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
|
| 6 | Depreciation is charged on. |
A. Fixed tangible assets only
B. Fixex intangible assets only
C. Current assets only
D. None of these
|
| 7 | The Closing Capital is worked out by preparing the. |
A. Opening statement of affair
B. Closing statement of affiar
C. Cash book
D. Balance sheet
|
| 8 | Realizaton account is a. |
A. Nominal account
B. Real account
C. Personal account
D. Cash account
|
| 9 | Interest is debited to assets account uder the. |
A. Annuity method
B. Depreciation fund method
C. Insurance policy method
D. Depletion method
|
| 10 | A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called. |
A. Senior partner
B. Junior partner
C. quast partner
D. Nominal patner
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions