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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
On the admission of a new partneer the decreasein the value of assets is debited to.
Question # 2
Income and expenditure account is credited with all.
Question # 3
The retired is one who has
Question # 4
Depreciation is
Question # 5
A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.
Question # 6
Consignment signifies.
Question # 7
Cash paid to creditors can be woked out from.
Question # 8
Bad debt written off always affect the
Question # 9
The method for preparing the final accounts in trading concerns and non-profit making organizations are
Question # 10
Investment in partnership is made byintroducing.
Question # 11
If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.
Question # 12
Registraion of the firm.
Question # 13
Net worth is equal to,
Question # 14
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
Question # 15
Donation receivedin heavy amount are treated 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 | 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
|
| 2 | When a new partner is admitted with out the consent of the old partner. |
A. Partnership will be dissolved
B. Will value
C. Agreed value
D. None of these
|
| 3 | The debentures which are payable to bearere, are termed as. |
A. None transfereble
B. Registered debentures
C. Bearer debentures
D. Non - bearere debentures
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| 4 | 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
|
| 5 | In single entery system only. |
A. Personal account are maintained
B. Real account are maintained
C. Nominal accounts are maintained
D. None of the above
|
| 6 | The basic club record or book of original entry in non-profit making organization |
A. Purchase book
B. Sales book
C. Cash book
D. "a" and "b"
|
| 7 | A partner, who hasnot attained the age of majority is called. |
A. Junior partner
B. Minor partner
C. Nominal patner
D. Quasi Partner
|
| 8 | Good will is |
A. Expense
B. Profit
C. Assets
D. Liability
|
| 9 | The amount of share capital which a company is authroxzed to raise is called. |
A. Subscribed capital
B. Issued capital
C. Authorized capital
D. Paid up capital
|
| 10 | On the detah of the partner the amount of the joint policy credited to the capital account of. |
A. Remaining partners capital account
B. All partners capital accounts
C. Deceased parners capital account
D. None of these
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions