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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
Depreciation is
Question # 2
Investment in partnership is made byintroducing.
Question # 3
In case of dissolution, assets sold for cash are debited to
Question # 4
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
Question # 5
The term Depletion is used with reference to.
Question # 6
A partner, who hasnot attained the age of majority is called.
Question # 7
Share applicaton account is in the nattur eof.
Question # 8
Old prifit sharing ratio minus new profit sharing ratio is equal for.
Question # 9
A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.
Question # 10
Abnormal loss arises due to.
Question # 11
Non-profit making organization is also known as
Question # 12
The dividend paid to the shareeholders duirng the financial year is.
Question # 13
In case of los on revaluation of assets and liabilities should be debited to.
Question # 14
Income and expenditur eaccount is prepared on.
Question # 15
Under the straight line method of charging depreciation, the amount of deperciation .
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 | When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called. |
A. Fluctuating capitals
B. Fixed capitals
C. Current capitals
D. None of these
|
| 2 | Purchase of sports material for the club should be treated as. |
A. Expense
B. Assets
C. Income
D. Liability
|
| 3 | Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in. |
A. Capital ratios
B. Old profit sharing ratios
C. New profit sharing ratio
D. Gaining ratios
|
| 4 | A paatner who invests capital inthe business but does not take active part in the conduct of the business is called. |
A. Active partner
B. Sleeping partner
C. Secrete partner
D. None of these
|
| 5 | It is prepared by non-profit making organizations to determine surplus or deficit |
A. Trading account
B. Profit and loss account
C. Receipts and payments account
D. Income and expenditure account
|
| 6 | Not worth method is equal to. |
A. Liabilities - assets
B. Assets- liabilities
C. Capital + assets
D. None of these
|
| 7 | Premium on issue of share is a. |
A. Capital profit
B. Business loss
C. Revenue profit
D. Revenue loss
|
| 8 | Single entry systme can bot be maintained by. |
A. Sole owner
B. Partnership concern
C. Joint stock companies
D. All of the above
|
| 9 | Partner's capital are affected due to. |
A. Admission of a partner
B. Retirement of the partner
C. Death of a partner
D. All of the above
|
| 10 | Non-profit making organizations are established for |
A. Profit
B. Charitable or religious purpose
C. To manufacture goods
D. To help the rich people
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions