12th Class Principles of Accounting MCQ Test With Answer for Principles of Accounting Full Book
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
00:00
Question # 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.
Question # 2
The maximum number of memebr in case of private limited comapny can be.
Question # 3
The assets which have not got physical existence are called.
Question # 4
Double entry system means
Question # 5
The amount of share capital which a company is authroxzed to raise is called.
Question # 6
In cash book
Question # 7
Registraion of the firm.
Question # 8
The asses which have physical existence are called.
Question # 9
A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.
Question # 10
The face value of the share is also known as.
Question # 11
Equity share holders are.
Question # 12
In case of private company minimum numebr of sharaeholders are.
Question # 13
The figure of the bills receivable can be worked out from.
Question # 14
The account of non trading concern are generally maintained according to.
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Sadia6560 Noman07 - Dec - 2025
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02 Min 31 Sec
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M.Tayyab Amin28 - May - 2026
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ICom Part II
Principles of Accounting
Important MCQ's
Sr.#
Question
Answer
1
A new partner may be admitted to a partnership.
A. With the consent of all the partners
B. With the consent of any one of the partners
C. With consent of two third the old partners
D. Without the consent of old partners
2
Both aspects of a transaction must be recorded in,
A. Single entry system
B. Barter system
C. Double entry system
D. Islamic system
3
The dividend paid to the shareeholders duirng the financial year is.
A. Redeemable debentures
B. Irredeemable debentures
C. Repayable debebtures
D. None of these
4
Partnership is formed under the act of.
A. 1984
B. 1932
C. 1912
D. 1962
5
The amount of good will broght in cash by nw partner will be credited to old partner in.
A. Gaining Ratio
B. New Ratio
C. Old Ratio
D. Sacrifice Ratio
6
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
7
The asses which have physical existence are called.
A. Intangible assets
B. Intangible fixed assets
C. Tangible fixed assets
D. Both tangible or intangible assets
8
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
9
If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.
A. Partner's capital account
B. Realization account
C. Liabilities accounts
D. Cash accounts
10
The difference of the two sides of receipt and payment account represents.
A. Opening cash balance
B. Closing cash or bank balance
C. Opening bank balance
D. None of these
ICOM Part 2 English Medium Principles of Accounting Test
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Konain
23 Mar 2019yahn p MCQs ky ilawa subjective k test nhi hota plz help me
ZaiN AwaN
07 Apr 201815/14
Abdul Rehman
02 Feb 2018moja kuch bi nhi ata plz i request you k moja sb smjaa da sir plz plz mein kaam krta hun jis ki wjja sa mein study ko time nhi da skka plzz help me
Abdul Rehman
02 Feb 2018plz help me
raja toseef
16 Nov 2017sir mujy princepal of accounting icom part ll k chapter numbar 25 depression ki problims karwa dain ap ki bhot mahrbani ho ge plzzzzzzz