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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
Interest on dividend is paid.
Question # 2
Subscription Received in advance is.
Question # 3
Consignment signifies.
Question # 4
The persons to whom the goods are dispatched for the purpsoe of sales is called.
Question # 5
Income and expenditure account is credited with all.
Question # 6
The value of an asset at the end of the working life is called.
Question # 7
Income and expenditure account is debited with all.
Question # 8
Income and expenditure account is usually accompanied by.
Question # 9
In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.
Question # 10
Abnormal loss arises due to.
Question # 11
A paartner who have a major investment in the firm and receive a relatively more profit is called.
Question # 12
Accured subscripttion represents.
Question # 13
In consginee's books the payment of expense by consignee should be debited to
Question # 14
Debentures holders are.
Question # 15
Depreciation is charged at fixex rate on the reducing balance, under the.
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 total amount recived by the company out of the totla called up amount is known as the. |
A. Called up capital
B. Paid up capital
C. Issued capital
D. Reserve capital
|
| 2 | Net worth is equal to, |
A. Assets - Liabilities
B. Liabilities - Assets
C. Liabilities + Capital
D. Capital + Assets
|
| 3 | The maximum number of member in case of public limited company can be |
A. Forty
B. Fifty
C. Sixty
D. No restriction on maximum number
|
| 4 | The owner wquity in a company is commonly called. |
A. Shareholder equity
B. promotors equity
C. Directors equity
D. None of these
|
| 5 | Realizaton account is a. |
A. Nominal account
B. Real account
C. Personal account
D. Cash account
|
| 6 | Cash paid to creditors can be woked out from. |
A. Debtora account
B. Creditors account
C. Balance sheet
D. None of theses
|
| 7 | Amount received by the way of gift from any person or organization is called. |
A. Donation
B. Subscription
C. Legacy
D. None of these
|
| 8 | General reserve at the time of admission of anew partner is credited. |
A. New partner capital account
B. General reserve account
C. Old parners capital account
D. All partners capital account
|
| 9 | The method is specially suited to natural surces is said to be |
A. Annuity method
B. Depletion method
C. Revalution method
D. Sum of digit method
|
| 10 | 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
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions