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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
Purchase of sports material for the club should be treated as.
Question # 2
In increased net worth method, profit or loss is calculated by preparing,
Question # 3
In appearance, the statement of affairs, is similar to a.
Question # 4
Dividend is calculated on.
Question # 5
If the price required to be paid to the company for the share is equal to the nominal value of that share it is called.
Question # 6
The term Depletion is used with reference to.
Question # 7
Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.
Question # 8
A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.
Question # 9
Single entry system is generally adopted by,
Question # 10
Dell creder commission is calculated on.
Question # 11
Double entry system means
Question # 12
Income and expenditure account is usually accompanied by.
Question # 13
Good will is.
Question # 14
On the detah of the partner the amount of the joint policy credited to the capital account of.
Question # 15
Closing capital in single entry system is calculated by preparing,
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 person who take the initaiative in the matter of formation of a company are known as the. |
A. Promoters
B. Share holder
C. Director
D. Registered
|
| 2 | In the books of consignor on reciving advance in cash from consignee should be debited to. |
A. Cash account
B. Consignee account
C. Consignment account
D. None of these
|
| 3 | 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
|
| 4 | When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to. |
A. Cash account
B. Consignor 's personal account
C. Consignment account
D. None of these
|
| 5 | A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as. |
A. Oversubscription
B. Under subscription
C. No subscription
D. None of these
|
| 6 | Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc. |
A. Depreciation
B. Depletion
C. Amortization
D. None of these
|
| 7 | If the cash sales are missing they are to be ascertained by the construction of. |
A. Debtors account
B. Creditors account
C. Cash account
D. None of these
|
| 8 | The credit balacne of the retained earnings statement represents. |
A. Undisturbed Profit
B. Divided declared
C. Profit distributed
D. None of these
|
| 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 | Debit side of income and expenditur eaccount records. |
A. Expenses and losses
B. Income and gains
C. Assets
D. Liabilities
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions