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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
The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.
Question # 2
Both aspects of a transaction must be recorded in,
Question # 3
Partnership is formed under the act of.
Question # 4
Good will is.
Question # 5
In case of retirement of a partners full good will is credited to the account of.
Question # 6
The shares of public limited company are.
Question # 7
Closing capital in single entry system is calculated by preparing,
Question # 8
The gaining ratio are calculated on.
Question # 9
Current accout of the partners should be opened when the capitals are.
Question # 10
Dividend is calculated on.
Question # 11
Receipt and payment account starts with the.
Question # 12
Non-profit making organizations
Question # 13
In the books of consignee the sale of goods by the consigee credited to.
Question # 14
If the credit side of the income oand expenditur eaccount is greater it is termed as.
Question # 15
If the goods will raised at the tim e of admissionof a new partner will be written off in.
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 | At the time of dissolution, all the assets of the firm are transfered in the realization account at. |
A. Market value
B. Book value
C. Cost value
D. Bale value
|
| 2 | Interest on dividend is paid. |
A. At the end of financial period
B. During the fiancancial year
C. At the time of incorporation
D. At the time of winding of company
|
| 3 | Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's |
A. Trading and profit and loss account
B. Balance sheet
C. Bank account
D. Petty cash book
|
| 4 | Depreciation written off on fixed assets should be recorded in the. |
A. Income and expenditure account only
B. Receipt and payment account only
C. Receipt and payment account and banalce sheet
D. Income and expenditure account and balance sheet.
|
| 5 | On retirement of a partner the share of a retiring partner is taken by. |
A. Remaining partner
B. New partner
C. Legal representator or retiring partner
D. None of these
|
| 6 | Registered company is |
A. 2
B. 3
C. 4
D. 5
|
| 7 | Income and expenditure account shows |
A. Cash in hand
B. Surplus or deficit
C. Cash at bank
D. Capital account
|
| 8 | If some proparty is owned jointly with out any attention to carry on a business it is called. |
A. Partnership
B. Co- ownership
C. Sole ownership
D. Agency
|
| 9 | Non-profit making organizations |
A. Buy goods
B. Manufacture goods
C. Sell goods
D. None of these
|
| 10 | the activities of non -trading concern are managed by the. |
A. Directors
B. Member
C. governing body
D. Promoters
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions