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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
To make provision for the replacement of the assets. the method is to be ysed is.
Question # 2
Cash paid to creditors can be woked out from.
Question # 3
Kind of company is.
Question # 4
Partnership is formed by the partners.
Question # 5
The parties involves in the consignment are.
Question # 6
Subscription Received in advance is.
Question # 7
Income and expenditure account shows
Question # 8
The amount of share capital which a company is authroxzed to raise is called.
Question # 9
North worth of an organizaton means the excess of its total assets over total.
Question # 10
The Closing Capital is worked out by preparing the.
Question # 11
Amount of to the out going partner is shown in the balance sheet as his.
Question # 12
Income and expenditure accout is usually accompanied by.
Question # 13
If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.
Question # 14
Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.
Question # 15
Double entry system means
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 | Good will is |
A. Expense
B. Profit
C. Assets
D. Liability
|
| 2 | Bills payable issued durint the period must be debited to total creditors account credited to. |
A. Bills payable account
B. Bills receivable account
C. Debtora account
D. Cash account
|
| 3 | 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
|
| 4 | The income through admissionfee shoul dbe. |
A. Capitalized
B. Treated as revenue
C. Treated as liability
D. An expenses
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| 5 | The part of the issued capital which has been taken up or subscribed by the public is called |
A. Issued capital
B. Authorized capital
C. Subscribed capital
D. Paid up capital
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| 6 | In the absence of an agreement partners shall |
A. Be paid salaries
B. Not to be paid the salaries
C. Be paid salaries by the consent of the pariners
D. Be paid salaris to thos who worked for the firm
|
| 7 | Depreciation caused by some external amoutn of anual depreciation gradully. |
A. Increase
B. Decrease
C. Remain constant
D. None of these
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| 8 | In consginee's books the payment of expense by consignee should be debited to |
A. Consignment account
B. Consignnors account
C. Cash account
D. None of these
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| 9 | Generatal reserve at the time of dissolution is transferred to |
A. All partners capital accounts
B. Realization account
C. Solvent partners capital account
D. Insolvent patner's capital account
|
| 10 | Amount due to the deceased partner is generally transferred to |
A. Executor's loan
B. Profit and loss accounts
C. Capital account
D. None of thess
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions