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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.
By the end of the year students do not find enough time to write and prepare their papers because of time shortage, ilmkidunya has provided a solution for I.Com part 2 students. ICom part 2 Students can prepare their Principles of Accounting subject on this page by attempting this online MCQs objective paper. I.Com part 2 students can attempt Principles of Accounting objective paper as many times as they want. In this case I.com students will be able to prepare their principles of accounting paper in a better way with complete guidelines.
Ilmkidunya is the largest educational website of Pakistan which contains all up to date data for students of every field of subjects related to schools, colleges and universities. Every field of students can find help for their educational problems here. Ilmkidunya has given a great opportunity to I.Com part 2, HSSC part 2 students to prepare their papers online so that they can perform better in their annual exams. These online papers contain thousands of objective MCQs and by solving these online papers, ICom part 2 students can judge their preparation for annual exams.
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
A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.
Question # 2
Accured subscripttion represents.
Question # 3
The credit balacne of the retained earnings statement represents.
Question # 4
The process of writing of intengible assets patent right, good will etc is called.
Question # 5
Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.
Question # 6
In case of retirement when the good will raised with retiring partner written off among the remaining partner.
Question # 7
Cash received from the debtors can be find out by preparing.
Question # 8
Amount of to the out going partner is shown in the balance sheet as his.
Question # 9
The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.
Question # 10
Realizaton account is a.
Question # 11
If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.
Question # 12
A partner who takes an active part in the managment of the firm is called.
Question # 13
Non-profit seeking organizations prepare
Question # 14
A company comes into existence when the registrar issue the
Question # 15
The amount charged to depreciation goes on declining 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 | Liability of the partners in partnership is. |
A. Limited
B. Unlimited
C. Limited up to the extent of their capitals
D. Depend on the will of the partners
|
| 2 | In cash of net worth method of sigle entery system net profikt is ascertained by. |
A. Prepareing the trading and profit and account
B. By cimparing the capitals in the beginning and at the end of the accounting period.
C. Capital closing + Drawing - fresh capital - opening capital
D. Capital opening+ Drawing - fresh capital-closing stock
|
| 3 | The unsold stock is valued at |
A. Original cost of the goods
B. Market value of the goods
C. Orginal cost price + proportionate direct expense incutred by the both consignor and consignee
D. Cost of market pric ewhich wver is the lower.
|
| 4 | The credit balacne of the retained earnings statement represents. |
A. Undisturbed Profit
B. Divided declared
C. Profit distributed
D. None of these
|
| 5 | Income and expenditure accout is usually accompanied by. |
A. Trail balance
B. Balance sheet
C. Income and gains
D. Liabilities
|
| 6 | Dividend is calculated on. |
A. Registered capital
B. Issue Capital
C. Paid up Capital
D. Subscribed Capital
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| 7 | 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
|
| 8 | the loss whihc arises due to natural causes such as evaporation etc is called. |
A. Abnormal loss
B. Normal loss
C. Additional loss
D. None of these
|
| 9 | In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the. |
A. Consignor
B. purchaser
C. Consignee
D. None of these
|
| 10 | To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from, |
A. Adjusted closing capital
B. Closing capital
C. Cash in hand
D. Cash at bank
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions
Share your comments & questions here
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