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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
Subcription received during the current year is.
Question # 2
In case of retirement the amount of the general reserve any other profit is credited to all partners in.
Question # 3
It is prepared by non-profit making organizations to determine surplus or deficit
Question # 4
When the goods sent on consignment are sold by the consignee the account to be debited is.
Question # 5
For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.
Question # 6
The fingure of bills payable is worked out by preparing the.
Question # 7
the loss whihc arises due to natural causes such as evaporation etc is called.
Question # 8
If the debit side of the recipt and payment account exceeds the credit side it represents.
Question # 9
The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.
Question # 10
Current accoujts of the partners should be opened when the capital are.
Question # 11
Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.
Question # 12
A partner goes out of a firm due to certain event or reason is known as.
Question # 13
For the firm, interest on drawing is.
Question # 14
On retirement of a partner the share of a retiring partner is taken by.
Question # 15
Commission due to the consignee is calculated on.
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 | In single entery system only. |
A. Personal account are maintained
B. Real account are maintained
C. Nominal accounts are maintained
D. None of the above
|
| 2 | Subcription received during the current year is. |
A. An income
B. An expenditure
C. An asset
D. An liability.
|
| 3 | The persons to whom the goods are dispatched for the purpsoe of sales is called. |
A. Debtor
B. Consignee
C. Consignor
D. None of these
|
| 4 | In single entry it is not possible to prepare |
A. Trial balance
B. Trading account
C. Profit and loss account
D. Balance sheet
|
| 5 | Under aunuity method, the annual charger for depreciation wil be debited to. |
A. Assets account
B. Depreciation account
C. Interest account
D. None of these
|
| 6 | A situation where a company receives a application for a large number of shares than offered to the public for subscription is termed as. |
A. Under subscription
B. Over subscription
C. General subscription
D. Above subscription
|
| 7 | Revaluation loss should be debited to. |
A. Revaluation account
B. All partners capital account
C. Old partners capital accounts
D. New partners capital account
|
| 8 | The opening capitla is ascertained by preparing. |
A. Cash account
B. Opening statements of affairs
C. Total debtors account
D. Total creditors account
|
| 9 | The debentures which are payable to bearere, are termed as. |
A. None transfereble
B. Registered debentures
C. Bearer debentures
D. Non - bearere debentures
|
| 10 | The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to. |
A. Consignment account
B. Cash account
C. Consignor account
D. None of these
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions