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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
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
Question # 2
The opening capitla is ascertained by preparing.
Question # 3
Income and expenditure account is equivalent to the.
Question # 4
In case of del creder commission the liability of bad debts is on
Question # 5
A partner does not take an acitive partner is the managment firm is called.
Question # 6
The amount payable to the retiring partner is shown in the balance sheet of partnership as.
Question # 7
Consignment signifies.
Question # 8
A partner who takes an active part in the managment of the firm is called.
Question # 9
Net worth is equal to,
Question # 10
On the addimissionof a new partner the increase int he value of assets is debited
Question # 11
In the books of consignee the sale of goods by the consigee credited to.
Question # 12
The sum total of the nominal vaue of shares of company is called is.
Question # 13
the term depreciationis used with reference to.
Question # 14
The which is calculated at the time of retirment of partner is
Question # 15
The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.
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 system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called. |
A. Single , entery system
B. Accrual system
C. Double enterysystem
D. Cash system
|
| 2 | All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to |
A. Single entry system
B. Double entry system
C. Treble entry system
D. "a" and "b"
|
| 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 | Share applicaton account is in the nattur eof. |
A. Real account
B. Personal account
C. Nominal account
D. None of the above
|
| 5 | Accured subscripttion represents. |
A. An expense
B. An income
C. An asset
D. A liability.
|
| 6 | In appearance, the statement of affairs, is similar to a. |
A. Balance sheet
B. Profit and loss account
C. Trading account
D. Bank Reconciliation statement
|
| 7 | In case of public company minimum number of members is. |
A. Six
B. Seven
C. Ten
D. Fifty
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| 8 | Goods sent on consignment should be debited int he books of the consignor. |
A. Consignee account
B. Consignment account
C. Goods sen ton consignment
D. Consignor account
|
| 9 | The consignment inward book or journalis matinained by. |
A. Consignor
B. Consignee
C. Customer
D. Debtors
|
| 10 | The loss prior to the date of incorporation of a company is. |
A. Revenue loss
B. Capital loss
C. Liability
D. None of these
|
ICOM Part 2 English Medium Principles of Accounting Test
Test Questions
