Showing posts with label Past Papers For Class XII (Commerce). Show all posts
Showing posts with label Past Papers For Class XII (Commerce). Show all posts
Wednesday, 7 October 2026
Accounting - Paper II - For Class ICOM-II / HSC Part 2 / XII (Commerce Group) - Past Paper 2026
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ICOM Part 2
Accounting - II
Past Paper 2026
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Past Paper 2026
Solved MCqs
SECTION "A" (MULTIPLE CHOICE QUESTIONS) (20 Marks)
Note: (i) This section consists of 20 part questions and all are to be answered. Each question carries l mark.(ii) Do not copy the part questions in your answer book. Write only answer in full against the proper number of the question and its part.
Choose the correct answer for each from the given options:
1) The periodic distribution of profit, by a Public Limited Company in the form of cash, is called:
• Stock Dividend
• Cash Dividend ✔
• Liquidating Dividend
• Property Dividend
2) Old Partners do not reduce their Capital Under:
• Goodwill Method ✔
• Bonus Method
• Direct Purchase Method
• Revaluation Method
3) Fixed assets are usually used for:
• 3 Months
• 6 Months
• 9 Months
• A Number of Years ✔
4) Name of fixed asset not subject to depreciation is:
• Building
• Machine
• Land ✔
• Furniture
5) The minimum individuals required for the formation of partnership are:
• Two ✔
• Five
• Fifteen
• Ten
6) Unclaimed Dividend is:
• Revenue
• Liability ✔
• Expense
• Asset
7) If Anwar purchase $1/4 interest from Mr. Asim, this method of admission is called:
• Goodwill
• Bonus
• Direct Purchase ✔
• Revaluation
8) In case of liquidation of firm, assets of the firm are:
• Purchased
• Sold ✔
• Gifted
• Donated
9) At the time of liquidation, remaining cash is to be distributed among partners:
• Equally
• On the opening capital ratio
• On the balance of capital at the end ✔
• On the average capital ratio
10) If a company offers shares at higher price than the Par value, the difference is known as:
• Discount
• Interest
• Premium ✔
• Surplus
11) Retained earnings increased by:
• Net Profit ✔
• Gross Profit
• Share Premium
• Net Loss
12) Depreciable cost of an asset is equal to:
• Cost - Accumulated Depreciation
• Cost - Scrap value
• Cost + Market Value
• Cost + Salvage Value ✔
13) Profit paid to shareholders is known as:
• Gain
• Profit
• Commission
• Dividend ✔
14) In non-profit earning concerns, excess of income over expenditure is:
• Loss
• Profit
• Deficit
• Surplus ✔
15) In single entry system, Balance Sheet is known as:
• Statement of Profit Loss
• Retained Earnings Statement
• Statement of Affairs ✔
• Statement of Assets
16) In case of an insolvent partner, his capital deficiency is borne by:
• Government
• Bankers
• Creditors
• Solvent Partners ✔
17) The expenses incurred in the formation of the Public Limited Company are called:
• Direct expenses
• Preliminary expenses ✔
• Revenue expenses
• Indirect expenses
18) Under the Fixed Capital Method Profit or Loss is transferred to:
• Partner's Capital Account
• Retained Earnings Account
• Partner's Personal Account
• Partner's Current Account ✔
19) If Bilal invests cash Rs. 60,000 and Muneeb invests twice that of Bilal, then the partnership ratio will be:
• 1:1
• 1:3
• 1:4
• 1:2 ✔
20) Subscription received in advance is a/an:
• Income
• Liability ✔
• Expense
• Assest
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