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🇵🇰 I.Com (Intermediate in Commerce) · flashcards
I.Com (Intermediate in Commerce) Principles of Accounting Flashcards
50 question-and-answer cards covering Principles of Accounting as it is examined in I.Com (Intermediate in Commerce). 24 of them are printed below, taken from across the deck — no signup, no paywall on the preview.
24 sample cards from the Principles of Accounting deck
Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.
Define owner's equity (capital).
Owner's equity is the owner's claim on the assets of the business; it is the amount the business owes to its owner, equal to assets minus liabilities.
How do drawings affect owner's equity?
Drawings (cash or goods withdrawn by the owner for personal use) reduce owner's equity/capital.
State the basic accounting equation.
Assets = Liabilities + Owner's Equity (Capital).
Rearrange the accounting equation to find capital.
Owner's Equity (Capital) = Assets - Liabilities.
Rearrange the accounting equation to find liabilities.
Liabilities = Assets - Owner's Equity (Capital).
What principle is the accounting equation based on?
The dual aspect concept / double entry principle, which states every transaction has two equal and opposite effects.
If assets are Rs.100,000 and liabilities are Rs.40,000, what is the capital?
Capital = Assets - Liabilities = 100,000 - 40,000 = Rs.60,000.
How is the expanded accounting equation written including revenue and expenses?
Assets = Liabilities + Capital + Revenues - Expenses - Drawings.
What is an account?
An account is a summarized record of all transactions relating to a particular person, asset, liability, income or expense, kept in the ledger.
What are the two sides of an account called?
The left side is the debit side and the right side is the credit side.
What does 'debit' (Dr.) and 'credit' (Cr.) mean in an account?
Debit refers to an entry on the left side of an account; credit refers to an entry on the right side of an account.
What is the standard format of an account called?
The 'T' account, because it is shaped like the letter T with debit on the left and credit on the right.
Under the traditional approach, name the three classes of accounts.
Personal accounts, real accounts, and nominal accounts.
What are personal accounts? Give an example.
Accounts of persons, firms or institutions with whom the business deals, e.g., a debtor's, creditor's or bank account.
What are real accounts? Give an example.
Accounts of assets and properties, e.g., cash account, building account, machinery account.
What are nominal accounts? Give an example.
Accounts of expenses, losses, incomes and gains, e.g., salaries account, rent account, commission received account.
State the rule of debit and credit for personal accounts.
Debit the receiver, credit the giver.
State the rule of debit and credit for real accounts.
Debit what comes in, credit what goes out.
State the rule of debit and credit for nominal accounts.
Debit all expenses and losses, credit all incomes and gains.
Under the modern approach, how are assets and expenses affected by debit and credit?
Assets and expenses increase with a debit and decrease with a credit.
Under the modern approach, how are liabilities, capital and income affected by debit and credit?
Liabilities, capital and income increase with a credit and decrease with a debit.
Define the double entry system.
The double entry system is a method of recording transactions in which every transaction is recorded in two accounts, with an equal debit and credit, reflecting its dual aspect.
State two advantages of the double entry system.
It provides a complete and accurate record of transactions and enables arithmetical accuracy to be checked through a trial balance (debits always equal credits).
What is a journal and what is the process of recording in it called?
The journal is the book of original/first entry in which transactions are recorded chronologically; the process of recording in it is called journalizing, and each record is a journal entry with a narration.
What this deck covers
The Principles of Accounting deck follows the I.Com (Intermediate in Commerce) Principles of Accounting syllabus — 11 chapters and 38 topics — so questions land on material that is genuinely examinable rather than trivia around it. That works out to roughly 4.5 cards per chapter.
Answers are written to be recallable, not just readable — averaging about 95 characters, which is long enough to carry the reasoning and short enough to say out loud.
A deck like this earns its keep on the second and third pass. Read the syllabus first so you know the shape of the subject, then use the cards to find the specific facts that have not stuck.
Principles of Accounting flashcards FAQ
How many Principles of Accounting flashcards are in this I.Com (Intermediate in Commerce) deck?
50 cards. This page previews 24 of them, sampled evenly across the deck so you can judge the difficulty before installing anything.
Are these I.Com (Intermediate in Commerce) flashcards free?
Yes. The preview here is free to read with no signup, and the full 50-card deck is free inside the Examius app.
What do the Principles of Accounting cards cover?
They follow the I.Com (Intermediate in Commerce) Principles of Accounting syllabus — 11 chapters and 38 topics — so the questions track what is actually examinable.
How should I use these flashcards?
Read the syllabus first so you know the shape of the subject, then drill the deck. Examius schedules each card with spaced repetition, so cards you keep missing come back sooner and ones you know drift further apart.