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Exam Highlights
  • Exam Name
    International Commerce Olympiad
  • Exam Duration
    One hour
  • Exam Frequency
    Annually Once
  • Total Marks
  • Total No. of Questions
  • No. of Sections
    Sections – The question paper consists of four sections: Section-1: Economics Section-2: Business Studies Section-3: Accountancy Section-4: Achievers Section
  • Medium of the exam
  • Exam Dates
    Standard Examinations: 31 October 2022.
Eligibilty Criteria

The SOF International Commerce Olympiad is open to students in grades 11 and 12. There are no further conditions for qualifying, such as minimum grades. There is only one level to the SOF ICO test. The SOF ICO is open to students from the sciences, business, and the humanities.

Exam Pattern

When it comes to the ICO exam, there are no other constraints for students who wish to take part. Students do not need to have a minimum academic score, and the best thing about the ICO exams is that they are open to students from any stream, including science, commerce, arts, and other fields. Students who want to take the ICO exam should acquaint themselves with the exam pattern and study accordingly. Here are some things to think about when it comes to the ICO exams:

  • The question paper contains only objective or multiple-choice questions.

  • The test has a restricted time duration, with a maximum time limit of 1 hour or 60 minutes for the student to complete his or her exam.

  • Since the students' performance is assessed on an international level, English will be the medium and language of instruction in the question paper as well as in all exam-related materials distributed to schools and students.

  • The ICO paper pattern is divided into four parts, each of which assesses the students' knowledge of commerce.

  • The four sections are:

i. Economics

ii. Business Studies

iii. Accountancy

iv. Achievers Section.

  • It's also worth noting that the question papers for classes 11 and 12 are different.

  • The majority of the questions are based on concepts from the CBSE/ICSE/State Syllabus.

  • The examination is only held during school hours. There are no additional hours taken up for the test before or after the school's regular operating hours.


Class 11

Section 1 Accountancy

Part A: Theoretical Framework for Accounting

  • Introduction to Accounting
  • Theory base of Accounting

Part B: Theoretical Framework for Accounting

  • Recording of Business Transactions
  • Preparation of Bank Reconciliation Statement, Ledger and Trial Balance
  • Rectification of errors Section B
  • Deprecation, Provision, and Reserves
  • Accounting for Bill of Exchange

Part C (optional): Financial Statements of Sole Proprietorship: From Complete Records only (with Adjustments)

Section 2 Business Studies

Part A: Principles and Functions of Management

  • Nature and Significance of Management
  • Principles of Management
  • Business Environment
  • Planning
  • Organizing
  • Staffing
  • Directing
  • Controlling

Class 12

Section 1 Accountancy

Part A: Accounting for Partnership Firms and Companies

  • Accounting for Partnership Firm
  • Accounting For Companies

Part B: Financial Statement Analysis

  • Analysis of Financial Statement
  • Cash Flow Statement

Section 2 Business Studies

Part A: Foundations of Business

  • Nature and Purpose of Business
  • Form of Business Organizations
  • Public, Private and Global Enterprises
  • Business Services
  • Emerging Modes of Business
  • Social Responsibility of Business and Business Ethics

Part B: Finance and Trade

  • Sources of Business Finance

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