SOF ICO Sample Paper 2026 Class 11

CLASS

11
SAMPLE PAPER
2025-26 SOF INTERNATIONAL
COMMERCE OLYMPIAD

Total Questions : 50 Time : 1 hr.
PATTERN & MARKING SCHEME
Section (1) Economics (2) Business (3) Accountancy (4) Achievers
Studies Section
No. of Questions 15 15 15 5
Marks per Ques. 1 1 1 3

SYLLABUS
Section – 1 : Introductory Microeconomics, Statistics for Economics.
Section – 2 : Nature and Purpose of Business, Forms of Business Organisations, Public, Private
and Global Enterprises, Business Services, Emerging Modes of Business, Social Responsibility
of Business and Business Ethics, Sources of Business Finance, Small Business, Internal Trade,
International Business.
Section – 3 : Theoretical Framework, Accounting Process, Financial Statements of Sole
Proprietorship from Complete and Incomplete Records.
Section – 4 : Higher Order Thinking Questions - Syllabus as per Section-1, Section-2 and Section-3.

ECONOMICS

1. The _____________ is using the All-India Combined Consumer Price Index as the
main measure of how consumer prices are changing.
(A) Reserve Bank of India
(B) Security Exchange Board of India
(C) Federation of Indian Chamber of Commerce and Industry
(D) Bombay Stock Exchange

2. Which of the following features of Indifference Curve is/are correct?
(A) The indifference curve slopes downwards.
(B) Higher indifference curve gives greater level of utility.
(C) Two indifference curves never intersect each other.
(D) All of these

3. Which of the following methods of collecting primary data is not suitable when
the field of investigation is wide?
(A) Indirect oral investigation
(B) Direct personal investigation
(C) Information through questionnaires
(D) Information through local sources or correspondents

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4. Which among the following is not the central problem of an economy?
(A) For whom are the goods produced?
(B) How the cost of goods to be determined?
(C) What is produced and in what quantities?
(D) How are these goods produced?

BUSINESS STUDIES

5. Select the incorrect match.
(A) Partnership – Unlimited liability
(B) Joint Hindu family business – Death of karta affects the running of
business
(C) Cooperative society – Voluntary membership
(D) Joint stock company – Time-consuming formation
6. X is a large retailing business unit selling wide variety of consumer goods on the
basis of low price appeal, wide variety and assortment, self-service and heavy
emphasis on merchandising appeal. Identify X.
(A) Super market
(B) Consumer cooperative store
(C) Mail order house
(D) Chain store

7. X refers to the creations of the human mind, like inventions, literary and artistic
works, symbols, names, images and designs used in business. It is divided into two
broad categories. Identify X.
(A) Business risk (B) Integrated Circuits
(C) Intellectual Property (D) Copyright Infringement

8. Select the odd one out on the basis of traditional business.
(A) Requirement of physical presence
(B) Personal touch
(C) Hierarchical internal communication
(D) Horizontal structure

ACCOUNTANCY

9. What will be the journal entry when an asset is sold at a loss through Asset Disposal
Account?
(A) Asset Disposal A/c To Profit and Loss A/c Dr.
(B) Profit and Loss A/c To Asset Disposal A/c Dr.
(C) Asset Disposal A/c To Provision for Depreciation A/c Dr.
(D) Bank A/c To Asset Disposal A/c Dr.

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10. Temporary accounts are closed at the end of every accounting period and start a
new period with a zero balance. These accounts are closed to prevent their balances
from being mixed with the balances of the next accounting period.
Which of the following accounts is transferred to capital account at the end of
accounting year?
(A) Expenses A/c
(B) Drawings A/c
(C) Revenue A/c
(D) Cash A/c

11. Which qualitative characteristics of accounting information states that decision-
makers must interpret accounting information in the same sense as it is prepared
and conveyed to them?
(A) Reliability
(B) Understandability
(C) Relevance
(D) Comparability

12. On 1st April, 2023, Nitya started a business with a capital of `5,60,000. During the
year, she made drawings of `15,000 and earned a profit of `89,000. Assets at 31st
March, 2024 were `7,50,000.
Calculate the amount of external liabilities as on 31st March, 2024.
(A) ` 1,16,000
(B) ` 86,000
(C) ` 2,94,000
(D) ` 2,64,400

ACHIEVERS SECTION

13. A machinery which costs ` 8,00,000 is depreciated at 6% per year using the Written
Down Value Method. At the end of the three years, the total amount of depreciation
will be
(A) ` 2,35,532.80
(B) ` 1,35,532.80
(C) ` 1,30,532.20
(D) ` 6,64,467.20

14. Find out the coefficient of correlation of the following data.

X 2 3 4 5 6 7 8
Y 4 7 8 9 10 14 18
(A) – 0.96
(B) + 0.96
(C) – 0.85
(D) + 0.85

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15. Gunjan took an insurance policy for her two-wheeler. Later on, she sold it to her
friend Rohit and only got the registration done in Rohit’s name. After few months,
two-wheeler was stolen from Rohit’s shop. Gunjan made a claim to insurance
company, but it was rejected on the ground that she has not suffered any financial
loss due to theft of two-wheeler.
Which principle of insurance is followed by insurance company by rejecting the
claim?
(A) Indemnity
(B) Insurable interest
(C) Subrogation
(D) Proximate cause

ANSWER KEY
1. (A) 2. (D) 3. (B) 4. (B) 5. (B) 6. (A) 7. (C) 8. (D) 9. (B) 10. (B)
11. (B) 12. (A) 13. (B) 14. (B) 15. (B)

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