ICO Exam 2022- International Commerce Olympiad

Introduction to ICO Exam

The International Commerce Olympiad (ICO) is a single level examination conducted by the Science Olympiad Foundation (SOF) in partnership with The Institute of Company Secretaries of India. SOF introduced the examination of ICO in the year of 2016. ICO is only for the students of higher classes, i.e., for classes 11 and 12. Students from all the streams are eligible to take part in the International Commerce Olympiad (ICO). ICO makes learning exciting and interactive for students who can showcase their skills, talents, memory, and knowledge. Every student who participates in the ICO examinations receives a Student Performance Report (SPR) that analyzes their performance in the exam. Every year ICO spends a huge amount of money on awards, gifts, and scholarships for the students who pass the exams with flying colors.

ICO Exam- Registration, Exam Date, Syllabus, exam pattern, result and other details

Class 11 Accountancy

Part A

Part B

Part C (optional)

Unit 1: Theoretical Framework for Accounting

Unit 2: Accounting Process and Special 18 Accounting Treatment: (Excluding Depreciation, Provision & Reserves, B/E).

Unit 3: Financial Statements of Sole Proprietorship: From Complete Records only (with Adjustments).

1. Introduction to Accounting

1. Recording of Business Transactions

2. Theory base of Accounting

2. Preparation of Bank Reconciliation Statement, Ledger and Trial Balance.

3. Rectification of errors Section B.

4. Deprecation, Provision, and Reserves.

5. Accounting for Bill of Exchange.

Class 11 Business Studies

Part A: Principles and Functions of Management

Part B:  Business Finance and Marketing

1) Nature and Significance of Management

1) Financial Management

2) Principles of Management

2) Financial Markets

3) Business Environment

3) Marketing Management

4) Planning

4) Consumer Protection

5) Organizing

6) Staffing

7) Directing

8) Controlling

Class 12 Accountancy

Part A:  Accounting for Partnership Firms and Companies

Part B: Financial Statement Analysis

Unit 1. Accounting for Partnership Firm

Unit 3. Analysis of Financial Statement

Unit 2. Accounting For Companies

Unit 4. Cash Flow Statement

Class 12 Business Studies

Part A: Foundations of Business

Part B: Finance and Trade

1) Nature and Purpose of Business

1) Sources of Business Finance

2) Form of Business Organizations

3) Public, Private and Global Enterprises

4) Business Services

5) Emerging Modes of Business

6) Social Responsibility of Business and Business Ethics

SOF ICO Exam Pattern

The exam pattern for the students appearing for ICO is given below so the students can prepare for the exam accordingly.  

  1. The question type will be objective, i.e., multiple-choice questions.

  2. Students will get 1 hour to complete the exam.

  3. The mode of examination will be in English. 

  4. There will be two different sets of question papers for each class.

  5. The examination paper will be set according to the syllabus of CBSE, ICSE/ISC, and the State Board.

  6. The examination will be conducted during school hours. 

  7. There will be four sections of the question paper.

Section 1) Economics

Section 2) Business Studies

Section 3) Accountancy

Section 4) Achievers Section

Distribution of Marks


No. of Questions





Business Studies






Achievers Section






ICO Exam Date

The International Commerce Olympiad (ICO) was supposed to conduct its exam in 2 days 

Day 1: 22nd & 23rd of January 2022

Day 2: 5th & 6th of February 2022

The exams are canceled for the year 2020 due to the Corona Virus Pandemic. There will be no exams this year. Students are requested to stay tuned to the official page of SOF for any upcoming update.

Eligibility Criteria For ICO Examinations

Any students who are interested and want to participate in the International Commerce Olympiad (ICO) are to follow these eligibility criteria. 

  1. Students of classes 11 and 12 only are eligible for ICO examinations.

  2. Students from any stream can apply.

SOF ICO Result

ICO examination publishes the result online and the students have to check the official website of SOF ICO. Students need to enter their roll number to access their result. The format will be School code – Class – Section – Roll number.

FAQs (Frequently Asked Questions)

Question 1) What are the Tips to Prepare for the ICO Examinations?

Answer 1) Every student prepares for their examination in their own way but preparing wisely will save you a lot of time and effort. So here are a few tips you can follow:

  1. Practice as much as possible: It is a key to score good marks. Your 70% of the effort  should be spent in practising. You can use a question bank. 

  2. All India level Mock test: Once you are confident enough with your preparation, take a mock test to improve your efficiency at attempting questions.

  3. Clear your doubts. Never ignore a question that you cannot understand, instead do a group study or discuss it with someone you think can help you. 

  4. Look for the best sources. 

  5. Revision. It is a must. We may think that what we’ve learnt will be in our head without revising. Then we are wrong. We should always revise.

Question 2) What is the Criteria for Ranking in ICO Examinations?

Answer 2) The ranks will be accorded on the basis of the following criteria.

  • Marks obtained by the student in the exam.

  • In case there is a tie, the determination of the rank will be on the basis of the marks scored by the student in class 10 or on the basis of marks scored by a student in the previous class.

  • In the case of two or more students who score the same marks under both the criteria that are mentioned above, both of them will be awarded the same rank.

Question 3) What is the Importance of the Olympiad Exams?

Answer 3) Olympiad examination is the foundation of a better learning process that prepares the students not only for the competitive world but for themselves. They provide students a whole new level of self-confidence, the power to look forward, and feel better. It reveals a child’s true potential and makes them aware of their capabilities. It also checks their area of weakness and works to strengthen them. Exams conducted by the SOF transforms students into a better survivor in the modern competitive world. Students find themselves in a place where they can work on their skills to enhance them and develop logical reasoning.

Question 4) Can a Student sit for all the Olympiad Examinations Conducted by SOF?

Answer 4) All the olympiad examinations are conducted by the same foundation i.e., the science olympiad foundation and are completely different from each other. Also it is a knowledge based examination and not a board based examination so everyone can sit for all the examinations conducted by the SOF.

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