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 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 colours.
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Students in grades 11 and 12 can participate in the SOF International Commerce Olympiad (ICO). There are no further eligibility requirements, such as minimum grades. The SOF ICO test has only one level. Students from the sciences, commerce, and humanities are eligible to compete in the SOF ICO.
How to Participate in ICO
For participation in the SOF ICO, only their respective schools should be used to register students. Individual student registrations are not accepted. Each school must register a minimum of 5 pupils for the SOF ICO. All SOF-registered schools receive a prospectus containing registration forms. Schools that have not yet registered may request a prospectus by emailing firstname.lastname@example.org or calling the number listed on the SOF official website. By the due date, schools must return the registration forms to SOF, duly filled out and complete in all respects.
The school's coordinating teacher should complete the School Registration Form (SRF) and Students' Registration Sheet (SRS) according to the instructions and submit them to the SOF's office before the deadline. The applicant school as well as the students will be registered by SOF. SOF will produce roll numbers for all pupils based on the Students' Registration Sheet (SRS) obtained from the School.
Exam material and directions will be sent out by SOF under the exam date and forms received from the school.
Syllabus of ICO Exam
Section 1 Accountancy
Part A: Theoretical Framework for Accounting
Introducing 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
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
Emerging Modes of Business
Social Responsibility of Business and Business Ethics
Part B: Finance and Trade
Sources of Business Finance
FAQs (Frequently Asked Questions)
1. What are the Tips to Prepare for the ICO Examinations?
Ans: 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:
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.
All India level Mock test: Once you are confident enough with your preparation, take a mock test to improve your efficiency at attempting questions.
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.
Look for the best sources.
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.
2. What is the Criteria for Ranking in ICO Examinations?
Ans: 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.
3. What is the Importance of the Olympiad Exams?
Ans: 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.
4. Can a Student sit for all the Olympiad Examinations Conducted by SOF?
Ans: 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.
5. What are the international level awards for the International Commerce Olympiad (ICO)?
Ans:First-place winners will get a total of INR 1,00,000 in prizes, as well as a gold medal and a certificate of great achievement. Second-place finishers received a total of two rewards for INR 75,000 each, as well as a silver medal and a certificate of exceptional achievement. Third-place finishers will get a total of two rewards for INR 50,000 each, as well as a bronze medal and a certificate of excellent achievement. Fourth-place finishers will get a total of two rewards of INR 25,000 each, as well as a medal of distinction and a certificate of excellent achievement. Fifth-place finishers will get a total of two rewards of INR 10,000 each, as well as a medal of distinction and a certificate of excellent achievement.
6. What is the Student Performance Report (SPR)?
Ans: The Science Olympiad Foundation will provide each student with an SPR as well as the ICO result for the years 2021-22. This report delves into the students' weak and strong qualities in great depth. The SPR also shows a comprehensive comparison of the student to other students. After viewing your child's SPR and maybe discussing it with the instructor, it's crucial to make a strategy for future action. For this Student Performance Report, consider what you can do to help your kid achieve in the following term, the remainder of the school year, and the years ahead.
7. What are the fees of ICO Registration?
Ans:The following is the application fee that must be paid together with the registration form for the International Commerce Olympiad (ICO) :
Students from India, Bangladesh, Bhutan, and Nepal must pay Rs. 125 for the International Commerce Olympiad (ICO) per student. Students with a serious physical impairment do not have to pay an application fee. There is no application cost for an Indian student whose parents were killed in military action. For students from all other countries, the application price is US $ 9.
8. What is the International Commerce Olympiad (ICO)?
Ans: For students in grades 11 and 12, the level 1 competition is a 60-minute test with 50 objective-type (Multiple Choice) questions. The question paper is divided into four sections: Economics, Business Studies, Accountancy, and Achievers. The SOF ICO's Level 1 takes place over two days. ICO exam 2021-22 will be conducted on 22,23 January 2022 or 5,6 February 2022 .Each school can schedule the SOF ICO on a day that is convenient for them. The question papers for each exam day are unique. It is not feasible to adjust the SOF ICO's launch date. The exam is given in English. As a result, by engaging in English, students may improve their learning process and communication abilities. At a young age, students are exposed to competitions and challenges.
9. Give some Preparation Tips for the ICO Exams?
Ans:To get excellent grades, you must practice a lot. Practice should take up 70 percent of your time and effort. Use a sample question for support like Vedantu. Take a mock exam to increase your speed at answering questions once you're satisfied with your preparation. Clarify any doubts you may have. Study with a group or speak with someone who can help you if you don't understand a question. Identify the best sources. Revision. It is essential. You may think that if you don't revise, you'll remember all that you've learned. Then, you are mistaken. You must revise regularly.