ICO Class 11 Syllabus

The ICO exam is conducted every year by SOF for students who are studying in the Commerce stream. In academics, Commerce is considered to be one of the most popular streams of education along with Science and Arts. Commerce is described as the exchange of goods and services among individuals and business entities. Commerce deals with the various aspects of business, trade, accounting, financial information/transactions and merchandising. It also plays a significant role in the development of nations and their citizens by facilitating trade between nations or within the nation.

What is SOF?

SOF is an educational 0rganization that is popular in spreading academic competition and aids in the development of competitive spirit among school children. The ICO was introduced by SOF in the year 2016. This examination helps the students to know their interest in a branch of science, computer, maths, commerce and other main streams. The organisation also guides them in pursuing their career in that field.

Overview of the Examination

The exam is held for one hour and comprises multiple-choice questions. The SOF ICO includes a wide range of subjects from the commerce stream such as business, accountancy, etc. The question paper consists of four sections that are listed below:

  • Section 1 comprises Economics subjects
  • Section 2 comprises Business Studies subjects
  • Section 3 comprises Accountancy subjects
  • Section 4 comprises the Achievers Section

The marking scheme of each section is shown in tabular form below.


Number of questions

Marks per question

Total marks





Business Studies








Achievers Section




Grand Total



Class 11 ICO Syllabus

The syllabus for the Class 11 ICO examination is as per the syllabus of commerce for students studying in CBSE, ICSE and various other state boards. The concepts and topics are related to the syllabus that one studies in the academic curriculum. The ICO exam preparation can be initiated from the prescribed textbook to any academic board of study to which the candidate belongs.

The syllabus for the Class 11 ICO exam is described in the tabular column shown below.


Syllabus of the section

Economics Section

Economics is a part of social science which is associated with the study of production, households, distribution, firms, consumption of goods and services, industries, government, decision making, and the study of how people make optimum utilisation of resources. It helps people to understand how an individual, companies, and governments make decisions on declared resources to satisfy desires and requirements.

The topics in this section include

  • Introduction to MicroEconomics
  • Statistics for Economics

Business Section

Business Studies is a vast subject in the social sciences that allows an in-depth study of a degree of speciality. This would include Finance, Accountancy, Marketing and Organisation. It gives an individual a substantial foundation and understanding of how a business should be operated while enhancing communication, operation, strategy and commercial activity skills.

The topics in this section include

  • Nature and Purpose of Business
  • Forms of Business Organisation
  • Public, Private and Global Enterprises
  • Business Services
  • Emerging Modes of Business
  • Social Responsibility of Business and Business Ethics
  • Source of Business Finance
  • Small Business
  • Internal Trade
  • International Business

Accountancy Section

Accountancy is the practice of recording, allocating and outlining trade transactions for a business. It provides an assessment of management concerning the financial outcomes and ranking of an establishment. A few accountancy tasks include recording, classification and reporting of a transaction.

The topics in this section include

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 in accounting
  • Deprecation, Provision, and Reserves.
  • Accounting for Bill of Exchange.

Part C (optional):

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

Achievers Section

The topics in this section include High-order thinking skills questions based on

Economics, Accountancy and Business Studies.

The International Commerce Olympiad is focused purely on the Commerce stream. Students studying in classes 11 and 12 of the commerce stream can only participate in this exam. The International Commerce Olympiad (ICO) is a single level examination. Students aiming to crack the ICO examination must put in their best efforts in covering up the entire syllabus which is mentioned above. One can also solve ICO sample papers to know about the paper pattern, types of questions asked, and also to evaluate the difficulty level of the examination.

Frequently Asked Questions on ICO Syllabus

How many levels are there in the ICO exam?

The ICO exam is a single level examination.

Can a student from science stream attempt the exam?

No, science students cannot take the examination. Only students belonging to the Commerce and Humanities stream can take the examination.

What are the subjects covered in the examination?

The subjects covered in the examination are Economics, Business studies and Accountancy.

Where can one find sample papers for the ICO examination?

The sample papers of ICO examination can be found on the official website of SOF.

In which month is the ICO exam conducted by SOF?

The exam is conducted once a year in December.

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