ICO Syllabus

The ICO exam is conducted every year by the Science Olympiad Foundation. It is an educational organisation 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 students to understand their interest in any branch of science, computer, maths, commerce and other important streams. The organisation also guides them in pursuing their career in that field.

About SOF

The SOF is an educational organisation that focuses on academic competition and nurtures the student’s competitive spirit in this fast-moving world. The SOF was established by well-known academicians, scientists and media personalities to promote Science, Mathematics, Computer Education, English, Social Studies, General Knowledge, Commerce and professional courses. This organisation conducts olympiad examinations globally. The Olympiads are held on a national and worldwide basis. It encourages students from similar academic disciplines or levels to compete. The Olympiads, whether on a national or international scale, are considered one of the most difficult exams to crack.

Overview of the Examination

Every year the SOF will release the official notification regarding the details of the ICO examination and the exam is usually conducted in December. The ICO’s full form is the International Commerce Olympiad. The SOF organised International Commerce Olympiad is open to students studying in grades 11 and 12. It is a single-level examination conducted every year in which the students are rewarded at the school level, zonal level, and international level.

Highlights of the Exam

The ICO is the examination that focuses on 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 defined 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.

The Pattern of 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:

  • Section I comprises Economics subjects: 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 to understand how limited resources can be utilised to satisfy consumers’ desire to obtain maximum satisfaction.
  • Section II focuses on the Business Studies subject: 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.
  • Section III focuses on the Accountancy subject: 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.
  • Section 4 focuses on the Achievers Section: This section deals with High-order thinking skills. During the examination, students must solve this section when the other two sections are completed.

The marking scheme of each section is shown in the tabular column below

Section

Number of questions

Marks

Total marks

Economics

15

1

15

Business Studies

15

1

15

Accountancy

15

1

15

Achievers Section

5

3

15

Syllabus of the Exam

The ICO exam is conducted for grades studying in Class 11 and Class 12. The section and the topics from each section of the subject are tabulated below

Class 11

The syllabus for the Class 11 ICO examination is given below.

Section

Syllabus of the section

Economics Section

The topics in this section include

  • Introduction to MicroEconomics
  • Statistics for Economics

Business Section

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

The topics in this section include

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 in accounting
  • Deprecation, Provision, and Reserves.
  • Accounting for the 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

Class 12

The syllabus for the Class 12 ICO examination is given below.

Section

Syllabus of the section

Economics Section

The topics in this section include

  • Introductory Macroeconomics
  • Indian Economic Development

Business Section

The topics in this section include

  • Nature and Significance of Management
  • Principles of Management
  • Business Environment
  • Planning
  • Organising
  • Staffing
  • Directing
  • Controlling
  • Financial Management
  • Financial Markets
  • Marketing Management
  • Consumer Protection

Accountancy Section

The topics in this section include

  • Financial Statements of Non-Profit Organisations
  • Accounting for Partnership Firms
  • Accounting for Companies
  • Analysis of Financial Statements
  • Cash Flow Statement
  • Computerised Accounting

Achievers Section

The topics in this section include High-order thinking skills questions based on Economics, Accountancy and Business studies sections

The above-mentioned syllabus is designed and framed in such a manner that the topics are included from the combination of the academic curriculum of CBSE, ICSE and state boards of the various states. This syllabus goes hand in hand with the concepts that are included in each of the boards, in order to help the students in effortless studying.

Tips to Crack ICO Examination

Every exam has a set of study patterns and tips that are to be followed. By following them, one will be able to crack the exam easily. Listed below are a few tips that can be adapted to qualify for the ICO exam

  • Students must read and solve questions in the commerce examination. The accounting problems, formulae, and business studies laws will be grasped more easily when the student writes, solves and practises more than just reading the notes or textbook
  • Practising on a daily basis will help students to pick up mathematical calculation skills and one will solve quickly, which saves a lot of time during the exam
  • The laws, statements, procedures in all the subjects must be studied thoroughly
  • Solving a few questions from the Achievers section from reference books will help to develop their thinking skills
  • One must make a habit of solving previous year Olympiad papers so as to know about the type and difficulty level of the questions asked in the examination

Frequently Asked Questions on ICO syllabus

Which grade students can take the examination?

Students studying in grades 11 and 12 can take the ICO examination.

What will be the medium of instruction for the ICO examination?

The medium of instruction for the ICO examination is English.

What is the eligibility criteria for the ICO Olympiad exam?

Students of classes 11 and 12 are eligible to take the SOF ICO examination. Students from Commerce and Humanities can take up the examination.

What are the top books that can be used for preparation?

NCERT books/course books given by the CBSE/ICSE/state boards can be used for preparation.

How many times is the exam conducted in the year?

The exam is conducted once a year in December.

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