ICO (International Commerce Olympiad)

The Science Olympiad Foundation (SOF) and the Institute of Company Secretaries of India jointly sponsor the International Commerce Olympiad (ICO), a single-level test. In the year 2016, SOF established the ICO examination. ICO is reserved for students in the upper grades, i.e., grades 11 and 12. Every student who takes part in an ICO test receives a Student Performance Report (SPR) that examines their exam performance.

Please Note: This page will be updated soon

Every year, ICO spends a significant amount of money on prizes, presents, and scholarships for students who excel in their tests. We present all the required information on the ICO 2022-23 on this page.

ICO 2022-23 Highlights

Full Examination Name International Commerce Olympiad [ICO]
Conducting Body SOF
Frequency of Conduction Annually Once
Category Overview
Date of Exam Date One – 22nd December 2022
Date Two – 24th January 2023
Mode of Application Offline
Mode of Exam OMR or Computer-based Test
Language English
Exam Duration One hour

ICO Eligibility Criteria 2022-23

The SOF ICO Eligibility Criteria are as follows:-

The SOF International Commerce Olympiad is open to students in grades 11 and 12. There are no further conditions for qualifying, such as minimum grades. There is only one level to the SOF ICO test. The SOF ICO is open to students from the sciences, business, and the humanities.

ICO Exam Pattern 2022-23

The question paper format is consistent across all classes. The International Commerce Olympiad 2022-23 Paper Pattern is as follows:

  • The question paper contains only objective or multiple-choice questions.
  • The maximum time limit of 1 hour or 60 minutes for the student to complete his or her exam.
  • In the question paper and other exam-related materials supplied to schools and students, English will be the medium and language of instruction.

Type of Questions – Objective (Multiple-choice questions)
Duration of the Exam – One hour (60 minutes)
Mode of Language – English

Sections – The question paper consists of four sections:

Section-1:  Economics
Section-2:  Business Studies
Section-3:  Accountancy
Section-4:  Achievers Section

The exam will only take place during school hours. There are no additional test hours scheduled before or after the school’s regular operation hours.

ICO Syllabus 2022-23

Here are the details of the ICO Syllabus 2022-23

Class 11

Section 1 Accountancy

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 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
  • Business Environment
  • Planning
  • Organizing
  • Staffing
  • Directing
  • Controlling

Class 12

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
  • Business Services
  • Emerging Modes of Business
  • Social Responsibility of Business and Business Ethics

Part B: Finance and Trade

  • Sources of Business Finance

Read more

ICO Registration 2022-23

. The ICO registration cutoff is fifteen days before the scheduled exam.

  • Students must register for the test through schools with the required registration form.
  • Candidates must pay Rs.125 in order to register for the International Commerce Olympiad [ICO] 2022-23. A portion of the funding will go to the schools to cover the exam costs.
  • Students must complete the test form before the International Commerce Olympiad [ICO] 2022-23 enrollment deadline.

ICO Result 2022-2023

The results of the International Commerce Olympiad [ICO] 2022-23 will be announced on the official website. The ICO result will be announced in March 2023.

Schools will also receive a copy of the International Commerce Olympiad [ICO] 2022-23 results.

Candidates should maintain their admission cards so that they may verify their details and input their credentials.

Reference Books for SOF ICO

NCERT textbooks are often the recommended course texts by the CBSE, ICSE, or state boards for preparation. These SOF reference books might help you understand the format and content of the exams.

Popular Olympiad Exams conducted by SOF

Frequently Asked Questions on ICO


What is the ICO International Commerce Olympiad?

ICO is reserved for students in the upper grades, i.e., grades 11 and 12. Every student who takes part in an ICO test receives a Student Results Report (SPR) that examines their exam performance.

Who is eligible to compete in the International Commerce Olympiad (ICO)?

The International Commerce Olympiad [ICO] is open to students in grades 1 to 12 from schools and educational institutions all around the world.

What is the International Commerce Olympiad [ICO] fee structure?

Students who register for the International Commerce Olympiad [ICO] must pay a participation fee of Rs. 125, which may be paid online or by demand drafts.

How will candidates receive their admit cards?

Candidates can get their admission cards via the SOF official website. To access the admission card, they will need to enter their registration number.

What is the Student Performance Report (SPR)?

For the years 2022-23, the Science Olympiad Foundation will give each student an SPR as well as the ICO result. This report goes into great detail on the pupils’ weak and strong attributes.


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