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The International Commerce Olympiad (ICO) is conducted by the Commerce Teachers’ Foundation (CTF) in order to offer the professional excellence of the commerce teachers’ fraternity to the education world.
Info About ICO
  • Field
  • Eligibility
    11th and 12th
  • Subjects
    Accountancy, Business Studies etc
  • Questions Type
    Objective MCQs
  • Difficulty Level
    Medium to Hard
  • Time to Prepare
    1 years
  • When
    March to April
What you will learn


You will learn the basic accounting terminologies with the accounting principles and conventions to be applied in the preparation and presentation of financial statements. All the topics covered will help you strengthen your core accounting concepts.
View Syllabus Stroke 396

Business Studies

You will learn various commercial and industrial laws like Indian Contracts Act, Sale of Goods Act and Negotiable Instruments Act, along with the basic knowledge of business ethics.
View Syllabus Stroke 396

How to prepare for ICO with Toppr

  1. Get your concepts right

    To crack ICO, you need to understand your concepts well. With the help of Toppr’s video lectures, you can get a clear understanding of any topic at any time of the day.
    They are taught by experienced teachers, and are available in Hinglish & English – covering all the concepts you can possibly think of.

    Get your concepts right
  2. Practice regularly

    The best students spend 80% of their time practicing questions, and 20% learning theory. Improve your skills by practicing only the right questions.
    At Toppr, we customize them for you by gradually increasing the degree of difficulty – for it ensures a full coverage of the scope of the examination.

    Practice regularly
  3. Get your doubts cleared

    A doubt can weaken your foundation, or even reduce your confidence.
    Don’t get stuck at a doubt. Seek help immediately using our Doubts on Chat app. Here, you can get your queries solved 24x7 by a community of experts.

    Get your doubts cleared
  4. Take All-India Tests

    All-India tests help you monitor your progress, and gauge how well prepared you are for D-day. On Toppr, you can compete with students from all over the country!

    Take All-India Tests

All you need to know about ICO


Facts, Syllabus & Pattern

  • What is ICO?
  • Syllabus for ICO
  • Exam Pattern for ICO

How to apply

  • Eligibility Criteria for ICO
  • Registration for ICO

Important Dates

  • Exam Dates for ICO
  • Results of ICO 2017

How to Prepare for ICO

  • Preparation Tips for ICO
  • Sample Papers for ICO
  • Previous Years’ Papers for ICO

Facts, Syllabus and Pattern Stroke 396

What is ICO?

  • The International Commerce Olympiad (ICO) is conducted by the Commerce Teachers’ Foundation (CTF), which is primarily a non-profit and voluntary organisation.
  • It was started with the sole aim of offering professional excellence of the commerce teachers’ fraternity to the education world.
  • In the year 2007, the Commerce Teachers' Association got registered under the Societies Registration Act as a Delhi based organisation. But later on, they decided to expand and cater to the needs of the teachers and students across India and overseas.
  • Eventually, the Commerce Teachers' Foundation was registered as a national organisation.
  • The CTF works hard towards identifying talent in Commerce subjects and offering an open platform of competition to young students.
  • It also helps children get familiar with competitive exams as more often than not, they get exposure to exams, such as the BBA or CPT, conducted by the Institute of Chartered Accountants of India, only after school.,
  • The ICO is held across all CBSE affiliated schools every year for classes 11 and 12

Syllabus for ICO

Class 11 Accountancy
Part A

Unit 1: Theoretical Framework for Accounting:

(A) Introduction to Accounting

(B) Theory base of Accounting

Part B

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

(A) Recording of Business Transactions

(B) Preparation of Bank Reconciliation Statement, Ledger and Trial Balance.

(C) Rectification of errors Section B

(D) Deprecation, Provision and Reserves

(E) Accounting for Bill of Exchange

Part C (Optional)

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

Class 12 Accountancy

Part A: Accounting for Partnership Firms and Companies

Unit 1. Accounting for Partnership Firm

Unit 2. Accounting For Companies

Part B: Financial Statement Analysis

Unit 3. Analysis of Financial Statement

Unit 4. Cash Flow Statement

Class 11 Business Studies

Part A: Principles and Functions of Management

  1. Nature and Significance of Management
  2. Principles of Management
  3. Business Environment
  4. Planning
  1. Organising
  2. Staffing
  3. Directing
  4. Controlling

Part: B Business Finance and Marketing

  1. Financial Management
  2. Financial Markets
  3. Marketing Management
  4. Consumer Protection
Class 12 Business Studies

Part A: Foundations of Business

  1. Nature and Purpose of Business
  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

Part B: Finance and Trade

  1. Sources of Business Finance

Exam Pattern for ICO

Particulars Details
Format MCQs
Marking scheme 1 for every correct answer, ¼ mark deducted for every wrong answer
Accountancy 40 MCQs
Business Studies 40 MCQs
Business Awareness 10 MCQs
Reasoning and Intelligence 10 MCQs
Levels of the examination Class 11 and 12 exams conducted separately
Duration 2 hours
Time 9:00 to 11:00 am
Maximum marks 100

How to apply Stroke 396

Eligibility Criteria for ICO

  • All students from Class 11 and 12 are eligible to appear for the International Commerce Olympiad.
  • The CTF does not accept less than 20 entries from the school, and there needs to be 10 each from Class 11 and 12 or 20 from a single class (in case one of the classes is participating).
  • The foundation does not have any other eligibility criteria like minimum marks for the exam.

Registration for ICO

  • You need to register online on the official website for enrolling for the Olympiad.
  • Once the registration is done, an SMS confirmation is sent to the registered mobile number.
  • For filling up the details of the school, you need to login by entering your registered email id and opted password.
  • You need to fill up information about your teachers (Accountancy & Business Studies) for the certificates maximum limit: 7
  • Fill up details like: name, class and mobile number.
  • Download the total list of students submitted in the form and keep for future reference.
  • Make the requisite payments
  • Take a printout of the receipt and other forms.
  • Send the printouts of the copies that are duly attested by the Principal along with draft or proof of payment.

Important dates Stroke 396

Exam dates for ICO

Here are the dates of the ICO exam:

  • India: Option - I on 17th November 2017 (Friday)

Option -II on 28th November 2017 (Tuesday)

  • Overseas: 5th December 2017 (Tuesday)
  • Venue: The exams are conducted at the respective participating schools, which work as exam centres.

Results of ICO 2017

The International Commerce Olympiad-2017 result has been declared.

You need to click on this link for getting the result: ICO Result

How to prepare Stroke 396

Preparation Tips for ICO

  • Practice is the key: Practice as much as you can. 70% of your ICO preparation comprises of practice. Toppr offers over 3.5 lakh questions in our question bank to help you learn and strengthen concepts in each chapter.
  • Take All-India Level mock tests: Give time-bound mock tests in a completely exam-like environment to improve your efficiency at attempting questions. Toppr offers an All-India Test Series that lets you compete with other students from all over India.
  • Clear all your doubts: Don't get stuck with doubts. Discuss and clarify them with Subject Experts at Toppr to get an instant reply.
  • Study from the best sources: NCERT and several recommended books for ICO are the minimum resources you need. Toppr offers the best study material from all over the web to help you prepare better.
  • Revision is important: When you go through a formula or concept, maintain revision notes in the form of bullet points. Revision will be useful when the exam is close and a good revision pattern will take less time. Normally, without these notes, you would have to go through the entire chapter to understand important points once again.

Sample Papers for ICO

Solving sample papers and previous year papers is not only advisable, but also mandatory if you want to stay ahead of the stiff competition in ICO 2018. Solving sample papers will help you prepare for the paper and its pattern, while also assisting you in learning efficient time management. You can also assess your own performance by practicing sample papers and judge your level of preparations for ICO 2018.

Previous Years’ Papers for ICO

Practising previous years’ ICO papers is important as it helps you simulate the real exam. Toppr provides you with a complete set of all question banks from previous years, which you can practice to sharpen your skills.