Hello MrZain,

For your first question, yes it's possible to prepare your topic in 2 minutes because the topics are very general and you would already have enough information to prepar in 2 minutes. (No pen or paper is given to write your thoughts down. And you're supposed to return the slip on which the topic is written as soon as you've read it.) But of course, one needs to practise to get it right. (Watch yourself in the mirror if you make a lot of body movements.) My topic was "Foreign Trade of Pakistan/Major exports of Pakistan". Because I had practised, it helped me a lot and I knew how much time it took for me to say one point. So practise.

Other examples of topics included, "Pen is mightier than the sword", "Working women are better than housewives", "We are better off than our forefathers", "In today's world Muslims are living the worst", "Role of women in Pakistan" etc.

For your question on accented part, just deliver in your normal accent. But if you're a soft spoken person, then you need to raise your voice.

What if you don't deliver at all. Like, you are blank and have no idea what to say?

For this part, I don't think that could happen seeing the topics are very general. And to avoid being blank, practise at home. The method that I followed was:
1. Introduce the topic
2. Give a point
3. Give an example
4. Give another point
5. Give a substantiating example
6. Conclude

It's important to conclude your speech otherwise it looks unstructured. If for any reason your 2 minutes are not up, then my teacher told me to summarize the points briefly and move to conclusion.

Always keep track of your time. I had worn smart watch that day. And I had kept my timer on 1:30 minutes. So when it set off, it began to vibrate which gave me the hint that I had only 30 seconds left to conclude. I promptly completed my second point and moved to conclusion.