Thursday, 28 January 2021

CBSE Class 12 Accountancy - MCQ and Online Tests - Unit 8 - Financial Statements of a Company

CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 8 – Financial Statements of a Company

Every year CBSE conducts board exams for 12th standard. These exams are very competitive to all the students. So our website provides online tests for all the 12th subjects. These tests are also very effective and useful for those who preparing for competitive exams like NEET, JEE, CA etc. It can boost their preparation level and confidence level by attempting these chapter wise online tests.

These online tests are based on latest CBSE Class 12 syllabus. While attempting these our students can identify the weak lessons and continuously practice those lessons for attaining high marks. It also helps to revise the NCERT textbooks thoroughly.


 

CBSE Class 12 Accountancy – MCQ and Online Tests – Unit 8 – Financial Statements of a Company

Question 1.
An Annual Report is issued by a company to its:
(a) Directors
(b) Authors
(c) Shareholders
(d) Management

Answer

Answer: (c) Shareholders


Question 2.
The assets of a business can be classified as :
(a) Fixed and Non-fixed Assets
(b) Tangible and Intangible Assets
(c) Non-Current and Current Asset
(d) None of these

Answer

Answer: (c) Non-Current and Current Asset


Question 3.
Which of the following is the element of financial statements?
(a) Balance Sheet
(b) Profit & Loss A/c
(c) Both (a) and (b)
(d) None of these

Answer

Answer: (c) Both (a) and (b)


Question 4.
Financial statements are the product of accounting process.
(a) First
(b) Second
(c) End
(d) None of these

Answer

Answer: (c) End


Question 5.
Financial statements disclose :
(a) Monetary information
(b) Qualitative information
(c) Non-monetary information
(d) All the above

Answer

Answer: (a) Monetary information


Question 6.
Which of the following is not required to be prepared under the Companies Act:
(a) Statement of Profit & Loss
(b) Balance Sheet
(c) Anditor’s Report
(d) Fund Flow Statement

Answer

Answer: (c) Anditor’s Report


Question 7.
Statement of Profit & Loss is also called………:
(a) Operating Profit
(b) Balance Sheet
(c) Income Statement
(d) Trading Account

Answer

Answer: (c) Income Statement


Question 8.
Preliminary expenses are shown in the Balance Sheet under the head:
(a) Non-current assets
(b) Current assets
(c) Non-current liabilities
(d) Deducted from securities premium reserve

Answer

Answer: (d) Deducted from securities premium reserve


Question 9.
The term financial statements includes :
(a) Statement of Profit & Loss
(b) Balance Sheet
(c) Statement of Profit & Loss and Balance Sheet
(d) None of these

Answer

Answer: (c) Statement of Profit & Loss and Balance Sheet


Question 10.
Patents and copyrights fall under the category of:
(a) Current Assets
(b) Liquid Assets
(c) Intangible Assets
(d) None of these

Answer

Answer: (c) Intangible Assets


Question 11.
Goodwill falls under which category of assets:
(a) Current Assets
(b) Tangible Assets
(c) Intangible Assets
(d) None of the above

Answer

Answer: (c) Intangible Assets


Question 12.
Debit Balance of Profit & Loss Statement will be shown on:
(a) Assets Side of Balance Sheet
(b) Liabilities Side of Balance Sheet
(c) Under the head Reserve & Surplus
(d) Under the head Reserves and Surplus as a negative item

Answer

Answer: (d) Under the head Reserves and Surplus as a negative item


Question 13.
Preliminary Expenses are shown in the Balance Sheet under which head ?
(a) Fixed Assets
(b) Reserves and Surplus
(c) Loans & Advances
(d) None of these

Answer

Answer: (d) None of these


Question 14.
The profit and loss disclosed by the accounts of a company is:
(a) Transferred to share capital account
(b) Shown under the head of ‘Current liabilities’ and provisions
(c) Shown under the head ‘Reserves and Surplus
(d) None of these

Answer

Answer: (c) Shown under the head ‘Reserves and Surplus


Question 15.
Financial Statements are :
(a) Anticipated facts
(b) Recorded facts
(c) Estimated facts
(d) None of these

Answer

Answer: (b) Recorded facts


Question 16.
As per provisions of Companies Act, 2013 under which Section, the final accounts of a company is prepard :
(a) 128
(b) 210
(c) 129
(d) 212

Answer

Answer: (c) 129


Question 17.
Balance Sheet is a :
(a) Account
(b) Statement
(c) Both (a) and (b)
(d) All the above

Answer

Answer: (b) Statement


Question 18.
Provision for Provident Funds is shown in the Balance Sheet of a company under the head :
(a) Reserves and Surplus
(b) Non-current Liabilities
(c) Provision
(d) Contingent Liabilities

Answer

Answer: (b) Non-current Liabilities


Question 19.
Contingent Liabilities are exhibited under the heading:
(a) Fixed Liabilities
(b) Current Liabilities
(c) As a footnote
(d) None of these

Answer

Answer: (c) As a footnote


Question 20.
Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,000. Then total assets will be :
(a) ₹ 1.70,000
(b) ₹ 1,50,000
(c) ₹1,10,000
(d) ₹ 80,000

Answer

Answer: (a) ₹ 1.70,000


Question 21.
The term current assets includes :
(a) Stock
(b) Debtors
(c) Cash
(d) All of these

Answer

Answer: (d) All of these


Question 22.
The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called:
(a) Capital Reserve
(b) General Reserve
(c) Secret Reserve
(d) Specific Reserve

Answer

Answer: (d) Specific Reserve


Question 23.
Under which heading of Balance Sheet is general reserve shown:
(a) Miscellaneous Expenditure
(b) Share Capital
(c) Reserves & Surplus
(d) None of these

Answer

Answer: (c) Reserves & Surplus


Question 24.
Which of the following assets is not shown undeer the head ‘Fixed Asset’ in the Balance Sheet ?
(a) Goodwill
(b) Bills Receivable
(c) Buildings
(d) Vehicle

Answer

Answer: (b) Bills Receivable


Question 25.
According to which part of Schedule III of the Indian Companies Act, 2013, Indian companies have to prepare Balance Sheet:
(a) Part 1
(b) Part 2
(c) Part 3
(d) Part 4

Answer

Answer: (a) Part 1


Question 26.
Which of the following is not a part of financial statement of a company ?
(a) Profit & Loss A/c
(b) Balance Sheet
(c) Ledger Account
(d) Cash Flow Statement

Answer

Answer: (c) Ledger Account


Question 27.
Balance sheet of companies is now prepared in :
(a) Horizontal Form
(b) Vertical Form
(c) Either (a) or (b) Form
(d) None of these

Answer

Answer: (b) Vertical Form


Question 28.
Current Assets on the Assets side of Balance Sheet of a Company includes:
(a) Sundry Debtors
(b) Cash in hand
(c) Stock
(d) All of these

Answer

Answer: (d) All of these


Question 29.
Goodwill of a company is shown on the assets side of the Balance Sheet under the head.
(a) Current Assets
(b) Non-current Assets
(c) Miscellaneous Expenditure
(d) None of these

Answer

Answer: (b) Non-current Assets


Question 30.
The form of Balance Sheet as per Companies Act, 2013 is:
(a) Horizontal
(b) Horizontal or Vertical
(c) Vertical
(d) None of these

Answer

Answer: (c) Vertical


 

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