Chapter financial-statements-of-a-company: Financial Statements of a Company MCQs | accountancy Class 12 CBSE

Chapter financial-statements-of-a-company: Financial Statements of a Company MCQs | accountancy Class 12 CBSE | ByteNotes.in

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Question 1

Objective

Financial statements are the basic and formal annual reports through which the corporate management communicates financial information to its:

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Question 2

Objective

Which of the following is NOT one of the three main financial statements of a company?

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Question 3

Objective

The convention of valuing inventory at cost or market price, whichever is lower, falls under which aspect of the nature of financial statements?

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Question 4

Objective

Which postulate assumes that the enterprise exists for a longer period of time and assets are shown on historical cost basis?

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Easy

Question 5

Objective

Under Schedule III, which format is prescribed for presentation of financial statements?

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Medium

Question 6

Objective

As per the rounding-off rules under Schedule III, a company with a turnover of Rs. 150 crore must round off figures to the nearest:

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Question 7

Objective

'Sundry Debtors' has been replaced by which term under Schedule III of the Companies Act, 2013?

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Medium

Question 8

Objective

Under Schedule III, deferred tax assets and deferred tax liabilities are always classified as:

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Medium

Question 9

Objective

Proposed dividend is shown as a contingent liability in the Notes to Accounts because:

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Question 10

Objective

Which of the following is classified as a current asset?

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Medium

Question 11

Objective

A loan repayable after 15 months from the balance sheet date is classified as:

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Medium

Question 12

Objective

Premium on redemption of debentures is shown under which head in the balance sheet?

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Easy

Question 13

Objective

Under Schedule III, which of the following is NOT included in Shareholders' Funds?

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Medium

Question 14

Objective

Preliminary expenses must be written off first from:

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Medium

Question 15

Objective

Which of the following does NOT form part of 'Revenue from Operations' for a manufacturing company?

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Medium

Question 16

Objective

Finance Cost in the Statement of Profit and Loss includes:

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Question 17

Objective

Which of the following is an intangible fixed asset?

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Question 18

Objective

Share application money pending allotment (non-refundable and not exceeding issued capital) is classified as:

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Medium

Question 19

Objective

A reserve specifically represented by earmarked investments is termed as:

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Question 20

Objective

Under which head is 'Debenture Redemption Reserve' classified in the balance sheet?

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Chapter financial-statements-of-a-company: Financial Statements of a Company | MCQs

Financial statements are the basic and formal annual reports through which the corporate management communicates financial information to its:

Which of the following is NOT one of the three main financial statements of a company?

The convention of valuing inventory at cost or market price, whichever is lower, falls under which aspect of the nature of financial statements?

Which postulate assumes that the enterprise exists for a longer period of time and assets are shown on historical cost basis?

Under Schedule III, which format is prescribed for presentation of financial statements?

As per the rounding-off rules under Schedule III, a company with a turnover of Rs. 150 crore must round off figures to the nearest:

'Sundry Debtors' has been replaced by which term under Schedule III of the Companies Act, 2013?

Under Schedule III, deferred tax assets and deferred tax liabilities are always classified as:

Proposed dividend is shown as a contingent liability in the Notes to Accounts because:

Which of the following is classified as a current asset?

A loan repayable after 15 months from the balance sheet date is classified as:

Premium on redemption of debentures is shown under which head in the balance sheet?

Under Schedule III, which of the following is NOT included in Shareholders' Funds?

Preliminary expenses must be written off first from:

Which of the following does NOT form part of 'Revenue from Operations' for a manufacturing company?

Finance Cost in the Statement of Profit and Loss includes:

Which of the following is an intangible fixed asset?

Share application money pending allotment (non-refundable and not exceeding issued capital) is classified as:

A reserve specifically represented by earmarked investments is termed as:

Under which head is 'Debenture Redemption Reserve' classified in the balance sheet?

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