NCERT Solutions Class 12 Accountancy Chapter 3 Financial Statements of a Company

NCERT Solutions Class 12 Accountancy Financial Statements of a Company. The NCERT solutions for Class 12 Accountancy book have been made by Accountancy teacher of one of the best CBSE school in India. Accountancy in class 12 is an important subject for commerce students. Its easy to learn and can help to get good marks. These NCERT solutions have been made to give detailed answers and explanations which can be easily understood by the students. Accountancy for commerce students is rather so important that in all future cources or even in graduation accountancy is the main subject and if understood properly can bethe most scoring also. You can download the NCERT solutions for free in pdf format. Refer to other links also to download Class 12 Accountancy NCERT solutions, worksheets, sample papers and test papers.

TEST YOUR UNDERSTANDING

I • State whether the following statements are true or false.

(a) Financial statements are the end products of accounting process.

Answer True

(b) Financial statements are primarily directed towards the needs of owners.

Answer True

(c) Facts and figures presented in financial statements are not at all based on personal judgements.

Answer False

(d) Recorded facts are based on replacement cost.

Answer False

(e) Going Concern concept assumes that the enterprise continues for a long-period of time.

Answer True

• Fill in the blanks with appropriate word(s)

(a) Financial statements are the—————of information to interested parties.

Answer Basic sources

(b) the owners of a company are called ———————

Answer Shareholders

(c) For income measurement—————–basis of accounting is followed.

Answer Accrual. .

(d) The statement which shows the assets and liabilities of a company is known as—————-.

Answer Balance sheet

(e) Profit and loss account is also called————-statement.

Answer Income

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