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Worksheet for Class 12 Accountancy Part 2 Chapter 3 Financial Statements of a Company
Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Part 2 Chapter 3 Financial Statements of a Company in Class 12. This test paper with questions and answers for Class 12 will be very useful for exams and help you to score good marks
Class 12 Accountancy Worksheet for Part 2 Chapter 3 Financial Statements of a Company
MCQs Questions for NCERT Class 12 Accountancy Financial Statements
(a) Rs.5,273
(b) Rs.6,073
(c) Rs.5,373
(d) Rs.5,173
Answer : A
Question . Heavy amount spent for the advertisement of new company product is
(a) Revenue Expenditure
(b) Deferred Revenue Expenditure
(c) Capital Expenditure
(d) Either (a) or (c)
Answer : B
Question. Income statement is termed as –
(a) Statement of profit and loss
(b) Trading Account
(c) Balance sheet
(d) Profit and loss
Answer: A
Question. As per companies act, the Balance sheet is required to be presented
(a) Vertical Form
(b) Horizontal Form
(c) Either Vertical Form or Horizontal Form
(d) Any of the above
Answer: A
Question. Maximum amount of capital mentioned in the memorandum of association is known as
(a) Subscribed capital
(b) Authorised capital
(c) Called up capital
(d) Paid up Capital
Answer: B
Question. Provision for tax appears in a company’s Balance sheet under the sub head –
(a) Long term provision
(b) Short term provision
(c) Other current liability
(d) None of the above
Answer: B
Question. Net Profit before Taxes - Income Taxes
(a) Net Profit (or Net Loss)
(b) Gross Profit (or Net Loss)
(c) Net Profit (or Net Loss) and Gross Profit (or Net Loss)
(d) None of the options
Answer: A
Question. 6% Debentures appear in a Company’s Balance Sheet under the Sub-head
(a) Long-term Provisions
(b) Long-term Borrowings
(c) Other Current Liabilities
(d) Other Long-term Liabilities
Answer: B
Question. The term current asset doesn t cover
(a) Car
(b) Debtors
(c) Stock
(d) Prepaid expenses
Answer: A
Question. A company prepares its Balance Sheet as per the format in
(a) Schedule II of the Indian Companies Act, 2013
(b) Schedule IV of the Indian Companies Act, 2013
(c) Schedule VI of the Indian Companies Act, 2013
(d) None of the options
Answer: C
Question. Which are the determinants of dividend policy
(a) All of the options
(b) Working Capital Requirement
(c) Liquidity Position
(d) Legal Requirement
Answer: A
Question. Name the item out of the following which is shown as Short-term Provision:
(a) Interest Accrued but not Due
(b) Employees' Provident Fund
(c) Provision for Tax
(d) Interest Accrued and Due
Answer: C
Question. Calls in advance is to be shown under the heading of
(a) Current Assets
(b) Current Liabilities
(c) Current Liabilities and Current Assets
(d) None of the options
Answer: B
Question. Provision for Provident Fund comes under
(a) Long-term Provision
(b) Trade Payable
(c) Other Current Liabilities
(d) None of the options
Answer: A
Question. Which are written off every year from the profits earned by the business.
(a) Preliminary Expenses
(b) Liabilities
(c) Preliminary Expenses and Liabilities
(d) None of the options
Answer: A
Question. Share Capital of a Company consists of 5,00,000 Shares of Rs.10 each, Rs.8 called up. All the shareholders have duly paid the called-up amount. Share capital will be shown as :
(a) Subscribed and Fully Paid
(b) Subscribed but not fully paid
(c) Any of the above
(d) None of the above
Answer: B
Question. Bills Payable shown under major heading Current Liability and Subheading
(a) Trade Payable
(b) Short-term Provision
(c) Other Current Liabilities
(d) None of the options
Answer: A
Question. Objectives of analysis and interpretation of financial statements are
(a) All of the options
(b) Progress
(c) Position
(d) Prospects
Answer: A
Question. Which of the following is not a Non-Current Asset?
(a) Fixed Assets
(c) Long-term Loans and Advances
(b) Share Capital
(d) Non-current Investments
Answer: B
Question. Gross profit is equal to
(a) Sale - cost of sale
(b) Sale - Expenses
(c) Sale - cost of sale and Sale - Expenses
(d) None of the options
Answer: A
Question. Financial Statement also called
(a) Final Accounts
(b) Profit & Loss A/c
(c) Trading A/c
(d) None of the options
Answer: A
Question. Revenue from sales of goods is shown in the statement of profit and loss as-
(a) Other Income
(b) Revenue from operation
(c) Any of the above
(d) None of the above
Answer: B
Question. The prescribed form of balance sheet for the companies has been given in the schedule:
(a) III, Part I
(b) VI, Part I
(c) VI, Part II
(d) None of these
Answer: A
Question. Debenture redeemable after 12 years of the issue are shown as
(a) Long term borrowings
(b) Short term borrowings
(c) Other short-term liabilities
(d) Other long-term liabilities
Answer: A
Question. Which statement is not included in final accounts of a company?
(a) Balance sheet
(b) Statement of profit and loss
(c) Both (a) & (b)
(d) None of the above
Answer: D
Question. Sales is termed as
(a) Employee benefit expenses
(b) Revenue from operation
(c) Cost of material Consumed
(d) None of the above
Answer: B
Question. Fixed assets are kept:
(a) For earning revenue
(b) For conversion into cash as quickly as possible
(c) For resale
(d) For getting loan by mortgage
Answer : A
Question. Goodwill is :
(a) Current Asset
(b) Tangible Asset
(c) Intangible Asset
(d) Fictitious Asset
Answer : C
Question. Insurance premium paid to insure the machinery at the time of its purchase is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these.
Answer : B
Question. Closing stock is shown in Financial Statements at:
(a) Cost price
(b) Reliasable Value
(c) Cost price or Reliasable Value whichever is greater
(d) Cost price or Reliasable Value whichever is less
Answer : D
Question. Income tax in case of sole trader is treated as ,
(a) Personal expenses
(b) Debtors expenses
(c) Business expenses
(d) None of the above
Answer : A
Question. Expenses on overhauling a second-hand machine purchased is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(e) Deferred Revenue Expenditure.
(d) None of these.
Answer : B
Question. Prepaid Insurance existing in the Trial Balance is shown in the Balance Sheet in the assets side because of
(a) Accrual Concept.
(b) Matching Principle.
(c) Materiality Principle.
(d) Cost Principle.
Answer : A
Question. On 1st February, 2020, a loan of Rs. 1,00,000 was given to Parth @ 12% p.a. Interest was received for 3 months from February to April, 2020. In the financial statements for the year ended 31st March, 2020, amount of advance interest should be
(a) Rs. 1,200.
(b) Rs. 1,000.
(c) Rs. 3,600.
(d) Rs. 4,800.
Answer : B
Question. Income Received in advance, if given in the Trial Balance, is shown in
(a) Trading Account, as deduction from the respective income.
(b) Profit and Loss Account, as deduction from the respective income.
(c) Profit and Loss Account, as deduction from the respective income and in the liabilities side of the Balance Sheet.
(d) Balance Sheet in the liabilities side.
Answer : D
Question. Goodwill is a
(a) Fictitious Asset.
(b) Tangible Asset.
(c) Intangible Asset.
(d) Current Asset.
Answer : C
Question. Accrued Income, if given outside the Trial Balance, is shown in
(a) Trading Account, as addition to the respective income.
(b) Profit and Loss Account, as addition to the respective income.
(c) Profit and Loss Account, as addition to the respective income and in the assets side of the Balance Sheet.
(d) Balance Sheet in the assets side.
Answer : C
Question. Expenditure incurred on a fixed asset which increases the earning capacity is accounted as
(a) Capital Expenditure.
(b) Revenue Expenditure.
(c) Deferred Revenue Expenditure.
(d) General Expenditure.
Answer : A
Question Closing stock shown inside the Trial Balance is shown in
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) None of these.
Answer : C
Important Questions for NCERT Class 12 Accountancy Financial Statements
Question. The Profit and Loss Account shows :
(a) Financial Position of the Concern
(b) Gross Profit
(c) Net Profit
(d) Net Profit and Financial Position
Answer : C
Question. Balance Sheet shows :
(a) Profit or Loss
(b) Financial Position
(c) Errors of Accounts
(d) Total Debtors
Answer : B
Question. Types of Account shown in Balance Sheet are
(d) Nominal and Personal
(b) Real and Nominal
(c) Real and Personal
(d) Real, Nominal and Personal
Answer : C
Question. Net profit of a firm before charging manager’s commission is Rs.21,000. If the manager is entitled to 5% commission after charging such commission, how much manager will get as commission?
(a) Rs. 1,050
(b) Rs. 1,000
(c) Rs.2,100
(d) Rs.2,000
Answer : B
Question. Excess of debit in Profit and Loss Account is called :
(a) Net Profit
(b) Net Loss
(c) Gross Profit
(d) Gross LOSS
Answer : B
Question. Business paid to Mr. A Rs.50,000 as salary on 25th March, 2011. Mr. A went to bank to deposit cheque in his account on 3rd April, 2011. What is the entry to be passed in the Balance Sheet on the date of final accounts?
(a) No entry
(b) Bank A/c Dr.
To O/s Salary A/c
(c) Salary A/c Dr.
To O/s Salary A/c
(d) Salary A/c Dr.
To A
Answer : A
Question. A machine was purchased in Bihar. During transit the machine was damaged and the cost of repairs incurred is Rs.20,000. This expense is treated as :
(a) Capital expense
(b) Revenue expense
(c) Deferred Revenue expense
(d) None of these
Answer : A
Question. Prepaid expenses should appear in
(a) Liability
(b) Assets
(c) Revenues
(d) None of the options
Answer: B
Question. Current liabilities do not include
(a) Prepaid insurance
(b) Sundry creditors
(c) Bank overdraft
(d) None of the options
Answer: A
Question. Which of the following is not the limitation of financial statements?
(a) Ignore qualitative aspects.
(b) Personal bias.
(c) Ignores price level change.
(d) Provide information about the profitability of the business.
Answer: D
Question. From the given items which is a part of Current Liabilities:
(a) Inventories
(b)Trade Payables
(c) Cash and Cash Equivalents
(d)Trade Receivables
Answer: B
Question. Any difference in trial balance transferred to
(a) Capital A/c
(b) Current A/c
(c) Suspense A/c
(d) None of the options
Answer: C
Question. The balance sheet, also called the
(a) Statement of financial position
(b) Profit & Loss Account
(c) Cash Flow
(d) None of the options
Answer: A
Question. Mining Rights are
(a) Tangible Fixed Assets.
(b) Other Current Liabilities.
(c) Intangible Assets Under Development.
(d) Short-term Borrowings.
Answer: B
Question. ............appear in a Company’s Balance Sheet under the Sub-head Short-term Provision
(a) Interest Accrued but not due on Borrowings
(b) Provision for Tax
(c) Unpaid Dividend
(d) Calls in Advance
Answer: B
Question. 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: C
Question. Which one of the following items is shown under the heading ‘current liabilities’ in the Balance Sheet of a company?
(a) Investments
(b) Reserve Fund
(c) Unclaimed Dividend
(d) Livestock
Answer: C
Question. The following is(are) the external source(s) of cash
(a) Long terms loans
(b) Issue of new shares
(c) Short term borrowings
(a) All of the options
Answer: D
Question. The statement which shows the assets and liabilities of a company is known as
(a) Balance sheet
(b) Profit & Loss Account
(c) Trial Balance
(d) None of the options
Answer: A
Question. Nominal accounts are related to
(a) Liability
(b) Assets
(c) Expense + Income
(d) None of the options
Answer: C
Question. Closing stock is recorded in the
(a) Balance sheet
(b) Profit and loss account
(c) Trial balance
(d) None of the options
Answer: A
Question. “Salaries and Wages” appearing in Trial Balance is shown :
(a) On the Debit Side of Trading A/c
(b) On the Debit Side of P & L A/c
(c) On the Asset Side of Balance Sheet
(d) On the Liabilities Side of Balance Sheet
Answer : B
Question. Balance Sheet is prepared with the balances of which of the following :
(a) All balances in the Ledger
(b) Balances of Personal Accounts
(c) Balances of Real Accounts
(d) Balances of Personal and Real Accounts
Answer : D
Question. Balance of Petty Cash is :
(a) Expenses
(b) Income
(c) Liability
(d) Asset
Answer : D
Question. Which type of expenses are shown in Trading Account?
(a) Direct Expenses.
(b) Indirect Expenses.
(c) Opening Expenses.
(d) Direct and Indirect Expenses.
Answer : A
Question. Which statement shows financial position of the business?
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) Trial Balance.
Answer : C
Question. Which of the following is correct?
(a) Operating Profit = Net Profit + Non-operating Expenses - Non-operating Income
(b) Operating Profit = Net Profit + Non-operating Expenses + Non-operating Income
(c) Operating Profit = Net Profit + Non-operating Expenses - Non-operating Income
(d) Operating Profit = Net Profit — Non-operating Expenses + Non-operating Income
Answer : C
Question. Carriage Outwards is shown in
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) Either Trading Account or Profit and Loss Account.
Answer : A
Question. Gross Profit: Rs. 50,000; Salaries: Rs. 5,800; Rent paid: Rs. 6,000; Provision for Doubtful Debts: Rs. 2,000 (Old); Commission (Credit) Rs. 4,000. Net Profit of the firm will be
(a) Rs. 42,200.
(b) Rs. 40,000.
(c) Rs. 42,000.
(d) Rs. 45,000.
Answer : A
Question. Under which main heading and sub-heading of assets side of Balance Sheet of a company will Mastheads & Publishing Titles be?
(a) Current Assets, Inventories
(b) Fixed Assets, Tangible Assets
(c) Fixed Assets, Intangible Assets
(d) Current Assets, Other Current Assets
Answer : C
Question. How would you show Statement of Profit & Loss (Debit) Balance in Balance Sheet?
(a) Subtract from Reserves under the head Reserves & Surplus
(b) Subtract from Non Current Assets
(c) Footnote to Balance Sheet
(d) Under the head Other Current Assets
Answer : A
Question. Out of the following which order of Equity and Liabilities is correct?
(a) Shareholders’ Fund, Non Current Liabilities, Current Liabilities, Share Application money pending Allotment
(b) Shareholders’ Fund, Current Liabilities, Non Current Liabilities, Share Application money pending Allotment
(c) Shareholders’ Fund, Share Application money pending Allotment, Non Current Liabilities, Current Liabilities
(d) Shareholders’ Fund, Current Liabilities, Share Application money pending Allotment, Non Current Liabilities
Answer : C
Question. Employees Benefit Cost under Statement of Profit and Loss include
(1) Wages (2) Bonus
(3) Interest expenses (4) Depreciation
(a) 1&3
(b) 1&4
(c) 2&3
(d) 1&2
Answer : D
Question. Under which heading will you show other loan and advances from related parties?
(a) Long term borrowings
(b) Other long term liabilities
(c) Short term Borrowings
(d) Other Current Liabilities
Answer : A
Q 1 How is a company’s balance sheet different from that of a Partnership firm?
Q 2 Name the major headings of the asset side of the balance sheet as per the requirements of schedule VI of the co. Act of 1956.
Q 3 Name the major headings of the liabilities side of the balance sheet.
Q 4 List the items covered under the following headings:
(i) Fixed Assets
(ii) Current Assets, Loans & Advances
(iii) Secured Loans
(iv) Miscellaneous Expenditure
(v) Reserves & Surplus
(vi) Unsecured Loans
(vii) Current Liabilities & Provisions
Q 5 List the information required to be given in the balance sheet of a Co. as foot note.
Q 6 How are the assets & liabilities of a Co. & a firm marshalled?
Q 7 List the statutory & voluntary disclosures of a financial statement.
Q 8 What does AS-1 state or refer to?
Q 9 Enumerate the various forms of preparing the balance sheet of a co.
Q 10 What is meant by segment reporting? Give its importance.
Q 11 List the parties interested in financial statements.
Q 12 Under what major headings will you classify the following items in the balance sheet:
Unclaimed dividend, Live stock, Arrears of fixed cumulative preference dividend,
Loose tools , Work in progress , Calls in arrears , Calls in advance , Public deposits ,
Interest accrued and due on debentures , Interest accrued but not due on unsecured
Loans , Premium on redemption of debentures , Forfeited shares a/c , Capital reserve, Prepaid insurance , Preliminary expenses.
Q 13 What is Contingent liability? Where is it shown in the Balance Sheet?
Q 14 How would you show the following two items in co’s Balance Sheet as at 31-12-2010 as per the requirements of schedule VI
(a) General Reserve Rs 2,00,000 ; Profit & Loss (Dr) Rs 1,50,000
(b) General Reserve Rs 1,50,000 ; Profit & Loss (Dr) Rs 2,00,000
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Worksheet for CBSE Accountancy Class 12 Part 2 Chapter 3 Financial Statements of a Company
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