CBSE Class 12 Accountancy Sure Shot Questions (2). Students can download these worksheets and practice them. This will help them to get better marks in examinations. Also refer to other worksheets for the same chapter and other subjects too. Use them for better understanding of the subjects.
SURE SHOT QUESTIONS
ACCOUNTANCY
1 marks questions
1.How would you show the following two items in a company’s Balance Sheet as at 31st
March, 2015 as per the requirement of Schedule VI:
General Reserve(Since 31st March, 2014) Rs. 3,00,000, Statement of Profit and
Loss(Debit Balance) for 2014-15 Rs. 2,00,000.
Ans. Balance Sheet
As at 31st march, 2015
Equity and Liablities Note No. Rs.
Shareholders’ fund
Reserve and Surplus 1 1,00,000
Notes to Accounts:
Reserve and Surplus
General Reserve(1st April, 2014) 3,00,000
Less: Statement of Profit and Loss(Dr. Balance) 2,00,000
1,00,000
2.Under Which main headings and sub-headings of Equity and Liabilities of the balance
sheet as per the Revised Schedule III of a company will you classify the following items:
Proposed dividend.
Fixed Deposit from Public.
Ans. Items Main-Heading Sub-Heading
i) Proposed dividend Current-Liabilities short-term provision
ii) Fixed deposit from Public non-current liabilities long term borrowing
3. State any two items which are shown under the head ‘Non Current Investment’ in a
company balance sheet.
Ans. (i) Government Securities.
(ii) Sinking Fund Investment.
4.How is analysis of Financial statements suffered from the limitation of window
dressing ?
Ans. Analysis of financial statements is affected from the limitation of window dressing
as companies hide Some vital information or show items at incorrect value to portray
better profitability and financial Position of the business, for example the company
may overvalue closing stock to show higher profits.
5. What is the interest of Shareholders in the analysis of Financial Statements?
Ans. (i) They want to judge the present and future earning capacity of the business.
(ii) They want to judge the safety of their investment.
6.Name two tools of Financial Analysis?
Ans. (i) Comparative Financial Statements.
(ii) Ratio Analysis etc.
7. What is Horizontal Analysis?
Ans:The analysis which is made to review and compare the financial
statements of two or more then two Years is called Horizontal Analysis.
8. Give the example of Horizontal Analysis.
Ans. Comparative Financial Statement.
1. Give the Main Heading and Sub- Heading of Equity and Liabilities of the Balance
sheet of a company as per the Revised Schedule III of the companies Act.2013.
Ans.
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital
Reserves and Surplus
Money received against share warrants
Share Applications Money Pending Allotment
Non-Current Liabilities
Long-term borrowings
Deferred tax liabilities(Net)
Other Long-term Liabilities
Long-term provisions
Current Liabilities
Short-term borrowings
Trade payables
Other current liabilities
Short-term provisions
TOTAL
[
2.Give the Main Heading and Sub- Heading of Assets of the Balance sheet of a company
as per the Revised Schedule III of the companies Act.2013.
Ans. ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible assets
Capital work-in progress
Intangible assets under development
Non-current investments
Deferred tax assets (net)
Long-term loans and advances
Other non-current assets
Current Assets
Current investments
Inventories
Trade receivables
Cash and cash equivalents
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