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Financial Statement of a Company

Board » Bihar Board » Class 12th » English Medium » Commerce » Accountancy » L-12: Financial Statement of a Company

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ID- 4822
BSEB, 2018

1. As per provisions of the Companies Act, 2013 under which section, the final accounts of a company is prepared:

  • (A) 128
  • (B) 210
  • (C) 129
  • (D) 212
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ID- 4823

2. Fixed Assets are shown at:

  • (A) Cost Price
  • (B) Market Value
  • (C) Cost less Depreciation
  • (D) Market Value less Depreciation
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ID- 4824

3. 6 % Debenture appears on a company's balance sheet under the head:

  • (A) Short-term Borrowings
  • (B) long-term Borrowings
  • (C) Current Liabilities
  • (D) Share Capital
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ID- 4825
BSEB, 2010

4. The term current asset includes:

  • (A) Stock
  • (B) Debtors
  • (C) Cash
  • (D) All of these
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ID- 4826

5. Financial Statements are:

  • (A) Anticipated facts
  • (B) Recorded facts
  • (C) Estimated facts
  • (D) None of these
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ID- 4827
BSEB, 2011

6. Debit Balance of profit and loss statement will be shown on:

  • (A) Assets side of balance sheet
  • (B) Liabilities side of balance sheet
  • (C) Under the head reserve and surplus
  • (D) Under the head reserves and surplus as a negative item
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ID- 4828

7. 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
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ID- 4829

8. Statement of Profit and Loss is also called:

  • (A) Operating Profit
  • (B) Balance Sheet
  • (C) Income Statement
  • (D) Trading Account
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ID- 4830

9. Financial Statements disclose:

  • (A) Monetary information
  • (B) Qualitative information
  • (C) Non-monetary information
  • (D) All of the above
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ID- 4831

10. Financial statements are the ............. product of the accounting process.

  • (A) First
  • (B) Second
  • (C) End
  • (D) None of these
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ID- 4832

11. 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
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ID- 4833

12. 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
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ID- 4834

13. The term financial statements include:

  • (A) Statement of profit and loss
  • (B) Balance Sheet
  • (C) Statement of profit and loss and balance sheet
  • (D) None of these
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ID- 4835

14. The 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
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ID- 4836

15. Current Assets on the asset side of the balance sheet of a company include:

  • (A) Sundry Debtors
  • (B) Cash in hand
  • (C) Stock
  • (D) All of these
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ID- 4837

16. Balance Sheet of Companies is now prepared in:

  • (A) Horizontal Form
  • (B) Vertical Form
  • (C) Either a or b Form
  • (D) None of these
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ID- 4838

17. Which of the following assets is not shown under the head fixed asset in the balance sheet:

  • (A) Goodwill
  • (B) Bills Receivable
  • (C) Building
  • (D) Vehicle
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ID- 4839

18. Which of the following is not a part of the financial statement of a company?

  • (A) Profit & Loss Statement
  • (B) Balance Sheet
  • (C) Ledger Account
  • (D) Cash Flow Statement
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ID- 4840

19. Debentures are shown on the balance sheet under the head of:

  • (A) short-term loan
  • (B) Secured loan
  • (C) Current Liabilities
  • (D) Share Capital
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ID- 4841

20. Amount set aside to meet losses due to bad debts is called:

  • (A) Reserve
  • (B) Provision
  • (C) Liability
  • (D) None of these
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ID- 4842

21. Contingent Liabilities are exhibited under the heading:

  • (A) Fixed Liabilities
  • (B) Current Liabilities
  • (C) As a footnote
  • (D) None of these
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ID- 4843

22. Goodwill falls under which category of assets:

  • (A) Current Assets
  • (B) Tangible Assets
  • (C) Intangible Assets
  • (D) None of these
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23. Patents' copyrights fall under the category of:

  • (A) Current Assets
  • (B) Liquid Assets
  • (C) Intangible Assets
  • (D) None of these
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ID- 4845

24. Patents are shown on the balance sheet under the head:

  • (A) Non-current Assets
  • (B) Reserve and Surplus
  • (C) Loans & Advances
  • (D) Current Assets
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25. Provision for Provident Fund is shown in the Balance Sheet of a company under the head:

  • (A) reserve and surplus
  • (B) non-current liabilities
  • (C) provision
  • (D) Contingent Liabilities
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ID- 4847

26. According to which part of Schedule III of the Indian Companies Act, 2013, Indian companies have to prepare a Balance Sheet:

  • (A) Part 1
  • (B) Part 2
  • (C) Part 3
  • (D) Part 4
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ID- 4848

27. Under which heading of Balance Sheet is General Reserve shown:

  • (A) Miscellaneous Expenditure
  • (B) Share Capital
  • (C) Reserves & Surplus
  • (D) None of these
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ID- 4849

28. The dividend is usually paid:

  • (A) On Authorised capital
  • (B) On Issued Capital
  • (C) On paid-up Capital
  • (D) On Called-up Capital
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ID- 4850

29. Securities Premium Account is shown on the Liabilities side in the balance sheet under the heading:

  • (A) Reserve and Surplus
  • (B) Current Liabilities and Provisions
  • (C) Share Capital
  • (D) Contingent Liabilities
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ID- 4851

30. The form of Balance Sheet as for Companies A/c, 2013 is:

  • (A) Horizontal
  • (B) Horizontal or Vertical
  • (C) Vertical
  • (D) None of these
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ID- 4852

31. The prescribed form of the balance sheet has given in the Schedule:

  • (A) VI Part I
  • (B) VI Part II
  • (C) III Part I
  • (D) VI Part IV
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32. Which of the following is the element of financial statements:

  • (A) Balance Sheet
  • (B) Profit & Loss Statement
  • (C) Both (A) and (B)
  • (D) None of these
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ID- 4854

33. 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
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ID- 4855

34. Which of the following is not required to be prepared under the Companies Act:

  • (A) Statement of Profit and Loss
  • (B) Balance Sheet
  • (C) Auditor's Report
  • (D) Fund Flow Statement
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ID- 4856

35. Which section of the Companies Act, 2013 requires that the Balance Sheet be prepared in the prescribed form?

  • (A) (section) 128
  • (B) (Section) 130
  • (C) (Section) 129
  • (D) (Section) 212
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ID- 4857

36. Balance Sheet is a:

  • (A) Account
  • (B) Statement
  • (C) Both (A) and (B)
  • (D) All of the above
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ID- 4858

37. The profit and loss disclosed by the accounts of a company are:

  • (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
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ID- 4859

38. Share Capital is shown in the Balance Sheet under the head?

  • (A) Authorised Capital
  • (B) Issued Capital
  • (C) Paid-up Capital
  • (D) Shareholders' Funds
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ID- 4860
BSEB, 2011

39. An Annual Report is issued by a company to its:

  • (A) Directors
  • (B) Auditors
  • (C) Shareholders
  • (D) Management
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ID- 4861

40. Balance Sheet of a company is prepared in:

  • (A) Order of Liquidity
  • (B) Order of Permanence
  • (C) Any of the two
  • (D) Partly Both
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ID- 4862

41. In which meeting of a company directors' report presented?

  • (A) Board of Directors' Meeting
  • (B) Annual General Meeting
  • (C) Managers Meeting
  • (D) None of these
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