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Financial Statements of a Company Flashcards | StudBud
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Financial Statements of a Company
Financial Statements of a Company
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Answers
1
Preliminary expenses are shown in the balance sheet under which head ?
Loan and Advances
Fixed Assets
None of these
Reserves and Surplus
2
Which of the following assets is not shown under the head fixed asset in balance sheet ?
Goodwill
Bills Receivable
Vehicle
Buildings
3
Balance sheet is a ?
Statement
All the above
Both a and b
Account
4
Provision for provident funds is shown in the balance sheet of a company under the head ?
Provision
Non current liabilities
Contingent Liabilities
Reserves & Surplus
5
The assets of a business can be classified as ?
None of these
Tangible and Intangible assets
Non current and current assets
Fixed and non fixed assets
6
Debenture are shown in the balance sheet under which head ?
Share Capital
Short term loans
Current Liabilities
Secured loan
7
Preliminary expenses are shown in the balance sheet under the head ?
Non current liabilities
Deducted from securities premium reserves
Current assets
Non current assets
8
Dividend is usually paid on ?
Authorised capital
Issued capital
Paid up capital
Called up Capital
9
The term current assets includes ?
All of these
Stock
Debtors
Cash
10
The term financial statements includes ?
Statement of Profit & Loss
Statement of Profit & Loss and Balance sheet
None of these
Balance sheet
11
D/r balance of profit and loss statement will be shown on ?
Liabilities side of balance sheet
Under the head reserves & Surplus
Assets side of balance sheet
Under the head reserves & surplus as a negative item ?
12
As per provision of companies act 2013 under which section the final account of a company its prepared ?
129
128
212
210
13
Financial statements are ?
Recorded Facts
Anticipated Facts
None of these
Estimated Facts
14
Contingent liabilities are exhibited under the heading ?
Fixed Liabilities
Current Liabilities
As a footnote
None of these
15
Which of the following is not a part of financial statement of a company ?
Balance sheet
Ledger account
None of these
Profit and loss Account
16
Which of the following is not required to be prepared under the companies act ?
Statement of Profit & Loss
Fund flow statement
Balance sheet
Auditor’s Report
17
Equity Rs 90,000 , Liabilities Rs 60,000 profit of the year Rs 20000 then total asset will be ?
1,50,000
1,10,000
1,70,000
80000
18
Financial Statement are the product of accounting statement ?
First
Second
None of these
End
19
Which of the following is the element of financial statements?
Both (a) and (b)
Profit & Loss
None of these
Balance Sheet
20
Balance sheet of companies is now prepared in ?
Either A or B
Vertical form
None of these
Horizontal Form
21
The reserve which is created for a particular (specific) purpose and which is charge against revenue is called ?
Secret Reserve
General Reserve
Specific Reserve
Capital Reserve
22
Patents & Copyrights fall under the category of ?
Current assets
Intangible assets
Liquid assets
None of these
23
The profit disclosed by the account of the company’s?
Shown under the head Reserves and surplus
None of these
Transferred to share capital account
Shown under the head of current liabilities and provisions
24
Securities premium account is shown on the liabilities side in the balance sheet under which heading ?
Share capital
Current Liabilities & provisions
Reserves & Surplus
Contingent Liabilities
25
Under which heading of balance sheet is general reserve shown ?
Reserves and Surplus
None of these
Share capital
Miscellaneous expenditure
26
Financial statements disclose :-
Qualitative information
All of the above
Non monetary information
Monetary information
27
Statement of profit & Loss is called ?
Balance sheet
Operating profit
Trading account
Income Statement
28
Current Assets on the Assets side of balance sheet of a company includes
All of these
Sundry Debtors
Cash in Hand
Stock
29
According to which part of Schedule III of the Indian companies Act 2013, Indian companies have to prepare balance sheet
Part 1
Part 3
Part 2
Part 4
30
An annual report is issued by a company to its ?
Management
Shareholders
Authors
Directors