CBSE  /  Class 12  /  Accountancy  /  Financial Statements of a Company

  • 1. 
    Which of the following is the element of financial statements?

  • Balance Sheet
  • Profit & Loss A/c
  • Both (a) and (b)
  • None of these

  • 2. 
    Which of the following is not required to be prepared under the Companies Act:

  • Statement of Profit & Loss
  • Balance Sheet
  • Anditor’s Report
  • Fund Flow Statement

  • 3. 
    Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,000. Then total assets will be :

  • ₹ 1.70,000
  • ₹ 1,50,000
  • ₹1,10,000
  • ₹ 80,000

  • 4. 
    The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called:

  • Capital Reserve
  • General Reserve
  • Secret Reserve
  • Specific Reserve

  • 5. 
    An Annual Report is issued by a company to its:

  • Directors
  • Authors
  • Shareholders
  • Management

  • 6. 
    The profit and loss disclosed by the accounts of a company is:

  • Transferred to share capital account
  • Shown under the head of ‘Current liabilities’ and provisions
  • Shown under the head ‘Reserves and Surplus
  • None of these

  • 7. 
    The assets of a business can be classified as :

  • Fixed and Non-fixed Assets
  • Tangible and Intangible Assets
  • Non-Current and Current Asset
  • None of these

  • 8. 
    The term financial statements includes :

  • Statement of Profit & Loss
  • Balance Sheet
  • Statement of Profit & Loss and Balance Sheet
  • None of these

  • 9. 
    Balance Sheet is a :

  • Account
  • Statement
  • Both (a) and (b)
  • All the above

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

  • First
  • Second
  • End
  • None of these
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