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

  • 1. 
    Financial statements disclose :

  • Monetary information
  • Qualitative information
  • Non-monetary information
  • All the above

  • 2. 
    Statement of Profit & Loss is also called………:

  • Operating Profit
  • Balance Sheet
  • Income Statement
  • Trading Account

  • 3. 
    Preliminary expenses are shown in the Balance Sheet under the head:

  • Non-current assets
  • Current assets
  • Non-current liabilities
  • Deducted from securities premium reserve

  • 4. 
    Debit Balance of Profit & Loss Statement will be shown on:

  • Assets Side of Balance Sheet
  • Liabilities Side of Balance Sheet
  • Under the head Reserve & Surplus
  • Under the head Reserves and Surplus as a negative item

  • 5. 
    Patents and copyrights fall under the category of:

  • Current Assets
  • Liquid Assets
  • Intangible Assets
  • None of these

  • 6. 
    Goodwill falls under which category of assets:

  • Current Assets
  • Tangible Assets
  • Intangible Assets
  • None of the above

  • 7. 
    Contingent Liabilities are exhibited under the heading:

  • Fixed Liabilities
  • Current Liabilities
  • As a footnote
  • None of these

  • 8. 
    Provision for Provident Funds is shown in the Balance Sheet of a company under the head :

  • Reserves and Surplus
  • Non-current Liabilities
  • Provision
  • Contingent Liabilities

  • 9. 
    Preliminary Expenses are shown in the Balance Sheet under which head ?

  • Fixed Assets
  • Reserves and Surplus
  • Loans & Advances
  • None of these

  • 10. 
    Financial Statements are :

  • Anticipated facts
  • Recorded facts
  • Estimated facts
  • None of these
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