Match the items of the following two lists: List-I List-II (i) Statement of changes in Working Capital (a) Cash Flow Statement (ii) Deferred Tax (b) Fixed Assets (iii) Three activities (c) Funds Flow Statement (iv) Impairment Loss (d) Balance Sheet

(i) - (c), (ii) - (d), (iii) - (a), (iv) - (b)

(i) - (a), (ii) - (b), (iii) - (c), (iv) - (d)

(i) - (c), (ii) - (d), (iii) - (b), (iv) - (a)

(i) - (d), (ii) - (c), (iii) - (a), (iv) - (b)

MCQ Questions for Class 12 Commerce Accountancy Financial Statements Of A Company Quiz 10

In the company's balance sheet, unclaimed divided should be shown under which of the following heads ___________.

0%
Reserves and Surplus
0%
Current liabilities
0%
Unsecured loans
0%
Miscellaneous expenditure

The ACC (Associated Cement Company) is an example of ______ combination.

0%
Horizontal
0%
Vertical
0%
Circular
0%
Diagonal

Match List I with List II and select the correct answer using the codes given below the lists.
List I List II
A. Brand Equity Tangible
B. Plant & Machinery Current
C. Advances to suppliers Intangible
D. Deferred revenue expenditure Fictitious

0%
A-3, B- 1, C-4, D-2
0%
A-3, B- 1, C-2, D-4
0%
A-1, B- 3, C-2, D-4
0%
A-1, B- 3, C-4, D-2

Financial statements generally include.

0%
Comparative statement
0%
Fund flow statement
0%
Income statement and Balance sheet
0%
All of the above

What is the best definition of a non-current asset ?

0%
Review Later
0%
The total of current assets less current liabilities
0%
An asset purchased for resale
0%
Expenditure made to fulfill a revenue obligation
0%
An asset intended for use on a continuing basis in the company's activities

Point in joint production process, in which two or more products are separately identifiable is termed as ________________.

0%
step down point
0%
incremental point
0%
split off point
0%
inseparability point

Arrange the following according to their increasing order of 'liquidity', using the code given below:
Saving deposits with the banks
Currency and coins with the public
Demand deposits with the banks
Term deposits with the banks.

0%
$1, 2, 3, 4$
0%
$2, 3, 4, 1$
0%
$3, 4, 1, 2$
0%
$4, 1, 3, 2$

Unclaimed dividend is shown in the ________.

0%
P/L Account
0%
P/L Appropriation Account
0%
Balance Sheet
0%
None of the Above

Calls in advance is shown in the balance sheet as _______.

0%
current liabilities
0%
added to called-up capital
0%
current assets
0%
deduction from called-up capital

Fictitious assets are shown on the asset side of the balance sheet of a company under the heading ________.

0%
Fixed Asset
0%
Current Asset
0%
Miscellaneous Expenditure
0%
None of these

In the case of joint stock companies, the assets and liabilities in B/s are arranged in the order of _________.

0%
Serial number
0%
Performance
0%
Availability
0%
None of the above

When the proposed dividend exceeds 20% of paid up capital, percentage of profit transferred to general reserve is _______.

0%
2.5%
0%
5%
0%
7.5%
0%
10%

Which of the following represents source of fund in the balance sheet of a company?

0%
Secured loan.
0%
Share capital.
0%
Reserves & surplus.
0%
All of the above.

Which of the following reserves cannot be distributed as dividend to share holders?

0%
Securities premium
0%
Profit on forfeiture of shares
0%
Profit on sale of fixed assets
0%
All of the above

Dividend may be declared out of ________.

0%
Current Profit
0%
Past Reserves
0%
Money Provided By Government
0%
All of the Above

Risk with respect to Capital budgeting can be incorporated by __________.

0%
adjusting the cash flows
0%
adjusting the discount rate
0%
adjusting the life
0%
All of the above

The term "Financial Statement" covers _____________.

0%
Profit and loss statement
0%
Balance sheet and Profit and loss appropriation account
0%
Trading, Profit and loss account and Balance sheet
0%
None of the above

Match the items of the following two lists:

List-I	List-II
(i) Statement of changes in Working Capital	(a) Cash Flow Statement
(ii) Deferred Tax	(b) Fixed Assets
(iii) Three activities	(c) Funds Flow Statement
(iv) Impairment Loss	(d) Balance Sheet

0%
(i) - (a), (ii) - (b), (iii) - (c), (iv) - (d)
0%
(i) - (c), (ii) - (d), (iii) - (b), (iv) - (a)
0%
(i) - (c), (ii) - (d), (iii) - (a), (iv) - (b)
0%
(i) - (d), (ii) - (c), (iii) - (a), (iv) - (b)

Which of the following are the objective of financial statements?
A. To provide information about economic resources and obligations of a business.
B. To provide information about the earning capacity of the business.
C. To not judge effectiveness of management.
D. Disclosing accounting policies.

0%
A, B, C
0%
A, B, D
0%
A, C, D
0%
B, C, D

Which of the following are the postulates used while preparing financial statements?
a. Going concern postulates.
b. Money measurement postulates.
c. Realization postulates.
d. Depreciation postulates.

0%
A, B, C
0%
B, C, D
0%
A, C, D
0%
A, B, C, D

The paid-up capital of Mukund Ltd. is Rs

18, 00, 000

$18,00,000$ . The company decided to propose a dividend of Rs

2, 16, 000

$2,16,000$ out of current profit. How much of current profit is to be transferred to reserve?

0%
At least $2.5$ $\%$
0%
At least $5$ $\%$
0%
At least $10$ $\%$
0%
None of the above

Faina Electronics Pvt. Ltd. provides following information regarding an item
Normal usages:50 per week
Maximum usages : 75 per week
Minimum usages : 25 per week
Re-order quantity : 300
Re-order period : 4 to 6 weeks
What will be the Re-order-Level of the company ?

0%
300 units
0%
375 units
0%
450 units
0%
525 units

Which among these is true?

0%
The Debenture Redemption Reserve Account is shown on the liabilities side of the Balance Sheet under the head 'Reserve and Surplus'
0%
Under the sec. 80(5A) of companies (Amendment) Act, 1988, a company limited by shares shall issue irredeemable preference shares
0%
Insurance fund is not an example of divisible profits
0%
The Capital Redemption Reserve Account may not be applied by the company in issuing fully paid bonus shares to the members of the company

Match List-I with List-II and select the correct answer using the codes given below the lists:

List-I (Item of balance sheet of company)	List-II (Heading of balance sheet)
a. Preliminary expenses	Current liabilities
b. Other liabilities	Current asset
c. Loose Tools	Misc.Expenditure
d. Bill of Exchange	Loan & Advances

0%
(a)-1, (b)-2, (c)-4, (d)-3
0%
(a)-3, (b)-2, (c)-1, (d)-4
0%
(a)-3, (b)-1, (c)-2, (d)-4
0%
(a)-3, (b)-1, (c)-4, (d)-2

Redeemable preference shares of

R s . 2, 00, 000

$Rs. 2,00,000$ are redeemed at par for which purpose fresh equity capital of

R s . 80, 000

$Rs. 80,000$ is issued at par. What amount should be transferred to Capital Redemption Reserve account?

0%
Nil
0%
$Rs. 80,000$
0%
$Rs. 1,20,000$
0%
$Rs. 2,00,000$

Explanation

Redeemable preference shares :

R s .200000

$Rs.200000$

Fresh Equity Shares

R s .80000

$Rs.80000$

-------------------

Balance Amount

R s .120000

$Rs.120000$

--------------------

An amount of

R s .120000

$Rs.120000$ need to be transferred to Capital Redemption Reserve Account.

Balance of share forfeiture account (before re-issue of such shares) is shown in the balance sheet under the item ___________________.

0%
Current liabilities and provisions.
0%
Reserves and surpluses.
0%
Share Capital.
0%
Unsecured loans.

An ordinary share dividend is ______________.

0%
part of the company profits used to reward the shareholders for their investment
0%
interest on money lent to the company by its share holders
0%
an expense of running the company
0%
the director's remuneration

In a proprietorship business machinery that will be used in the business on continued basis that would usually be stated in the balance sheet at_________________.

0%
its historical cost
0%
its current replacement cost
0%
its historical cost less depreciation
0%
its second-hand value

Which of the following is not a typical analytical procedure_________.

0%
Study of relationships of the financial information with relevant nonfinancial information
0%
Comparison of the financial information with similar information regarding the industry in which the entity operates
0%
Comparison of recorded amounts of major disbursements with appropriate invoices
0%
Comparison of the financial information with budgeted amounts

Match list I with list II and select the correct answer using the codes given below the list:
     LIST I                                                         list II
X.Discount on debentures               1.Current Liability
Y.Forfeited Capital                          Non-Current Assets
Z.Income tax payable                     Current Assets
W.Debtors acceptance                    4.Non Current Liability
The correct option is:

0%
X- $2$ , Y- $4$ , Z- $1$ , W- $3$
0%
X- $4$ Y- $2$ Z- $3$ W- $1$
0%
X- $2$ Y- $4$ Z- $3$ W- $1$
0%
X- $4$ Y- $2$ Z- $1$ W- $3$

Liabilities	Amount	Assets	Amount
Share Capital		Fixed Assets
Reserves & Surpluses		Investments
Secured Loans		Current Assets, Loans & Advances
Unsecured Loans		a) Current Assets
Current Liabilities & Provisions		b) Loans & Advances
		Miscellaneous Expenditure
		Profit & Loss A/c

Item of Balance Sheet	Heading of Balance Sheet
Preliminary Expenses	Misc. Expenditure
Other Liabilities	Current Liabilities
Loose Tools	Current Assets
Bill of Exchange	Loans & Advances

CBSE Questions for Class 12 Commerce Accountancy Financial Statements Of A Company Quiz 10 - MCQExams.com

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Practice Class 12 Commerce Accountancy Quiz Questions and Answers

CBSE Questions for Class 12 Commerce Accountancy Financial Statements Of A Company Quiz 10 - MCQExams.com

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Practice Class 12 Commerce Accountancy Quiz Questions and Answers

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