CBSE Questions for Class 12 Commerce Accountancy Financial Statements Of A Company Quiz 11 - MCQExams.com

While finalising the Financial Accounts XYZ Associates did not consideration the financial condition of a debtor amounting to Rs.25,000 who has been declared insolvent. How does this affect the true and fair view of the financial results of XYZ Associates.
  • Gross profit understated to the extent
  • Net worth overstated to that extent
  • Stock overvalued to that extent
  • Net profit and debtors overstated to that extent
Decrease in owner's equity can be caused by _____________________.
  • Withdrawal of cash for self use by the proprietor
  • Withdrawal of goods for self use by the owner
  • Payment of personal expenses of the proprietor by the business
  • All the three
Which of the following transactions would have no impact on owner's capital?
  • Purchase of land from the proceeds of a bank loan
  • Withdrawal of profits
  • Net loss
  • Cash brought in by owner as additional capital
Finalized statement of a company includes _________.
  • balance sheet, cash flow statement, statement of change in equity, notes to Accounts
  • balance sheet, statement of profit and loss a/c, statement of change in equity, notes to Accounts
  • balance sheet, statement of profit and loss a/c, cash flow statement, statement of change in equity, notes to Accounts
  • balance sheet, statement of profit and loss a/c, cash flow statement, statement of change in equity
0:0:1


Answered Not Answered Not Visited Correct : 0 Incorrect : 0

Practice Class 12 Commerce Accountancy Quiz Questions and Answers