CBSE Questions for Class 12 Commerce Accountancy Financial Statements Of A Company Quiz 6 - MCQExams.com

Which of these is not a feature of a Balance sheet
  • It is statement of financial position as on a particular date
  • Liabilities are shown on the left hand side
  • It is a memorandum A/c
  • Assets and liabilities are presented either in liquidity or permanency order
As per revised Schedule VI to Companies Act, Financial statements are required to be presented in ______ format
  • Vertical
  • Horizontal
  • Multi-column tabular
  • Any of the above three
ABC Ltd. had a net working capital of Rs.500000 on 31.12.14, if an outstanding payment from a sundry debtors is realized in cash, the working capital of ABC Ltd will be .......
  • Rs.550,000
  • Rs.450,000
  • Rs.500000
  • Rs.600000
From the following details the net profit for the year ending 31.03.09
Opening stock Rs. 1,50,000
Purchases Rs.250,000
Manufacturing Expenses Rs. 80,000
Selling expenses Rs.20,000
Administrative expenses Rs.10,000
Financial charges Rs.5000
Sales Rs.5,55,000 which includes damaged goods sold for Rs. 5000 against the cost price of Rs.12,Gross profit margin on normal sales is 20% on the sales. 
  • Rs.65,000
  • Rs.68,000
  • Rs.70,000
  • Rs.77,000
Research and Development Cost A/c Appearing in Balance sheet is a ........
  • Real A/c
  • Intangible Assets A/c
  • Tangible Assets A/c
  • Personal A/c
Companies (Ind AS) Rules,2015 came into operation w.e.f ____________.
  • 1st January,2016.
  • 1st April,2016.
  • 1st April,2015.
  • 1st January,2015.
From the following details estimate the capital as on 1.1.13, Capital as on 31.12.14 Rs.240,000, drawing Rs.20,000, Profit during the year Rs.25,000
  • Rs.235000
  • Rs.225000
  • Rs.220000
  • Rs.200000
Stock in transit is a part of ________.
  • Sales.
  • Closing stock.
  • Creditors
  • Work in progress
Which of the following is a fictitious Assets 
  • Goodwill A/c
  • Copyright A/c
  • Deferred Revenue Expenditure A/c
  • Claims Receivable A/c
Which of these legal formalities are not binding upon a private limited company
  • To hold AGM
  • To hold statutory meeting
  • To get accounted audited by a Chartered Accountant
  • To add words "private limited" to its name
............is depenture carry on all the assets of the company.
  • Floating
  • Mortgaged
  • Secured
  • fixed
As per Schedule III of the Companies Act,Schedule to Balance sheet and Income statement are now know  as __________.
  • Annexure
  • Notes to Accounts
  • Appendix
  • None
At the time of retirement of a partner the existing partners decided to value of Stock from Rs.10,000 to Rs.12,500, Building from Rs.50,000 to Rs.52,500, Sundry creditors from Rs.12,000 to Rs.13,000 and also agreed to take on record unrecorded liability of Rs.What is the profit or loss on revaluation of Assets and liabilities ?
  • Rs.2000 Profit
  • Rs.3000 Profit
  • Rs.3500 loss
  • Rs.2000 loss
ABC Ltd. is not maintaining full fledges accounts on double entry system basis. From the following details estimate the profit made by the firm during 2009-10. 
Capital as on 1.04.09 Rs.85,000
Capital added during the year Rs.25,000
Drawing during the year Rs.35,000
Capital As on 31.03.2010 Rs.125,000
  • Rs.50,000
  • Rs.60,000
  • Rs.75,000
  • Rs.45,000
Profit prior to incorporation is treated as  a __________.
  • Revenue Reserve.
  • Capital Reserve.
  • Secret Reserve.
  • Windfall.
The capital of ABC associates was Rs.55,000 as on 1.1.13 which fell to Rs. 25,000 by the end of 31.12.The decrease in capital of ABC associates may be due to ........
  • Drawings
  • Business losses during this period
  • Both
  • Drawings only
In financial records transactions are recorded in............
  • Monetary units
  • Quantitative units
  • Qualitative terms
  • Both physical and monetary units.
Retained earnings is classified as a part of..........
  • Owners fund
  • Gross block
  • Capital work in progress
  • Stock in trade

The following figure have been extracted from the financial records of a company. You are advised to calculate the net profit of the business 

Opening stock = 1,80,000

Manufacturing expenses = Rs. 30,000

Selling and distribution expenses = Rs. 20,000

Administrative expenses = Rs. 10,000

Financial expenses = Rs. 5,000

Sales Rs. 3,20,000

G/P Ratio = 25% on sales
  • Rs. 50,000
  • Rs. 40,000
  • Rs. 45,000
  • Rs. 35,000
A Public Limited Co. must be registered with a minimum capital of rupees
  • 50 lakhs
  • 5 lakhs
  • 5 crore
  • 1 lakh
Tick the false statements
  • Cash basis of accounting is valid under the Companies Act
  • Cash basis and accrual basis of accounting will show different operating results
  • Unexpired discount is a personal account
  • Consistency concept facilitate inter firm comparison
In case a public limited Co. is required to refund the application money due to non-subscription to the minimum limit, the application money is to be refunded within .. days of closure of issue
  • 45
  • 60
  • 42
  • 21
___________ are true owner of a public company.
  • Board of Directors
  • Employees
  • Customers
  • Shareholders
The part of subscribed capital actually received by a company is called
  • Authorized capital
  • Subscribed capital
  • Issued capital
  • Paid up capital
In question No. $$54$$ the issue was over subscribed by.
  • $$30\%$$
  • $$25\%$$
  • $$20\%$$
  • $$33\%$$
ABC Ltd. was incorporated on 1st April, 2014, it obtained certificate of commencement of business on 1st July,The company can issue shares discount on...
  • $$1-4-15$$
  • $$1-7-15$$
  • $$1-4-14$$
  • $$1-1-15$$
Notes to Accounts are.......part of financial statement(s)
  • Integral
  • Optional
  • Auxiliary
  • Unnecessary
A company whose shares or debts are not listed in any stock exchange in India or outside India having a net worth of Rs. 250 crore or more but less than Rs. 500 crore, Ind AS will be applicable from ___
  • 1st July, 2015
  • 1st April, 2017
  • 1st April, 2016
  • 1st April, 2015
Which financial statement represents the accounting equation, $$Assets = Liabilities + Owner's\ equity$$.
  • P/L A/c
  • Statement of Cash flows
  • Balance sheet
  • None of these
PC Industries Ltd. purchased a new Machinery on 1.1.10 for Rs. 275,000 and spent Rs. 25,000 on its installation. The Machine is subject to 15% depreciation on the original cost. The company sold the Machinery on 31.12.14 for Rs. 120,Find the profit or loss on disposal of the Machinery
  • Rs. 105,000 profit
  • Rs. 157,500 loss
  • Rs. 120,000 loss
  • Rs. 180,000 loss
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