Financial Statements of a Company Class 12 MCQs Questions with Answers

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

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

3. Financial Statements are :

4. The term financial statements includes

5. The term current assets includes :

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

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

8. Patents and copyrights fall under the category of:

9. Contingent Liabilities are exhibited under the heading:

10. Statement of Profit & Loss is also called………:

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

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

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

14. Financial statements are the _______ product of accounting process.

15. Which of the following is the element of financial statements?

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

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

18. Financial statements disclose :

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

20. Goodwill falls under which category of assets