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

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

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

5. Financial statements disclose :

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

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

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

9. Financial Statements are :

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

11. Goodwill falls under which category of assets

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

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

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

15. Patents and copyrights fall under the category of:

16. Contingent Liabilities are exhibited under the heading:

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

18. The term financial statements includes

19. The term current assets includes :

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