Accounts MCQ Class 12 : Accountancy MCQs for Class 12 with Answers Chapter 10 “Financial Statements of Companies“. Practicing CBSE RBSE and NCERT Accountancy MCQ Questions for Class 12 with Answers is one of the best ways to prepare for the CBSE Class 12 board exam.
Accountancy MCQs for Class 12 with Answers Chapter 10 Financial Statements of Companies with Answer
Q1. Which of the following is not required to be prepared under the Companies Act
(A) Statement of Profit and Loss
(B) Balance Sheet
(C) Report of Director’s and Auditor’s
(D) Funds Flow Statement
(D) Funds Flow Statement
Q2. According to prescribed order of assets in a Company’s Balance Sheet ……………………… assets should be shown first of all.
(A) Non-Current Assets
(B) Current Assets
(C) Current Investments
(D) Loans and Advances
(A) Non-Current Assets | Accountancy MCQs for Class 12 with Answers Chapter 10
Q3. In a Company’s Balance Sheet …………………. appear under the head ‘non-current assets’.
(A) Goodwill
(B) Patents
(C) Vehicles
(D) All of the above
(D) All of the above
Q4. Calls in Arrears appear in a Company’s Balance Sheet under ………………..
(A) Reserve & Surplus
(B) Shareholder’s Funds
(C) Contingent Liabilities
(D) Short-term Borrowings
(B) Shareholder’s Funds
Q5. Calls in advance appear in a Company’s Balance Sheet under ………………..
(A) Share Capital
(B) Current Liability
(C) Long-term Borrowings
(D) Reserve & Surplus
(B) Current Liability
Q6. Short-term Borrowings appear in a Company’s Balance Sheet under the head …………………..
(A) Current Assets
(B) Current Liabilities
(C) Non-Current Liabilities
(D) Non-Current Assets
(B) Current Liabilities
Q7. Fixed Deposits appear in a Company’s Balance Sheet under :
(A) Current Assets
(B) Current Liabilities
(C) Long-term Provisions
(D) Long-term Borrowings
(D) Long-term Borrowings
Q8. The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called: Accountancy MCQs for Class 12 with Answers Chapter 10
(a) Capital Reserve
(b) General Reserve
(c) Secret Reserve
(d) Specific Reserve
(d) Specific Reserve
Q9. An Annual Report is issued by a company to its:
(a) Directors
(b) Authors
(c) Shareholders
(d) Management
(c) Shareholders
Q10. The profit and loss disclosed by the accounts of a company is:
(a) Transferred to share capital account
(b) Shown under the head of ‘Current liabilities’ and provisions
(c) Shown under the head ‘Reserves and Surplus
(d) None of these
(c) Shown under the head ‘Reserves and Surplus
Q11. The assets of a business can be classified as :
(a) Fixed and Non-fixed Assets
(b) Tangible and Intangible Assets
(c) Non-Current and Current Asset
(d) None of these
(c) Non-Current and Current Asset
Q12. The term financial statements includes :
(a) Statement of Profit & Loss
(b) Balance Sheet
(c) Statement of Profit & Loss and Balance Sheet
(d) None of these
(c) Statement of Profit & Loss and Balance Sheet
Q13. Balance Sheet is a : Accountancy MCQs for Class 12 with Answers Chapter 10
(a) Account
(b) Statement
(c) Both (a) and (b)
(d) All the above
(b) Statement
Q14. Financial statements are the product of accounting process.
(a) First
(b) Second
(c) End
(d) None of these
(c) End
Q15.B Financial statements disclose : Accountancy MCQs for Class 12 with Answers Chapter 10
(a) Monetary information
(b) Qualitative information
(c) Non-monetary information
(d) All the above
(a) Monetary information
Q16. The debentures to be redeemed within 12 months from the date of balance sheet is shown under
(a) short term borrowings
(b) long term borrowings
(c) other current liabilities
(d) long term liabilities
(c) other current liabilities
Q17. Which of the following item will not appear under short term provisions
(a) Provision for tax
(b) Proposed Dividend
(c) Provision for retirement benefits
(d) Provision for doubtful debts
(c) Provision for retirement benefits
Q18. Capital Reserve will be shown under | Accountancy MCQs for Class 12 with Answers Chapter 10
(a) current liabilities
(b) share capital
(c) reserves and surplus
(d) deferred tax liabilities
(c) reserves and surplus
Q19. Dividend is paid on
(a) authorised capital
(b) issued capital
(c) called up capital
(d) paid up capital
(d) paid up capital
Q20. Which of the following is not required to be prepared under companies act
(a) Statement of Profit and Loss
(b) Balanc Sheet
(c) Cash Flow Statement
(d) Funds Flow Statement
(d) Funds Flow Statement
Q21. Goodwill appears in a company’s balance sheet under
(a) Unamortised assets
(b) Non-current investments
(c) Intangible assets
(d) Tangible assets
(c) Intangible assets
Accountancy MCQs for Class 12 Chapter Wise with Answers Pdf Download
Accountancy MCQs for Class 12 Chapter Wise with Answers Pdf Free Download will help you. Accountancy MCQs for Class 12 with Answers Chapter 10 Financial Statements of Companies with Answer
