Class XII Accountancy - Financial Statements of a company Test Paper - Part I

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Class XII Accountancy - Financial Statements of a company Test Paper - Part I - 2021

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1. Which of the following is not the limitation of financial statement analysis? *

1 point

Ignores price level changes

Window dressing

Qualitative aspect ignored

Inter firm comparisons

2. Current maturities of long-term debt are shown under: *

1 point

Long term Provisions

Long term Borrowings

Short term Borrowings

Other Current liabilities

3. Indicate the item which appears as short-term provisions: *

1 point

Provision for doubtful debts

Provision for gratuity

Employee’s Provident fund

Securities premium reserve

4. Which of the following are the sub headings of Current Liabilities? i. Short term borrowings ii. Trade payables iii. Short term provisions iv. Short term Investment v. Other current liabilities vi. Short term loans and advances Select the correct code: *

1 point

i, ii, iii, v

i, iv, v, vi

iii, iv, v, vi

ii, iv, v, vi

5. Which of the following is not included in sub heading ‘Inventory’? *

1 point

Stock of finished goods

Work in progress

Stores and spares

Cheques in hand

6. Which of the following is not included in sub heading ‘Cash and cash equivalents? *

1 point

Cash in hand

securities

Cash at Bank

Cheques in hand

7. Main objective of Common size statement: *

1 point

To present composition of various items

To provide common base for comparison

To establish relationship between various items

All of the above

8. Match the following:1. Short term loan (i) Other current liabilities 2. Short term loans and advances (ii) Short term borrowing 3. Debentures (iii) Long term borrowings 4. Debentures redeemable during current year (iv) Current investments Select the correct code: *

1 point

1 – iii, 2 – ii, 3 – iv, 4 – i

1 – iii, 2 – iv, 3 – ii, 4 - i

1 – ii, 2 – iv, 3 – iii, 4 – i

1 – i, 2 – ii, 3 – iii, 4 - iv

9. Fixed assets of a company increased from Rs.3,00,000 to Rs.4,00,000. The percentage change is: *

1 point

25%

20%

33.33%

40%

10. Balance Sheet of company is required to be prepared in the format given in: *

1 point

Schedule II Part II

Schedule III Part III

Schedule III Part I

Table A

11. As per Companies Act, the Balance Sheet of a company is required to be in: *

1 point

Horizontal Form

Vertical Form

Either Horizontal or Vertical

Neither of the above

12. According to prescribed order of assets in a Company's Balance Sheet which asset should be shown first of all: *

1 point

Non-Current Assets

Current Assets

Current Investments

Loans and Advances

13. Calls in Arrears appear in a Company's Balance Sheet under: *

1 point

Reserve & Surplus

Shareholders Funds

Contingent Liabilities

Short-term Borrowings

14. Goodwill appears in a Company's Balance Sheet under: *

1 point

Current Assets

Non-Current Assets

Long-term Provisions

Long-term Borrowing

15. Securities Premium Reserve appears in a Company's Balance Sheets: *

1 point

Share Capital

Long-term Provision

Reserve & Surplus

Contingent Liability

16. Provision for Tax appears in a Company's Balance Sheet under Sub-head: *

1 point

Short-term Provisions

Reserves and Surplus

Long-term Provisions

Other Current Liabilities

17. Which of the following items is shown under the head ‘Non-Current Assets’ while preparing the Balance Sheet of a company: *

1 point

Underwriting Commission

Current Investment

Inventory

Patents

18. Assertion (A) ‘Interest accrued but not due on borrowings’ is shown under ‘Other current liabilities’. Reason (R) All liabilities, of which payment is expected to be made within 12 months from the date of Balance Sheet, shall be treated as Current. *

1 point

Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of Assertion (A)

Assertion (A) is false, but Reason (R) is true

Assertion (A) is true, but Reason (R) is false

19. Revenue from Operations 4,00,000; Cost of Revenue from Operations 60% of Revenue from Operations; Operating expenses 30,000 and rate of income tax is 40%. What will be amount of profit after tax: *

1 point

64,000

88,000

52,000

96,000

20. Which of the following items are included in ‘Revenue from operations’ for a financial company:i. Dividend received ii. Sales iii. Sale of scrap iv. Interest earned v. Profit on sale of fixed asset vi. Profit on sale of investments vii. Refund of income tax Select the correct code: *

1 point

i, iv, v, vi

i, v, vi, vii

iii, iv, v, vii

ii, iv, v, vi

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