Financial Statements of a Company Class 12 MCQs Questions with Answers

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

2. Financial Statements are :

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

4. The term current assets includes :

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

6. Goodwill falls under which category of assets

7. Contingent Liabilities are exhibited under the heading:

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

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

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

11. The term financial statements includes

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

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

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

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

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

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

18. Financial statements disclose :

19. Patents and copyrights fall under the category of:

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