Which of the following is the element of financial statements?
  • Balance Sheet
  • Profit & Loss A/c
  • Both (a) and (b)
  • None of these
Which of the following is not required to be prepared under the Companies Act:
  • Statement of Profit & Loss
  • Balance Sheet
  • Anditor’s Report
  • Fund Flow Statement
Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,Then total assets will be :
  • ₹ 1.70,000
  • ₹ 1,50,000
  • ₹1,10,000
  • ₹ 80,000
The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called:
  • Capital Reserve
  • General Reserve
  • Secret Reserve
  • Specific Reserve
An Annual Report is issued by a company to its:
  • Directors
  • Authors
  • Shareholders
  • Management
The profit and loss disclosed by the accounts of a company is:
  • Transferred to share capital account
  • Shown under the head of ‘Current liabilities’ and provisions
  • Shown under the head ‘Reserves and Surplus
  • None of these
The assets of a business can be classified as :
  • Fixed and Non-fixed Assets
  • Tangible and Intangible Assets
  • Non-Current and Current Asset
  • None of these
The term financial statements includes :
  • Statement of Profit & Loss
  • Balance Sheet
  • Statement of Profit & Loss and Balance Sheet
  • None of these
Balance Sheet is a :
  • Account
  • Statement
  • Both (a) and (b)
  • All the above
Financial statements are the product of accounting process.
  • First
  • Second
  • End
  • None of these
Financial statements disclose :
  • Monetary information
  • Qualitative information
  • Non-monetary information
  • All the above
Statement of Profit & Loss is also called………:
  • Operating Profit
  • Balance Sheet
  • Income Statement
  • Trading Account
Preliminary expenses are shown in the Balance Sheet under the head:
  • Non-current assets
  • Current assets
  • Non-current liabilities
  • Deducted from securities premium reserve
Debit Balance of Profit & Loss Statement will be shown on:
  • Assets Side of Balance Sheet
  • Liabilities Side of Balance Sheet
  • Under the head Reserve & Surplus
  • Under the head Reserves and Surplus as a negative item
Patents and copyrights fall under the category of:
  • Current Assets
  • Liquid Assets
  • Intangible Assets
  • None of these
Goodwill falls under which category of assets:
  • Current Assets
  • Tangible Assets
  • Intangible Assets
  • None of the above
Contingent Liabilities are exhibited under the heading:
  • Fixed Liabilities
  • Current Liabilities
  • As a footnote
  • None of these
Provision for Provident Funds is shown in the Balance Sheet of a company under the head :
  • Reserves and Surplus
  • Non-current Liabilities
  • Provision
  • Contingent Liabilities
Preliminary Expenses are shown in the Balance Sheet under which head ?
  • Fixed Assets
  • Reserves and Surplus
  • Loans & Advances
  • None of these
Financial Statements are :
  • Anticipated facts
  • Recorded facts
  • Estimated facts
  • None of these
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