CBSE Class 12 Financial Statements of a Company Multiple Choice Questions with Answers. MCQ Questions Class 12 Financial Statements of a Company with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 12 Financial Statements of a Company with Answers to know their preparation level.
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MCQ Questions Class 12 Financial Statements of a Company with Answers - Set - 2
Question 1:Â
Financial Statements are :
(a) Anticipated facts
(b) Recorded facts
(c) Estimated facts
(d) None of these
Correct Answer – (B)
Question 2:Â
Provision for Provident Funds is shown in the Balance Sheet of a company under the head :
(a) Reserves and Surplus
(b) Non-current Liabilities
(c) Provision
(d) Contingent Liabilities
Correct Answer – (B)
Question 3:Â
Goodwill falls under which category of assets:
(a) Current Assets
(b) Tangible Assets
(c) Intangible Assets
(d) None of the above
Correct Answer – (C)
Question 4:Â
Debit Balance of Profit & Loss Statement will be shown on:
(a) Assets Side of Balance Sheet
(b) Liabilities Side of Balance Sheet
(c) Under the head Reserve & Surplus
(d) Under the head Reserves and Surplus as a negative item
Correct Answer – (D)
Question 5:Â
Statement of Profit & Loss is also called ______________ :
(a) Operating Profit
(b) Balance Sheet
(c) Income Statement
(d) Trading Account
Correct Answer – (C)
MCQ Questions Class 12 Financial Statements of a Company With Answers
Question 6:Â
Preliminary Expenses are shown in the Balance Sheet under which head ?
(a) Fixed Assets
(b) Reserves and Surplus
(c) Loans & Advances
(d) None of these
Correct Answer – (D)
Question 7:Â
Contingent Liabilities are exhibited under the heading:
(a) Fixed Liabilities
(b) Current Liabilities
(c) As a footnote
(d) None of these
Correct Answer – (C)
Question 8:Â
Patents and copyrights fall under the category of:
(a) Current Assets
(b) Liquid Assets
(c) Intangible Assets
(d) None of these
Correct Answer – (C)
Question 9:Â
Preliminary expenses are shown in the Balance Sheet under the head:
(a) Non-current assets
(b) Current assets
(c) Non-current liabilities
(d) Deducted from securities premium reserve
Correct Answer – (D)
Question 10:Â
Financial statements disclose :
(a) Monetary information
(b) Qualitative information
(c) Non-monetary information
(d) All the above
