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 - 1
Question 1:
Financial statements are the product of accounting process.
(a) First
(b) Second
(c) End
(d) None of these
Correct Answer – (C)
Question 2:
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
Correct Answer – (C)
Question 3:
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
Correct Answer – (C)
Question 4:
The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called:
(a) Capital Reserve
(b) General Reserve
(c) Secret Reserve
(d) Specific Reserve
Correct Answer – (D)
Question 5:
Which of the following is not required to be prepared under the Companies Act:
(a) Statement of Profit & Loss
(b) Balance Sheet
(c) Anditor’s Report
(d) Fund Flow Statement
Correct Answer – (C)
MCQ Questions Class 12 Financial Statements of a Company With Answers
Question 6:
Balance Sheet is a :
(a) Account
(b) Statement
(c) Both (a) and (b)
(d) All the above
Correct Answer – (B)
Question 7:
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
Correct Answer – (C)
Question 8:
An Annual Report is issued by a company to its:
(a) Directors
(b) Authors
(c) Shareholders
(d) Management
Correct Answer – (C)
Question 9:
Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,000. Then total assets will be :
(a) ₹ 1.70,000
(b) ₹ 1,50,000
(c) ₹1,10,000
(d) ₹ 80,000
Correct Answer – (A)
Question 10:
Which of the following is the element of financial statements?
(a) Balance Sheet
(b) Profit & Loss A/c
(c) Both (a) and (b)
(d) None of these
