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Test: Financial Statements And Their Analysis - 1


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10 Questions MCQ Test Accountancy Practice Tests: CUET Preparation | Test: Financial Statements And Their Analysis - 1

Test: Financial Statements And Their Analysis - 1 for Commerce 2022 is part of Accountancy Practice Tests: CUET Preparation preparation. The Test: Financial Statements And Their Analysis - 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Financial Statements And Their Analysis - 1 MCQs are made for Commerce 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Financial Statements And Their Analysis - 1 below.
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Test: Financial Statements And Their Analysis - 1 - Question 1

This a MCQ (Multiple Choice Question) based practice test of Chapter 8 - Financial Statements and their Analysis of Accountancy of Class XII (12) for the quick revision/preparation of School Board examinations

Q  Which of the following is a fictitious Asset?

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 1

Classification of items:
Preliminary Expense --- Fictitious Asset
Income Tax ------ Expense of company
Loose Tools ------- Current Assets 
Goodwill---------- Intangible Asset

Test: Financial Statements And Their Analysis - 1 - Question 2

Which Indian Companies Act is in force these days?

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 2

Indian Companies Act 2013 is in force these days. Earlier Companies Act 1956 was in force.

Test: Financial Statements And Their Analysis - 1 - Question 3

Securities Premium Reserve is shown under:

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 3

Securities premium reserve is shown under the heading Shareholders funds and sub heading Reserves and Surplus.

Test: Financial Statements And Their Analysis - 1 - Question 4

Goodwill is not a ……..

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 4

Goodwill is an intangible asset which comes under the heading of fixed assets. It is not a fictitious asset (for more detail see ultimate book of accountancy).

Test: Financial Statements And Their Analysis - 1 - Question 5

In a company’s balance sheet Assets are shown in the order of …..

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 5

Assets are listed in the balance sheet in order of their liquidity where cash is listed at the top as it's already liquid no conversion is required. The next in the list are marketable securities like stocks and bonds, which can be sold in the market in a few days generally the next day can be liquidated.

Test: Financial Statements And Their Analysis - 1 - Question 6

With the Permission of Registrar accounting period can be extended up to …

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 6

A company can obtain special permission form registrar to extend the accounting period which can be up to 18 months.

Test: Financial Statements And Their Analysis - 1 - Question 7

A company prepares its Balance Sheet as per ……..

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 7

Balance Sheet of a company is prepared as per the Schedule III of the Indian Companies Act, 2013.

Test: Financial Statements And Their Analysis - 1 - Question 8

Office building under construction will be shown under……

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 8

Office building under construction is shown under fixed assets i.e. Capital work in progress.

Test: Financial Statements And Their Analysis - 1 - Question 9

Claim against the company not yet acknowledged as debt, is a ….

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 9

Claim against the company not acknowledged as debt is shown as contingent liability after preparing the balance sheet. It is shown as a footnote to the balance sheet.

Test: Financial Statements And Their Analysis - 1 - Question 10

Which of the following is not shown under the heading of Reserves and surplus?

Detailed Solution for Test: Financial Statements And Their Analysis - 1 - Question 10

Bills of exchange is not shown under the heading Reserves and surplus but following items will be shown under this heading: 
•Securities Premium Reserve 
•Statement of profit and loss
•Capital Reserve

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