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Page 1 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com Page 2 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com MCQ’s Page 3 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com MCQ’s a) Separate legal entity b) Common seal c) Perpetual succession d) Members have unlimited liability Answer: (d) Page 4 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com MCQ’s a) Separate legal entity b) Common seal c) Perpetual succession d) Members have unlimited liability Answer: (d) a) 50% b) 51% c) Not less than 51% d) None of the above Answer: (d) Page 5 CPT Section A, Chapter 9, Fundamental of Accountancy, Unit I CA. Shakuntala Chhangani smchhangani@yahoo.com MCQ’s a) Separate legal entity b) Common seal c) Perpetual succession d) Members have unlimited liability Answer: (d) a) 50% b) 51% c) Not less than 51% d) None of the above Answer: (d) a) 50% b) 51% c) Not less than 51% d) None of the above Answer: (c)Read More
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FAQs on MCQ - Introduction to Company Accounts - Principles and Practice of Accounting - CA Foundation
| 1. What is the purpose of company accounts? |  |
Ans. Company accounts are prepared to keep track of the financial transactions and performance of a company. The purpose of company accounts is to provide a clear and accurate picture of the company's financial position, profitability, and cash flows. It helps stakeholders, such as shareholders, investors, creditors, and government authorities, to evaluate the company's financial health and make informed decisions.
| 2. Why is it important for companies to prepare financial statements? | |
Ans. Financial statements are important for companies as they provide a comprehensive overview of the company's financial performance and position. These statements, including the balance sheet, income statement, and cash flow statement, help in assessing the profitability, liquidity, and solvency of the company. Financial statements also enable companies to comply with legal and regulatory requirements, attract investors, obtain loans, and make strategic business decisions.
| 3. What are the key components of a company's financial statements? | |
Ans. The key components of a company's financial statements include:
1. Balance Sheet: It shows the company's assets, liabilities, and shareholders' equity at a specific point in time.
2. Income Statement: It presents the company's revenues, expenses, gains, and losses during a specific period, indicating the net profit or loss.
3. Cash Flow Statement: It provides information about the cash inflows and outflows from operating, investing, and financing activities, enabling the assessment of the company's cash generation and utilization.
| 4. How are company accounts different from personal accounts? | |
Ans. Company accounts and personal accounts differ in terms of their purpose, scope, and audience. Personal accounts are used to track the financial transactions of individuals, whereas company accounts are prepared to record the financial activities of a business entity.
Personal accounts are focused on personal finances, such as income, expenses, savings, and investments, while company accounts cover various aspects, including sales, purchases, expenses, loans, investments, and capital.
Furthermore, personal accounts are primarily used by individuals for personal financial management, while company accounts are intended for external stakeholders, such as shareholders, investors, creditors, and regulatory authorities, who require information about the financial performance and position of the company.
| 5. How are company accounts helpful for decision making? | |
Ans. Company accounts play a crucial role in decision making for various stakeholders. They provide valuable financial information that helps in assessing the company's profitability, liquidity, and solvency. This information enables investors to make informed investment decisions, creditors to evaluate creditworthiness, and management to plan and strategize for the future.
Company accounts also assist in identifying areas of improvement, cost reduction opportunities, and investment prospects. By analyzing financial statements, stakeholders can determine the financial health and stability of the company, which ultimately guides their decision making regarding investments, loans, partnerships, and business expansion.
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