Financial Statements

Nature/Structure

Easy

Financial statements are:

anticipated facts

recorded facts

estimated facts

analysed facts

✅ Correct Option: 2

Financial statements are prepared from books of account which record actual, historical business transactions at cost. Hence they are primarily a summary of recorded facts, although certain accounting conventions and personal judgments also influence them.

2023: 29 May Shift 2

Identify the term that is used to show the amount received as per the will of a deceased person.

2025: 15 May Shift 2

Match List-I with List-II

List-I	List-II
(A) Accounting standard rules	(I) 2013
(B) Companies Act	(II) 1932
(C) Financial statement of company	(III) 2006
(D) Partnership Act	(IV) Schedule III

Choose the correct answer from the options given below:

2023: 29 May Shift 2

Identify the salient features of Income and Expenditure account from the following:

A. It is prepared on accrual basis.

B. It includes both revenue as well as capital items.

C. It is prepared after taking into account the additional information regarding outstanding/prepaid expenses and depreciation etc.

D. Its result is surplus or deficit.

E. It is prepared with the help of Receipts and Payments Account.

Choose the correct answer from the options given below:

2026: 11 May Shift 1

Match the LIST-I with LIST-II

	LIST-I		LIST-II
A.	Capital Redemption Reserve	I.	Shareholders' Funds
B.	Deferred Tax Liabilities	II.	Current Assets
C.	Cash and Cash Equivalents	III.	Reserve and Surplus
D.	Money Received against Share Warrants	IV.	Non-Current Liabilities

Choose the correct answer from the options given below:

2026: 13 May Shift 2

Arrange the following in a correct sequence to prepare liabilities side of balance sheet as per Schedule III of Companies Act, 2013:

(A) Non-Current Liabilities

(B) Shareholders' Funds

(D) Share Application money pending allotment

Choose the correct answer from the options given below:

2022: 16 July Shift 2

There are 500 members in a Rotary club, who provide medical services to poor people in backward area. Each member pays 1,000 Rs. as subscription. During financial year 100 members paid partial subscription of Rs.80,000. 10 members left without giving yearly subscription. Amount received during current financial year will be

Financial statements are:

Solution

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