Financial Statements

Nature/Structure

Easy

If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :

on the debit side of Income and Expenditure Account

on the credit side of Income and Expenditure Account

by way of adding to the Tournament Fund

by way of subtracting/deducting from Tournament Fund

✅ Correct Option: 4

When a specific fund like Tournament Fund exists, the related expenses are deducted from the fund itself and not transferred to the Income and Expenditure Account. The net balance of the fund is then shown on the liabilities side of the Balance Sheet.

Note: This NPO-related question has been classified under Financial Statements / Nature-Structure as NPO accounting is not a listed subtopic.

2025: 22 May Shift 1

While preparing financial statements on certain basic assumptions such as going concern, money measurement, and realization etc, they are known as:

2026: 29 May Shift 1

Arrange the following items in a sequence which appear under Equities and Liabilities in the balance sheet as per revised Schedule III to the Companies Act, 2013.

(A) Non - Current Liabilities

(B) Current Liabilities

(D) Share Application money pending allotment

Choose the correct answer from the options given below:

2025: 27 May Shift 2

Which of the following is NOT a feature of financial statements?

2025: 2 June Shift 2

Which accounting standard is applicable for recognizing Intangible assets?

2022: 30 Aug Shift 2

Identify the components of equity:

A. Money received against share warrants

B. Working capital

C. Share capital

D. Reserves & surplus

E. Cash Revenue from operations

Choose the correct answer from the options given below:

2025: 13 May Shift 1

Arrange the following under the heading Equities and Liabilities in balance sheet of a company.

(A) Non-current liabilities

(B) Current liabilities

(D) Share application money pending allotment

Choose the correct answer from the options given below:

If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :

Solution

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