Financial Statements

Nature/Structure

Medium

Trade payables to be settled beyond 12 months from the date of Balance sheet or beyond the operating cycle are classified under:

Long term provisions

Other long term liabilities

Deferred tax liabilities

Long term Borrowing

✅ Correct Option: 2

As per Schedule III, trade payables that are due for settlement beyond 12 months from balance sheet date or beyond the operating cycle are non-current in nature and are classified under Other Long-term Liabilities on the Equity and Liabilities side of the Balance Sheet.

2023: 28 May Shift 1

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

2023: 20 June Shift 2

The closing value of Building as on 31.3.2017 was:

2022: 23 Aug Shift 2

Which among the following items appear in the Receipt and Payment Account ?

(A) Life membership fees

(B) Depreciation of fixed assets

(D) Profit/loss on sale of fixed assets

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:

2023: 11 June Shift 3

Calculate subscription of current year to be credited to Income and Expenditure account from the following information :

Subscription Received Rs. 80,000, Subscription Received in Advance Last year Rs. 10,000, Subscription Received in Advance during this year Rs. 2,000 and Accrued Subscription at the end of current year Rs. 5,000 :

2026: 29 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

C. Current Liabilities

D. Share Application money pending allotment

Choose the correct answer from the options given below:

Trade payables to be settled beyond 12 months from the date of Balance sheet or beyond the operating cycle are classified under:

Solution

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CUET Accountancy Past Year Questions (Topic-Wise)