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CUET Accountancy 2023 PYQs29 May Shift 2. Free, no login required.

Financial Statements

past year questions, CUET Accountancy 2023 29 May Shift 2

Nature/Structure

past year questions, Financial Statements, CUET Accountancy 2023 29 May Shift 2

Easy

Select the sub-head under which loose tools will be shown in the Balance Sheet of a company -

Solution

✅ Correct Option: 3

As per Schedule III of the Companies Act, 2013, loose tools are included under the sub-head Inventories within Current Assets. Inventories include raw materials, work-in-progress, finished goods, stock-in-trade, stores and spares, and loose tools.

Related questions:

2026: 11 May Shift 2

Show the following items of Current Assets in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013.

A. Cash and cash equivalents

B. Current investments

C. Trade receivables

D. Inventories

Choose the correct answer from the options given below:

2025: 16 May Shift 1

Auditor issues Annual report of company refering to___.

2022: 16 July Shift 2

Treatment of construction of pavilion is

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Life Membership fees of Rs.25,000 is

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:

2025: 24 May Shift 1

Match List-I with List-II

List-IList-II
Expenses incurred to earn the incomeExplanation
(A). Purchase of Stock-in-trade(I). Expenses towards interest charges during the year on the borrowings
(B). Employees benefit expenses(II). Diminution in the value of fixed assets
(C). Finance cost(III). Purchases of goods for the purpose of trading
(D). Depreciation(IV). Expenses incurred on employees towards salary, wages, leave encashment, staff welfare, etc

Choose the correct answer from the options given below:

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