Financial Statements

Nature/Structure

Easy

Subscription Received in Advance is a :

Liability

Asset

Income

Expenditure

✅ Correct Option: 1

Subscription Received in Advance represents money received for services not yet rendered. Since the organisation owes these services to members, it is treated as a current liability and shown on the liabilities side of the Balance Sheet.

2025: 30 May Shift 1

Which among the following items is shown as the Major Head in the balance sheet of a company?

2023: 11 June Shift 3

Non-Cash transactions will be excluded from :

2022: 30 Aug Shift 2

Match List I with List II

	LIST I: Major Head		LIST II: Sub Head
A.	Fixed assets	I.	Short term provisions
B.	Current Assets	II.	Money received against share warrants
C.	Current Liabilities	III.	Non current investment
D.	Shareholder's Funds	IV.	Inventories

Choose the correct answer from the options given below:

2025: 31 May Shift 1

Which of the following is not the nature of financial statements-

2026: 23 May Shift 2

Arrange the following current assets in the correct sequence to be shown in the Balance Sheet as per Revised Schedule III to the Companies Act, 2013.

A. Inventories

B. Cash and Cash equivalents

C. Current Investments

D. Trade receivables

Choose the correct answer from the options given below:

2022: 20 July Shift 1

The closing balance of Receipts and Payments Account depicts _________.

Subscription Received in Advance is a :

Solution

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