CUET Accountancy Financial Statements > Nature/Structure PYQs

Which among the following item does not appear on the balance sheet of a company?

Reserve and surplus are shown under the _________________________ in the balance sheet of a company.

Which accounting standard is applicable for recognizing Intangible assets?

As per AS-26 assets like goodwill should be written off .

Goods costing Rs.80,000/- were sold at a profit of 20% on sales. the amount of gross profit on this sales is.

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

Which among the following is NOT TRUE about the financial statement?

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

Which among the following is NOT the feature of the Presentation of the Financial Statement?

The items in the "statement of profit and loss", for the Revenue from operations DON'T include: If it is a non-finance company

The balance sheet provides information about the financial position of an enterprise:

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

Arrange the following in correct sequence in preparation of the Balance sheet of a company. (A) Non-current Liabilities (B) Shareholder's Funds (C) Current Liabilities (D) Contingent liabilities Choose the correct answer from the options given below: 1. (D), (B), (C), (A) 2. (B), (A), (C), (D) 3. (B), (A), (D), (C) 4. (C), (B), (D), (A)

An annual report is issued by a company to its --------------.

Match List-I with List-II | List-I | List-II | |---|---| | Expenses incurred to earn the income | Explanation | | (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:

Employee benefit Expenses doesn't include

Which accounting standard is applicable for recognizing intangible assets?

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

Auditor issues Annual report of company refering to___.

Arrange 'Fixed Assets' in proper order (A) Intangible assets under development (B) Tangible assets (C) Intangible Assets (D) Capital Work in Progress Choose the correct answer from the options given below:

Arrange the given items in proper order (A) Finance cost (B) purchase of Stock in Trade (C) Cost of material consumed (D) Employee Benefit Expenses Choose the correct answer from the options given below:

Fixed deposit for the term of five years will come under which of the following?

The manner prescribed in the revised schedule iii to the companies act, 2013, the particulars of balance sheet will appear in the order (A) Deferred tax assets (B) Deferred tax liabilities (C) Reserves and Surplus (D) Short-term provisions Choose the correct answer from the options given below:

Match List-I with List-II Match the statements with their respective Provisions/ other name | List-I | List-II | |---|---| | (A) AS-3 | (I) Statement of profit & loss | | (B) Schedule 3 of Companies Act | (II) Cash flow statement | | (C) Financial status of the undertaking | (III) Final accounts of company | | (D) Performance report | (IV) Balance sheet | Choose the correct answer from the options given below:

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:

In order to bring clarity regarding the identity of ultimate owners of the company, disclosure of shares in the company held by each shareholder is required, holding more than _____ shares, specifying the number of shares held.

Which of the following items are included under Reserve and Surplus : (A) Security Premium reserve (B) Revaluation reserve (C) Share option outstanding account (D) Reserve Capital Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Reserves and Surplus | (I) Share Options Outstanding Account | | (B) Non-current Liabilities | (II) Long term provisions | | (C) Current Liabilities | (III) Short-term borrowing | | (D) Shareholder's Fund | (IV) Calls in arrear | Choose the correct answer from the options given below:

Arrange Financial Statements in Correct Sequence- (A) Cash Flow Statement (B) Balance Sheet (C) Profit and Loss A/c (D) Trading Account Choose the correct answer from the options given below:

Arrange the following balance sheet items in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013- (A) Current Assets (B) Shareholder's Funds (C) Non-current Liabilities (D) Non-Current Assets (E) Current Liabilities Choose the correct answer from the options given below:

Which entries are correct in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013- (A) The shareholders' funds are sub-classified as Share Capital, Reserves and Surplus & Money received against Share Warrants. (B) Reserves and Surplus include Revaluation Reserve. (C) Both tangible and intangible assets are current assets. (D) Deferred tax assets/liabilities are always non-current. Choose the correct answer from the options given below:

Calculate credit revenue from operations using following information: Total revenue from operations : Rs 4,00,000, Cash received from operations are 25% of Credit revenue from operations.

Arrange different items of Balance Sheet as per revised Schedule III to the Companies Act, 2013- (A) Shareholder's Funds (B) Non-Current Assets (C) Current Liabilities (D) Share Application money pending allotment (E) Current Assets Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) Shareholders fund | (I) Long-term loans and advances | | (B) Non-current Liabilities | (II) Reserves and Surplus | | (C) Current Liabilities | (III) Long term provisions | | (D) Non-Current Assets | (IV) Trade payables | Choose the correct answer from the options given below:

Match List-I with List-II | List-I | List-II | |---|---| | (A) SHAREHOLDERS FUND | (I) Non-current investments | | (B) CURRENT LIABILITIES | (II) Reserves and Surplus | | (C) CURRENT ASSET | (III) Trade Payables | | (D) FIXED ASSET | (IV) Inventories | Choose the correct answer from the options given below:

Arrange As Appear in Balance sheet as prescribed in part I of schedule III of the Companies act 2013- (A) Non-current liabilities (B) Current liabilities (C) Current Asset (D) Shareholders fund Choose the correct answer from the options given below:

Balance Sheet provides information about financial position of the enterprise:

Arrange the following under the heading Equities and Liabilities in balance sheet of a company. (A) Non-current liabilities (B) Current liabilities (C) Shareholders fund (D) Share application money pending allotment Choose the correct answer from the options given below:

Current liabilities does not include:

Window dressing is a practice

Match List I with List II | LIST I | LIST II | |---|---| | A. Capital Reserve | I. Current Assets | | B. Inventories | II. Non-Current Liabilities | | C. 8% Debentures | III. Current Liabilities | | D. Provision for tax | IV. Reserve and Surplus | Choose the correct answer from the options given below:

Which of the following items are part of Intangible non current Assets: A. Patents B. Furniture C. Statement of Profit & Loss A/c (Dr) D. Goodwill E. Trademark Choose the correct answer from the options given below:

The following are the items appearing in Equities and Liabilities side of Balance Sheet A. Deferred tax Assets (Net) B. Reserve and Surplus C. Deferred tax Liabilities (Net) D. Long term borrowings E. Long term loans and Advances Choose the correct answer from the options given below:

Arrange the following in the context of Statement of Profit and Loss. A. Other income B. Expenses C. Total Revenue D. Revenue from operation E. Profit before tax and extra-ordinary item Choose the correct answer from the options given below:

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 :

Arrange the following items of statement of profit and Loss in a sequence. (A) Total Revenue (B) Revenue from Operations (C) Other Income (D) Expenses (E) Profit Before Tax Choose the correct answer from the options given below :

Non-Cash transactions will be excluded from :

Intangible assets should be recognised by fulfilling the criteria as recognised under :

Identify the correct sequence of different items to be shown in a Balance-Sheet of a company. (A) Trade payable (B) Non-Current Investments (C) Deferred tax Liabilities (D) Intangible Assets (E) Long term borrowing Choose the correct answer from the options given below :

Match List - I with List - II. | List - I | List - II | |---|---| | (A) Share Capital | (I) 10% debenture | | (B) Reserve and Surplus | (II) Interest accrued and due | | (C) Non-current Liability | (III) Share forfeited account | | (D) Current Liability | (IV) Capital Redemption Reserve | Choose the correct answer from the options given below :

If the credit side of Receipt and Payment A/c is more than the debit side then the difference will be shown as :

Subscription Received in Advance is a :

What will be the accounting treatment of outstanding expenses in the Income and Expenditure A/c. (A) Added in main or concerned head (B) Subtracted from main head (C) Shown in Balance-Sheet as Liability (D) Will not be shown in Income and Expenditure A/c (E) Shown in Receipt and Payment A/c only Choose the correct answer from the options given below :

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

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

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:

Match List I with List II | LIST I | LIST II | |---|---| | A. Interest charges | I. Employees Benefit Expenses | | B. Sale of services | II. Other incomes | | C. Salary | III. Revenue from Operations | | D. Dividend Income | IV. Finance cost | Choose the correct answer from the options given below:

What is the correct sequence to prepare company's Balance Sheet as per the standard format given according to schedule III of Companies Act 2013? A. Non Current Liability B. Non Current Assets C. Shareholder's Fund D. Current Assets E. Current Liability 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:

Match List I with List II | LIST I | LIST II | |---|---| | A. Current Maturities of long term Debt | I. Other Non-Current Liabilities | | B. Securities Premium | II. Short term Borrowing | | C. Outstanding salaries | III. Other Current Liability | | D. Premium on Redemption of Debentures | IV. Reserves and Surplus | Choose the correct answer from the options given below:

Identify the term that indicate excess of Expenditure over Income, in case of a Not-for-profit Organisation.

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

Other income is Rs. 5,00,000 which is 25% of Revenue from operations. Employees benefit Expenses are 30% of the Revenue from operation. Tax rate is 40%. Net profit after tax will be :

Amount received from the sale of furniture for Rs. 7000 (Book value Rs. 10,000). The amount to be shown in receipts and payments account will be :

Find out cost of medicine consumed during 2020-21. | Particulars | Amount (Rs.) | |-------------|--------------| | Payment to creditors of medicines | 3,70,000 | | Creditors for medicines purchased on 1.04.2020 | 25,000 | | Creditors for medicines purchased on 31.03.2021 | 17,000 | | Stock of Medicines on 1.04.2020 | 62,000 | | Stock of Medicines on 31.03.2021 | 54,000 | | Advance to suppliers on 1.04.2020 | 11,000 | | Advance to suppliers on 31.03.2021 | 18,000 |

Current liabilities include : (A) Trade receivables (B) Unclaimed dividend (C) Interest accrued but not due on loan (D) Acceptances (E) 12% debentures redeemable after four years Choose the correct answer from the options given below :

An annual report is furnished by a company to its :

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:

Identify the limitations of financial statements : A. Can be biased B. Report on stewardship function C. Aggregate information D. Only interim reports E. Basis of fiscal policies Choose the correct answer from the options given below:

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:

Identify the correct sequence of current assets in company's Balance sheet? A. Bills Receivables B. Cash & cash equivalents C. Short term loans & advances D. Inventories E. Current investments Choose the correct answer from the options given below:

Which of the following is not included in Non-current liabilities, while preparing a Balance Sheet of a company :

Which among the following items appear in the Receipt and Payment Account ? (A) Life membership fees (B) Depreciation of fixed assets (C) Provision of doubtful debts (D) Profit/loss on sale of fixed assets Choose the correct answer from the options given below :

Match List - I with List - II. | List - I | List - II | |---|---| | (A) Receipts and Payment A/c | (I) Special fund | | (B) Capital receipt | (II) Life membership fees | | (C) Match fund | (III) Accrual basis | | (D) Income and Expenditure A/c | (IV) Cash basis | Choose the correct answer from the options given below :

Value of 12% government securities as at 31 March 2021 was Rs. 85,000 which were purchased at that date at par. Additional 12% securities worth Rs. 50,000 were purchased on 31 March, 2022. Total interest debited to receipts and payments A/c during the year on the above securities is Rs. 9,000 calculate Accrued interest on 31 March, 2022.

From the following information calculate how much amount of depreciation will be shown in the Income and Expenditure A/c for the year 2021-22 : | | As on 31 March, 2021 | As on 31 March, 2022 | |---|---|---| | Furniture | Rs. 1,80,000 | Rs. 1,60,250 | Furniture worth Rs. 8,000 was sold for Rs. 10,000 on 1 April, 2021.

Calculate subscription received during the year 2021-22 from the following information : Amount of subscription credited to Income and Expenditure A/c for the year ended 2021-22 Rs. 1,05,000 Subscription received in advances as on 31 March, 2022 Rs. 10,000 Subscription received in advances as on 31 March, 2021 Rs. 7000 Subscription outstanding as on 31 March, 2021 Rs. 10,500 Subscription outstanding as on 31 March, 2022 Rs. 20,500

Calculate prize fund expenses incurred during the year 2021-22 from the following information Prize fund as on 1 April, 2021 Rs. 80,000 Donation received for Prize Fund Rs. 15,000 10% Prize Fund Investment Rs. 80,000 Interest Received Rs. 5,000 Interest Accrued Rs. 3,000 Prize fund as on 31 March, 2022 Rs. 70,000

Which one of the following items will be added in debit balance of cash book in the preparation of bank reconciliation statement?

Which one of the following is not true?

Financial statements are:

Payment made for stationary during the year 2021 - 22 is Rs. 46,000. Stock of stationary as on 1-4-2021 Rs. 8,000 Stock of stationary as on 31-3-2022 Rs. 6,000 Advance for stationary as on 1-4-2021 Rs. 18,000 Advance for stationary as on 31-3-2022 Rs. 5,000 What will be the amount of stationary consumed during the year 2021 - 22 ?

The closing balance of Receipts and Payments Account depicts _________.

Income ad Expenditure Account is prepared on (a)_________ basis, while Receipts and Payments Account is prepared on (b)_________ basis.

Match List - I with List - II | List - I | List - II | | --- | --- | | (a) Honorarium | (i) Asset side of balance sheet | | (b) Life Membership Fees | (ii) Credited to Income and Expenditure Account | | (c) General Donations | (iii) Debited to Income and Expenditure Account | | (d) Outstanding subscription | (iv) Credited to Capital Fund | Choose the correct answer from the options given below :

The Receipts and Payments Account of Lead Sports Club showed payment for sports materials as Rs. 46,000 for the year ended 31st March 2022. Additional Information provided is as follows : | Details | 31st March 2021 | 31st March 2022 | | --- | --- | --- | | Stock of sports Materials | Rs. 8,000 | Rs. 6,000 | | Creditors | Rs. 18,000 | Rs. 5,000 | Calculate the amount of Sports Materials consumed during the year ended 31st March 2022.

A Club has Opening balance of Rs.8,50,000 in Match fund. Donation received for match during the current year amounted to Rs. 4,25,000. Sale of match tickets amounted to Rs. 1,15,000. Match expenses incurred were Rs.14,00,000 Balance in the Match fund at the year end will be:

Match the following with regard to company's Balance Sheet. | List I | List II | |---|---| | A. Shareholders funds | I. Furniture and Fittings | | B. Current liabilities | II. Prepaid expenses | | C. Current Assets | III. Calls in Advance | | D. Non current assets | IV. Surplus of Balance on statement of P and L | Choose the correct answer from the options given below:

Receipt and Payment a/c for the year ending 31.3.22. | Locker Rent | Rs.17,050 | |---|---| Additional Information: Locker rent Rs.3,050 outstanding for the year 2020-21 and Rs.1,500 for 2021-22. Locker rent received on advance at the end of current year i.e on 31.3.22 is Rs.1,000. What amount of Locker Rent will be shown in Income and Expenditure A/c? Choose the correct option:

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

Match List I with List II | List I | List II | |---|---| | A. Intangible Assets | I. Provision for taxation | | B. Short term provision | II. Trade creditor | | C. Long term borrowings | III. 10% debentures | | D. Current liabilities | IV. Goodwill | Choose the correct answer from the options given below:

Financial Statements of a company does not include