CUET Accountancy Financial Statements > Nature/Structure PYQs

Reserve and Surplus

Share capital

Contingent Liabilities

Fixed assets

Non-current Liabilities

Shareholders' Funds

Current assets

Sundry Assets

As early as possible.

As early as possible but not exceeding its estimated life.

As early as possible but not exceeding its estimated life, which normally should not be beyond 10 years

Within the useful life of asset, irrespective of number of years.

Rs. 16,000/-

Rs. 18,000/-

Rs. 20,000/-

Rs. 17,000/-

The original cost or historical cost is the basis of recording transactions.

It cannot be expressed in monetary terms.

Certain accounting conventions are followed while preparing financial statements.

Financial statements are prepared on certain basic assumptions

The financial statements of a business enterprise include cash flow statement

Common size statements and financial ratios are the two tools employed in vertical analysis.

Comparative statements are in the form of horizontal analysis.

Financial analysis is used only by the creditors.

Deferred tax assets

Current Assets

Trade payables

Long term provisions

Accounting standards shall prevail over Schedule III of the Companies Act, 2013.

Rounding off requirements is mandatory.

Disclosure on the face of the financial statements or in the notes is not essential or mandatory.

Current and non-current bifurcation of assets and liabilities is applicable.

Sale of products

Interest income

Sale of services

Other operating revenues

At a point in time

Over a period of time

For a future time

For a few years

To provide information about the earning capacity of the business

To provide information about cash flows

To judge effectiveness of management

Not disclosing accounting policies

(D), (B), (C), (A)

(B), (A), (C), (D)

(B), (A), (D), (C)

(C), (B), (D), (A)

Shareholders

Auditors

Directors

Management

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

Salary and wages in Kind

Leave encashment

Interest paid on Deposit

Staff welfare expenses

Postulates

Conventions

Judgements

Facts

Directors

Auditors

shareholders

management

(A), (B), (D), (C)

(B), (C), (D), (A)

(B), (A), (D), (C)

(C), (D), (B), (A)

(C), (B), (A), (D)

(B), (A), (C), (D)

(B), (A), (D), (C)

(C), (B), (D), (A)

Non Current Investment

Current Asset

Current Liability

Bank

(A), (B), (C), (D)

(A), (D), (C), (B)

(C), (A), (D), (B)

(C), (B), (D), (A)

(A) - (II), (B) - (III), (C) - (I), (D) - (IV)

(A) - (II), (B) - (III), (C) - (IV), (D) - (I)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

(A) - (III), (B) - (I), (C) - (IV), (D) - (II)

(A) - (IV), (B) - (I), (C) - (III), (D) - (II)

(A) - (III), (B) - (I), (C) - (II), (D) - (IV)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

5%

10%

12%

15%

(A), (B) and (C) only

(A), (C) and (D) only

(A), (B) and (D) only

(B), (C) and (D) only

(A) - (I), (B) - (II), (C) - (III), (D) - (IV)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

(A), (B), (C), (D)

(D), (A), (C), (B)

(D), (C), (B), (A)

(D), (B), (C), (A)

(E), (A), (B), (C), (D)

(A), (C), (B), (E), (D)

(B), (C), (E), (D), (A)

(C), (B), (E), (D), (A)

(A), (B) and (C) only

(A), (B) and (D) only

(A), (B), (C) and (D)

(B), (C) and (D) only

Rs 80,000

Rs 1,60,000

Rs 3,20,000

Rs 4,00,000

(A), (B), (E), (C), (D)

(A), (E), (C), (B), (D)

(A), (D), (C), (B), (E)

(C), (B), (D), (A), (E)

(A) - (IV), (B) - (II), (C) - (III), (D) - (I)

(A) - (II), (B) - (III), (C) - (I), (D) - (IV)

(A) - (II), (B) - (III), (C) - (IV), (D) - (I)

(A) - (III), (B) - (IV), (C) - (I), (D) - (II)

(A) - (III), (B) - (I), (C) - (IV), (D) - (II)

(A) - (I), (B) - (III), (C) - (II), (D) - (IV)

(A) - (I), (B) - (II), (C) - (IV), (D) - (III)

(A) - (II), (B) - (III), (C) - (IV), (D) - (I)

(D), (A), (B), (C)

(A), (C), (B), (D)

(B), (A), (D), (C)

(C), (B), (D), (A)

At a point of time

Over a period of time

For a period of time

Undefined period

(A), (B), (C), (D)

(A), (C), (B), (D)

(C), (D), (A), (B)

(C), (B), (D), (A)

Short term borrowing

Trade payables

Short term provision

Deferred tax liabilities

to manipulate the accounts to show a better picture of the financial position than the actual one

to show excessive depreciation

to avoid tax

to reduce tax