Q1:
3 June Shift 2
Financial Statements > Nature/Structure
Easy
Common
Which among the following item does not appear on the balance sheet of a company?
Correct Answer
Option 3
Correct Answer
CUET Accountancy Financial Statements > Nature/Structure PYQs
No login required. No pop-ups. We have all previous-year questions with solutions for free!
Q2:
3 June Shift 1
Financial Statements > Nature/Structure
Easy
Common
Reserve and surplus are shown under the _________________________ in the balance sheet of a company.
Correct Answer
Option 2
Correct Answer
Q3:
2 June Shift 2
Financial Statements > Nature/Structure
Easy
Common
Which accounting standard is applicable for recognizing Intangible assets?
Correct Answer
Option 3
Correct Answer
Q4:
2 June Shift 2
Financial Statements > Nature/Structure
Medium
Common
As per AS-26 assets like goodwill should be written off .
Correct Answer
Option 3
Correct Answer
Q5:
2 June Shift 2
Financial Statements > Nature/Structure
Medium
Financial Statements
Goods costing Rs.80,000/- were sold at a profit of 20% on sales. the amount of gross profit on this sales is.
Correct Answer
Option 3
Correct Answer
Q6:
31 May Shift 1
Financial Statements > Nature/Structure
Easy
Financial Statements
Which of the following is not the nature of financial statements-
Correct Answer
Option 2
Correct Answer
Q7:
30 May Shift 2
Financial Statements > Nature/Structure
Easy
Financial Statements
Which among the following is NOT TRUE about the financial statement?
Correct Answer
Option 4
Correct Answer
Q8:
30 May Shift 1
Financial Statements > Nature/Structure
Easy
Financial Statements
Which among the following items is shown as the Major Head in the balance sheet of a company?
Correct Answer
Option 2
Correct Answer
Q9:
30 May Shift 1
Financial Statements > Nature/Structure
Easy
Financial Statements
Which among the following is NOT the feature of the Presentation of the Financial Statement?
Correct Answer
Option 3
Correct Answer
Q10:
30 May Shift 1
Financial Statements > Nature/Structure
Easy
Financial Statements
The items in the "statement of profit and loss", for the Revenue from operations DON'T include: If it is a non-finance company
Correct Answer
Option 2
Correct Answer
Q11:
27 May Shift 2
Financial Statements > Nature/Structure
Easy
Financial Statements
The balance sheet provides information about the financial position of an enterprise:
Correct Answer
Option 1
Correct Answer
Q12:
27 May Shift 2
Financial Statements > Nature/Structure
Easy
Financial Statements
Which of the following is NOT a feature of financial statements?
Correct Answer
Option 4
Correct Answer
Q13:
27 May Shift 1
Financial Statements > Nature/Structure
Easy
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)
Correct Answer
Option 2
Correct Answer
Q14:
26 May Shift 2
Financial Statements > Nature/Structure
Easy
Common
An annual report is issued by a company to its --------------.
Correct Answer
Option 1
Correct Answer
Q15:
24 May Shift 1
Financial Statements > Nature/Structure
Easy
Common
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:
Correct Answer
Option 4
Correct Answer
Q16:
22 May Shift 2
Financial Statements > Nature/Structure
Easy
Financial Statements
Employee benefit Expenses doesn't include
Correct Answer
Option 3
Correct Answer
Q17:
22 May Shift 1
Financial Statements > Nature/Structure
Easy
Common
Which accounting standard is applicable for recognizing intangible assets?
Correct Answer
Option 3
Correct Answer
Q18:
22 May Shift 1
Financial Statements > Nature/Structure
Easy
Financial Statements
While preparing financial statements on certain basic assumptions such as going concern, money measurement, and realization etc, they are known as:
Correct Answer
Option 1
Correct Answer
Q19:
16 May Shift 1
Financial Statements > Nature/Structure
Easy
Auditor issues Annual report of company refering to___.
Correct Answer
Option 3
Correct Answer
Q20:
16 May Shift 1
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 2
Correct Answer
Q21:
16 May Shift 1
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 4
Correct Answer
Q22:
16 May Shift 1
Financial Statements > Nature/Structure
Easy
Fixed deposit for the term of five years will come under which of the following?
Correct Answer
Option 1
Correct Answer
Q23:
15 May Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 4
Correct Answer
Q24:
15 May Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 2
Correct Answer
Q25:
15 May Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 1
Correct Answer
Q26:
15 May Shift 2
Financial Statements > Nature/Structure
Easy
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.
Correct Answer
Option 1
Correct Answer
Q27:
15 May Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 1
Correct Answer
Q28:
15 May Shift 1
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 1
Correct Answer
Q29:
14 May Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 3
Correct Answer
Q30:
14 May Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 3
Correct Answer
Q31:
14 May Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 2
Correct Answer
Q32:
14 May Shift 1
Financial Statements > Nature/Structure
Medium
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.
Correct Answer
Option 3
Correct Answer
Q33:
14 May Shift 1
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 3
Correct Answer
Q34:
14 May Shift 1
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 3
Correct Answer
Q35:
13 May Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 4
Correct Answer
Q36:
13 May Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 1
Correct Answer
Q37:
13 May Shift 2
Financial Statements > Nature/Structure
Easy
Balance Sheet provides information about financial position of the enterprise:
Correct Answer
Option 1
Correct Answer
Q38:
13 May Shift 1
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 3
Correct Answer
Q39:
13 May Shift 1
Financial Statements > Nature/Structure
Easy
Current liabilities does not include:
Correct Answer
Option 4
Correct Answer
Q40:
13 May Shift 1
Financial Statements > Nature/Structure
Easy
Read the information carefully and answer the given questions
| Particulars | Amount (Rs.) |
|----------------------------|--------------|
| Inventories | 50,000 |
| Trade Receivables | 50,000 |
| Advance Tax | 4,000 |
| Cash and Cash Equivalents | 30,000 |
| Trade Payables | 1,00,000 |
| Bank overdraft | 4,000 |
Amount of Total current liabilities are:
Correct Answer
Option 3
Correct Answer
Q41:
13 May Shift 1
Financial Statements > Nature/Structure
Easy
Read the information carefully and answer the given questions
| Particulars | Amount (Rs.) |
|----------------------------|--------------|
| Inventories | 50,000 |
| Trade Receivables | 50,000 |
| Advance Tax | 4,000 |
| Cash and Cash Equivalents | 30,000 |
| Trade Payables | 1,00,000 |
| Bank overdraft | 4,000 |
Amount of Total Current Assets are:
Correct Answer
Option 3
Correct Answer
Q42:
CUET Accountancy 2024 Slot 1
Financial Statements > Nature/Structure
Easy
Window dressing is a practice
Correct Answer
Option 1
Correct Answer
Q43:
CUET Accountancy 2024 Slot 1
Financial Statements > Nature/Structure
Medium
<ul> <li>(A) Commencement of Business </li> <li> (B) Incorporation </li> <li> (C) Promotion </li> <li> (D) Floatation </li> </ul>
Arrange the following steps in the correct sequence of the life of a company:
Correct Answer
Option 4
Correct Answer
Q44:
20 June Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 1
Correct Answer
Q45:
20 June Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 3
Correct Answer
Q46:
20 June Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 2
Correct Answer
Q47:
20 June Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 2
Correct Answer
Q48:
20 June Shift 2
Financial Statements > Nature/Structure
Easy
From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question.
| Debit Balance | Amount (Rs.) | Credit Balance | Amount (Rs.) |
|---|---|---|---|
| Building | 6,25,000 | Admissions fees | 12,500 |
| Furniture | 1,00,000 | Tuition fees received | 5,00,000 |
| Library Books | 1,50,000 | Creditors for supplies | 15,000 |
| Investment @12% | 5,00,000 | Rent for the school hall | 10,000 |
| Salaries | 5,00,000 | Miscellaneous receipts | 30,000 |
| Stationery | 40,000 | Government grant | 3,50,000 |
| General expenses | 18,000 | General fund | 10,00,000 |
| Sports expenses | 15,000 | Donation for library books | 62,500 |
| Cash at bank | 50,000 | Sale of old furniture | 20,000 |
| Cash in hand | 2,000 | | |
| | 20,00,000 | | 20,00,000 |
Additional Information:
i. Tuition fee yet to be received for the year are Rs.25,000
ii. Salaries yet to be paid amount to Rs.30,000
iii. Furniture costing Rs.40,000 was purchased on October 1, 2016.
iv. The book value of the furniture sold was Rs.50,000 on April 1, 2016
v. Depreciation is to be charged @10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.
Loss on sale of furniture is
Correct Answer
Option 2
Correct Answer
Q49:
20 June Shift 2
Financial Statements > Nature/Structure
Hard
From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question.
| Debit Balance | Amount (Rs.) | Credit Balance | Amount (Rs.) |
|---|---|---|---|
| Building | 6,25,000 | Admissions fees | 12,500 |
| Furniture | 1,00,000 | Tuition fees received | 5,00,000 |
| Library Books | 1,50,000 | Creditors for supplies | 15,000 |
| Investment @12% | 5,00,000 | Rent for the school hall | 10,000 |
| Salaries | 5,00,000 | Miscellaneous receipts | 30,000 |
| Stationery | 40,000 | Government grant | 3,50,000 |
| General expenses | 18,000 | General fund | 10,00,000 |
| Sports expenses | 15,000 | Donation for library books | 62,500 |
| Cash at bank | 50,000 | Sale of old furniture | 20,000 |
| Cash in hand | 2,000 | | |
| | 20,00,000 | | 20,00,000 |
Additional Information:
i. Tuition fee yet to be received for the year are Rs.25,000
ii. Salaries yet to be paid amount to Rs.30,000
iii. Furniture costing Rs.40,000 was purchased on October 1, 2016.
iv. The book value of the furniture sold was Rs.50,000 on April 1, 2016
v. Depreciation is to be charged @10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.
Depreciation on furniture is:
Correct Answer
Option 3
Correct Answer
Q50:
20 June Shift 2
Financial Statements > Nature/Structure
Easy
From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question.
| Debit Balance | Amount (Rs.) | Credit Balance | Amount (Rs.) |
|---|---|---|---|
| Building | 6,25,000 | Admissions fees | 12,500 |
| Furniture | 1,00,000 | Tuition fees received | 5,00,000 |
| Library Books | 1,50,000 | Creditors for supplies | 15,000 |
| Investment @12% | 5,00,000 | Rent for the school hall | 10,000 |
| Salaries | 5,00,000 | Miscellaneous receipts | 30,000 |
| Stationery | 40,000 | Government grant | 3,50,000 |
| General expenses | 18,000 | General fund | 10,00,000 |
| Sports expenses | 15,000 | Donation for library books | 62,500 |
| Cash at bank | 50,000 | Sale of old furniture | 20,000 |
| Cash in hand | 2,000 | | |
| | 20,00,000 | | 20,00,000 |
Additional Information:
i. Tuition fee yet to be received for the year are Rs.25,000
ii. Salaries yet to be paid amount to Rs.30,000
iii. Furniture costing Rs.40,000 was purchased on October 1, 2016.
iv. The book value of the furniture sold was Rs.50,000 on April 1, 2016
v. Depreciation is to be charged @10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.
The closing value of Building as on 31.3.2017 was:
Correct Answer
Option 1
Correct Answer
Q51:
20 June Shift 2
Financial Statements > Nature/Structure
Easy
From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question.
| Debit Balance | Amount (Rs.) | Credit Balance | Amount (Rs.) |
|---|---|---|---|
| Building | 6,25,000 | Admissions fees | 12,500 |
| Furniture | 1,00,000 | Tuition fees received | 5,00,000 |
| Library Books | 1,50,000 | Creditors for supplies | 15,000 |
| Investment @12% | 5,00,000 | Rent for the school hall | 10,000 |
| Salaries | 5,00,000 | Miscellaneous receipts | 30,000 |
| Stationery | 40,000 | Government grant | 3,50,000 |
| General expenses | 18,000 | General fund | 10,00,000 |
| Sports expenses | 15,000 | Donation for library books | 62,500 |
| Cash at bank | 50,000 | Sale of old furniture | 20,000 |
| Cash in hand | 2,000 | | |
| | 20,00,000 | | 20,00,000 |
Additional Information:
i. Tuition fee yet to be received for the year are Rs.25,000
ii. Salaries yet to be paid amount to Rs.30,000
iii. Furniture costing Rs.40,000 was purchased on October 1, 2016.
iv. The book value of the furniture sold was Rs.50,000 on April 1, 2016
v. Depreciation is to be charged @10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.
The total expenses on account of salary to be debited to Income and Expenditure A/c for the year 2016-17 was:
Correct Answer
Option 2
Correct Answer
Q52:
20 June Shift 2
Financial Statements > Nature/Structure
Easy
From the trial balance and other information provided by school for the year ended 31st March 2017. Answer the question.
| Debit Balance | Amount (Rs.) | Credit Balance | Amount (Rs.) |
|---|---|---|---|
| Building | 6,25,000 | Admissions fees | 12,500 |
| Furniture | 1,00,000 | Tuition fees received | 5,00,000 |
| Library Books | 1,50,000 | Creditors for supplies | 15,000 |
| Investment @12% | 5,00,000 | Rent for the school hall | 10,000 |
| Salaries | 5,00,000 | Miscellaneous receipts | 30,000 |
| Stationery | 40,000 | Government grant | 3,50,000 |
| General expenses | 18,000 | General fund | 10,00,000 |
| Sports expenses | 15,000 | Donation for library books | 62,500 |
| Cash at bank | 50,000 | Sale of old furniture | 20,000 |
| Cash in hand | 2,000 | | |
| | 20,00,000 | | 20,00,000 |
Additional Information:
i. Tuition fee yet to be received for the year are Rs.25,000
ii. Salaries yet to be paid amount to Rs.30,000
iii. Furniture costing Rs.40,000 was purchased on October 1, 2016.
iv. The book value of the furniture sold was Rs.50,000 on April 1, 2016
v. Depreciation is to be charged @10% p.a. on furniture, 15% p.a. on Library books, and 5% p.a. on building.
Tuition fee to be credited to Income and Expenditure account is:
Correct Answer
Option 1
Correct Answer
Q53:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
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 :
Correct Answer
Option 2
Correct Answer
Q54:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
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 :
Correct Answer
Option 4
Correct Answer
Q55:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
Non-Cash transactions will be excluded from :
Correct Answer
Option 1
Correct Answer
Q56:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
Intangible assets should be recognised by fulfilling the criteria as recognised under :
Correct Answer
Option 2
Correct Answer
Q57:
11 June Shift 3
Financial Statements > Nature/Structure
Hard
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 :
Correct Answer
Option 1
Correct Answer
Q58:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
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 :
Correct Answer
Option 3
Correct Answer
Q59:
11 June Shift 3
Financial Statements > Nature/Structure
Medium
If the credit side of Receipt and Payment A/c is more than the debit side then the difference will be shown as :
Correct Answer
Option 1
Correct Answer
Q60:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
Subscription Received in Advance is a :
Correct Answer
Option 1
Correct Answer
Q61:
11 June Shift 3
Financial Statements > Nature/Structure
Easy
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 :
Correct Answer
Option 1
Correct Answer
Q62:
29 May Shift 2
Financial Statements > Nature/Structure
Easy
Select the sub-head under which loose tools will be shown in the Balance Sheet of a company -
Correct Answer
Option 3
Correct Answer
Q63:
29 May Shift 2
Financial Statements > Nature/Structure
Easy
Identify the term that is used to show the amount received as per the will of a deceased person.
Correct Answer
Option 4
Correct Answer
Q64:
29 May Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 4
Correct Answer
Q65:
29 May Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 1
Correct Answer
Q66:
29 May Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 3
Correct Answer
Q67:
29 May Shift 2
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:
Correct Answer
Option 2
Correct Answer
Q68:
29 May Shift 2
Financial Statements > Nature/Structure
Hard
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:
Correct Answer
Option 1
Correct Answer
Q69:
29 May Shift 2
Financial Statements > Nature/Structure
Easy
Identify the term that indicate excess of Expenditure over Income, in case of a Not-for-profit Organisation.
Correct Answer
Option 3
Correct Answer
Q70:
28 May Shift 1
Financial Statements > Nature/Structure
Easy
If there appears a Tournament Fund, then the expenses incurred on Tournament activities will be shown :
Correct Answer
Option 4
Correct Answer
Q71:
28 May Shift 1
Financial Statements > Nature/Structure
Medium
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 :
Correct Answer
Option 2
Correct Answer
Q72:
28 May Shift 1
Financial Statements > Nature/Structure
Easy
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 :
Correct Answer
Option 2
Correct Answer
Q73:
28 May Shift 1
Financial Statements > Nature/Structure
Medium
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 |
Correct Answer
Option 1
Correct Answer
Q74:
28 May Shift 1
Financial Statements > Nature/Structure
Medium
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 :
Correct Answer
Option 2
Correct Answer
Q75:
28 May Shift 1
Financial Statements > Nature/Structure
Easy
An annual report is furnished by a company to its :
Correct Answer
Option 3
Correct Answer
Q76:
30 Aug Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 2
Correct Answer
Q77:
30 Aug Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 2
Correct Answer
Q78:
30 Aug Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 4
Correct Answer
Q79:
30 Aug Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 4
Correct Answer
Q80:
23 Aug Shift 2
Financial Statements > Nature/Structure
Easy
Which of the following is not included in Non-current liabilities, while preparing a Balance Sheet of a company :
Correct Answer
Option 4
Correct Answer
Q81:
23 Aug Shift 2
Financial Statements > Nature/Structure
Medium
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 :
Correct Answer
Option 4
Correct Answer
Q82:
23 Aug Shift 2
Financial Statements > Nature/Structure
Easy
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 :
Correct Answer
Option 3
Correct Answer
Q83:
23 Aug Shift 2
Financial Statements > Nature/Structure
Hard
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.
Correct Answer
Option 1
Correct Answer
Q84:
23 Aug Shift 2
Financial Statements > Nature/Structure
Medium
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.
Correct Answer
Option 2
Correct Answer
Q85:
23 Aug Shift 2
Financial Statements > Nature/Structure
Hard
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
Correct Answer
Option 3
Correct Answer
Q86:
23 Aug Shift 2
Financial Statements > Nature/Structure
Medium
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
Correct Answer
Option 1
Correct Answer
Q87:
8 Aug Shift 2
Financial Statements > Nature/Structure
Hard
Which one of the following items will be added in debit balance of cash book in the preparation of bank reconciliation statement?
Correct Answer
Option 3
Correct Answer
Q88:
8 Aug Shift 2
Financial Statements > Nature/Structure
Medium
Which one of the following is not true?
Correct Answer
Option 3
Correct Answer
Q89:
8 Aug Shift 2
Financial Statements > Nature/Structure
Easy
Financial statements are:
Correct Answer
Option 2
Correct Answer
Q90:
20 July Shift 1
Financial Statements > Nature/Structure
Medium
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 ?
Correct Answer
Option 1
Correct Answer
Q91:
20 July Shift 1
Financial Statements > Nature/Structure
Easy
The closing balance of Receipts and Payments Account depicts _________.
Correct Answer
Option 3
Correct Answer
Q92:
20 July Shift 1
Financial Statements > Nature/Structure
Easy
Income ad Expenditure Account is prepared on (a)_________ basis, while Receipts and Payments Account is prepared on (b)_________ basis.
Correct Answer
Option 3
Correct Answer
Q93:
20 July Shift 1
Financial Statements > Nature/Structure
Easy
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 :
Correct Answer
Option 1
Correct Answer
Q94:
20 July Shift 1
Financial Statements > Nature/Structure
Medium
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.
Correct Answer
Option 2
Correct Answer
Q95:
16 July Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 4
Correct Answer
Q96:
16 July Shift 2
Financial Statements > Nature/Structure
Medium
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:
Correct Answer
Option 2
Correct Answer
Q97:
16 July Shift 2
Financial Statements > Nature/Structure
Hard
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:
Correct Answer
Option 3
Correct Answer
Q98:
16 July Shift 2
Financial Statements > Nature/Structure
Medium
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
Correct Answer
Option 2
Correct Answer
Q99:
16 July Shift 2
Financial Statements > Nature/Structure
Medium
Pragya Madan, an Ex Indian hockey woman player decided to start a hockey academy to train young enthusiastic girls of her village with the support of her family, She started Bright Hockey Academy. On 1st April 2022. Her neighbor Ishwar died and he willed his land to start the academy. Her father 'Ramkumar' spent Rs.20,00,000 for construction of pavilion. 100 young girls joined the academy and they paid yearly of Rs.1,000 each. 10 members paid a single amount Rs.25,000 to get life membership. Hockey and balls purchased during the year amounted to Rs.27,000 Closing stock of these item is nil. Based on the above information you are required to answer the questions.
Land donated by neighbor is
Correct Answer
Option 1
Correct Answer
Q100:
16 July Shift 2
Financial Statements > Nature/Structure
Medium
Pragya Madan, an Ex Indian hockey woman player decided to start a hockey academy to train young enthusiastic girls of her village with the support of her family, She started Bright Hockey Academy. On 1st April 2022. Her neighbor Ishwar died and he willed his land to start the academy. Her father 'Ramkumar' spent Rs.20,00,000 for construction of pavilion. 100 young girls joined the academy and they paid yearly of Rs.1,000 each. 10 members paid a single amount Rs.25,000 to get life membership. Hockey and balls purchased during the year amounted to Rs.27,000 Closing stock of these item is nil. Based on the above information you are required to answer the questions.
Treatment of construction of pavilion is
Correct Answer
Option 1
Correct Answer
Q101:
16 July Shift 2
Financial Statements > Nature/Structure
Medium
Pragya Madan, an Ex Indian hockey woman player decided to start a hockey academy to train young enthusiastic girls of her village with the support of her family, She started Bright Hockey Academy. On 1st April 2022. Her neighbor Ishwar died and he willed his land to start the academy. Her father 'Ramkumar' spent Rs.20,00,000 for construction of pavilion. 100 young girls joined the academy and they paid yearly of Rs.1,000 each. 10 members paid a single amount Rs.25,000 to get life membership. Hockey and balls purchased during the year amounted to Rs.27,000 Closing stock of these item is nil. Based on the above information you are required to answer the questions.
Life Membership fees of Rs.25,000 is
Correct Answer
Option 4
Correct Answer
Q102:
16 July Shift 2
Financial Statements > Nature/Structure
Medium
Pragya Madan, an Ex Indian hockey woman player decided to start a hockey academy to train young enthusiastic girls of her village with the support of her family, She started Bright Hockey Academy. On 1st April 2022. Her neighbor Ishwar died and he willed his land to start the academy. Her father 'Ramkumar' spent Rs.20,00,000 for construction of pavilion. 100 young girls joined the academy and they paid yearly of Rs.1,000 each. 10 members paid a single amount Rs.25,000 to get life membership. Hockey and balls purchased during the year amounted to Rs.27,000 Closing stock of these item is nil. Based on the above information you are required to answer the questions.
Amount of subscription credited during the year will be
Correct Answer
Option 1
Correct Answer
Q103:
16 July Shift 2
Financial Statements > Nature/Structure
Easy
Pragya Madan, an Ex Indian hockey woman player decided to start a hockey academy to train young enthusiastic girls of her village with the support of her family, She started Bright Hockey Academy. On 1st April 2022. Her neighbor Ishwar died and he willed his land to start the academy. Her father 'Ramkumar' spent Rs.20,00,000 for construction of pavilion. 100 young girls joined the academy and they paid yearly of Rs.1,000 each. 10 members paid a single amount Rs.25,000 to get life membership. Hockey and balls purchased during the year amounted to Rs.27,000 Closing stock of these item is nil. Based on the above information you are required to answer the questions.
Sports material consumed during financial year 2022-2023 will be of
Correct Answer
Option 1
Correct Answer
Q104:
15 July Shift 2
Financial Statements > Nature/Structure
Easy
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:
Correct Answer
Option 1
Correct Answer
Q105:
15 July Shift 2
Financial Statements > Nature/Structure
Easy
Financial Statements of a company does not include
Correct Answer
Option 4
Correct Answer