CUET Accountancy - Financial Statements - Nature/Structure | Free Questions - Page 3

Q1:

2023: 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

Rs.20,000

Rs.30,000

Rs.25,000

Rs.28,000

Correct Answer

Option 2

Correct Answer

Explanation

Q2:

2023: 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:

Rs.10,000

Rs.3,500

Rs.5,000

Rs.3,000

Correct Answer

Option 3

Correct Answer

Explanation

Q3:

2023: 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:

Rs.5,93,750

Rs.5,39,750

Rs.5,40,000

Rs.5,37,950

Correct Answer

Option 1

Correct Answer

Explanation

Q4:

2023: 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:

Rs.5,80,000

Rs.5,30,000

Rs.4,70,000

Rs.4,80,000

Correct Answer

Option 2

Correct Answer

Explanation

Q5:

2023: 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:

Rs.5,25,000

Rs.5,00,000

Rs.5,15,000

Rs.4,75,000

Correct Answer

Option 1

Correct Answer

Explanation

Q6:

2023: 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 :

Rs. 95,000

Rs. 93,000

Rs. 82,000

Rs. 90,000

Correct Answer

Option 2

Correct Answer

Explanation

Q7:

2023: 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 :

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

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

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

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

Correct Answer

Option 4

Correct Answer

Explanation

Q8:

2023: 11 June Shift 3

Financial Statements

>

Nature/Structure

Easy

Non-Cash transactions will be excluded from :

Receipt and Payment A/c

Balance Sheet

Profit and loss A/c

Income and Expenditure A/c

Correct Answer

Option 1

Correct Answer

Explanation

Q9:

2023: 11 June Shift 3

Financial Statements

>

Nature/Structure

Easy

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

AS - 3

AS - 26

AS - 6

AS - 2

Correct Answer

Option 2

Correct Answer

Explanation

Q10:

2023: 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 :

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

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

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

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

Correct Answer

Option 1

Correct Answer

Explanation

Q11:

2023: 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 :

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

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

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

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

Correct Answer

Option 3

Correct Answer

Explanation

Q12:

2023: 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 :

Bank Overdraft

Commission

Bank charges

Interest

Correct Answer

Option 1

Correct Answer

Explanation

Q13:

2023: 11 June Shift 3

Financial Statements

>

Nature/Structure

Easy

Subscription Received in Advance is a :

Liability

Asset

Income

Expenditure

Correct Answer

Option 1

Correct Answer

Explanation

Q14:

2023: 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 :

(A) and (C) Only

(B) and (C) Only

(D) and (C) Only

(E) and (A) Only

Correct Answer

Option 1

Correct Answer

Explanation

Q15:

2023: 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 -

Current Assets

Trade Receivables

Inventories

Other current Assets

Correct Answer

Option 3

Correct Answer

Explanation

Q16:

2023: 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.

Specific Donations

Life membership fees

Subscription

Legacies

Correct Answer

Option 4

Correct Answer

Explanation

Q17:

2023: 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:

A, B, C and D only

A, B, C and E only

B, C, D and E only

A, C, D and E only

Correct Answer

Option 4

Correct Answer

Explanation

Q18:

2023: 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:

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

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

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

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

Correct Answer

Option 1

Correct Answer

Explanation

Q19:

2023: 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:

C, A, B, E, D

A, B, C, D, E

C, A, E, B, D

A, C, E, B, D

Correct Answer

Option 3

Correct Answer

Explanation

Q20:

2023: 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:

Long term provisions

Other long term liabilities

Deferred tax liabilities

Long term Borrowing

Correct Answer

Option 2

Correct Answer

Explanation

Q21:

2023: 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:

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

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

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

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

Correct Answer

Option 1

Correct Answer

Explanation

Q22:

2023: 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.

Payment

Expenditure

Deficit

Loss

Correct Answer

Option 3

Correct Answer

Explanation

Q23:

2023: 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 :

on the debit side of Income and Expenditure Account

on the credit side of Income and Expenditure Account

by way of adding to the Tournament Fund

by way of subtracting/deducting from Tournament Fund

Correct Answer

Option 4

Correct Answer

Explanation

Q24:

2023: 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 :

Rs. 10,25,000

Rs. 11,40,000

Rs. 10,75,000

Rs. 10,35,000

Correct Answer

Option 2

Correct Answer

Explanation

Q25:

2023: 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 :

Rs. 10,000 on the receipts side

Rs. 7000 on the receipts side

Rs. 3000 on the payment side

Rs. 3000 on the receipts side

Correct Answer

Option 2

Correct Answer

Explanation

Q26:

2023: 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

Rs. 3,63,000

Rs. 2,63,000

Rs. 3,36,000

Rs. 2,36,000

Correct Answer

Option 1

Correct Answer

Explanation

Q27:

2023: 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 :

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

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

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

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

Correct Answer

Option 2

Correct Answer

Explanation

Q28:

2023: 28 May Shift 1

Financial Statements

>

Nature/Structure

Easy

An annual report is furnished by a company to its :

Directors

Auditors

Shareholders

Management

Correct Answer

Option 3

Correct Answer

Explanation

Q29:

2022: 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:

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

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

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

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

Correct Answer

Option 2

Correct Answer

Explanation

Q30:

2022: 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:

A, C, B only

A, C, D only

E, A, D only

B, A, C only

Correct Answer

Option 2

Correct Answer

Explanation

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