Free Accountancy Multiple Choice Questions for Class 12 CBSE along with the answers Chapter 8: Financial Statements of a Company. Accountancy MCQs for Class 12 chapter-wise with the answers are prepared based on the current exam pattern. Students will be able to tackle the MCQs with these answers to realise their spadework level.
1. Debit balance of profit and loss statement will be shown on _____.
(a) Assets side of balance sheet
(b) Liabilities side of balance sheet
(c) Under the head reserve and surplus
(d) Under the head reserves and surplus as a negative item
Answer: (d) Under the head reserves and surplus as a negative item
2. Provision for provident funds is shown in the balance sheet of a company under the head ________.
(a) Reserves and surplus
(b) Non-current liabilities
(c) Provision
(d) Contingent liabilities
Answer: (b) Non-current liabilities
3. Which of the following is not a part of the financial statement of a company?
(a) Profit and loss A/c
(b) Balance sheet
(c) Ledger account
(d) Cash flow statement
Answer: (c) Ledger account
4. Current assets on the assets side of the balance sheet of a company include ______.
(a) Sundry debtors
(b) Cash in hand
(c) Stock
(d) All of the above
Answer: (d) All of the above
5. Goodwill of a company is shown on the assets side of the balance sheet under the head of _________.
(a) Current assets
(b) Non-current assets
(c) Miscellaneous expenditure
(d) None of the above
Answer: (b) Non-current assets
6. Securities premium account is shown on the liabilities side in the balance sheet under the heading of _______.
(a) Reserves and surplus
(b) Current liabilities and provisions
(c) Share capital
(d) Contingent liabilities
Answer: (a) Reserves and surplus
7. Which section of the Companies Act, 2013 requires that the balance sheet be prepared in the prescribed form?
(a) Section 128
(b) Section 130
(c) Section 129
(d) Section 212
Answer: (c) Section 129
8. Share capital is shown in the balance sheet under the head?
(a) Authorised capital
(b) Issued capital
(c) Paid-up capital
(d) Shareholders’ funds
Answer: (d) Shareholders’ funds
9. Debentures are shown in the balance sheet under the head of _____.
(a) Short-term loan
(b) Secured loan
(c) Current liability
(d) Share capital
Answer: (b) Secured Loan
10. Under which heading of the balance sheet is general reserve shown?
(a) Miscellaneous expenditure
(b) Share capital
(c) Reserves and surplus
(d) None of the above
Answer: (c) Reserves and surplus
We trust that the Accountancy MCQs offered for Class 12 with respect to Chapter 8: Financial Statements of a Company will help you. Assuming you have any questions with answers to Class 12 CBSE Accountancy, Financial Statements of a Company MCQs, drop a remark underneath, and we will hit you up at the most punctual.
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