Assets Side of Balance Sheet

Q. Capital work-in-progress is shown under the head .

1. Current Asset
2. Non-Current Asset
3. Short-term Asset
4. Long-term Asset

Q.

Bills Receivable is a:

1. Current Asset

2. Fictitious Asset

3. Intangible Asset

4. Tangible Fixed Asset

Q.

Which of these best explains fixed assets?

1. Are bought to be used in the business.e.

2. Are expensive items bought for the business.

3. Are items that will not wear out quickly.

4. Are of long life and are not purchased specifically for resale.

Q.

Are investments fixed assets?

Q.

What is the normal balance for an asset account?

1. Credit

2. Debit

3. Either A or B
4. None of these

Q. Under which heads will the following items be shown in the Balance Sheet of a Company

(i) Bank Balance;	(ii) Investments (Long-term);	(iii) Outstanding Salary;
(iv) Authorised Capital;	(v) Bills Payable;
(vi) Unclaimed Dividents;	(vii) Shares Option Outstanding Account;
(viii) General Reserve; and	(ix) Subsidy Reserve?

Q.

Which of the following is a category or element of the balance sheet?

1. Expenses

2. Gains

3. Liabilities

4. Losses

Q.

What Is Working Capital Answer in One Sentence?

Q.

ABC Co. has current assets of Rs. 50, 000 and total assets of Rs. 1, 50, 000. ABC has current liabilities of Rs. 30, 000 and total liabilities of Rs. 80, 000. What is the amount of ABC's Shareholders' Fund?

1. Rs. 30, 000

2. Rs. 70, 000

3. Rs. 1, 20, 000

4. Rs. 20, 000

Q.

Arrange the following steps involved in the process of financial planning in the correct sequence.

1. Preparation of a sales forecast, Estimation of expected profit, Preparation of financial statements

2. Preparation of a sales forecast, Preparation of financial statements, Estimation of expected profit

3. Preparation of financial statements, Estimation of expected profit, Preparation of a sales forecast

4. Estimation of expected profit, Preparation of a sales forecast, Preparation of financial statements

Q. The arrangement of assets and liabilities in accordance with a particular order is known as _________ of balance sheet.

1. tallying
2. marking
3. ruling
4. marshalling

Q.

What is the importance of long-term assets?

Q.

Patent is a/an:

1. All of these

2. Explainations

3. Notes to accounts

4. Disclosures

Q. Trial balance is an account.

1. True
2. False

Q. ABC Co. has current assets of ₹50, 000 and total assets of ₹1, 50, 000. It has a current liabilities of ₹30, 000 and total liabilities of ₹80, 000. What is the amount of the shareholders' fund?

1. ₹20, 000
2. ₹30, 000
3. ₹1, 20, 000
4. ₹70, 000

Q.

How many types of fixed assets are there?

Q. Total assets minus shareholders’ equity is:

[0.88 marks]

1. Total liabilities
2. Current liabilities
3. Non-current liabilities
4. Current assets

Q.

Another name for the balance sheet is ___________.

1. Statement of financial performance
2. None of these

3. Statement of financial position

4. Statement of operations

Q. A business firm periodically prepares a bank reconciliation statement to reconcile the bank balance as per the cash book with the pass book as these two show different balances for various reasons.

1. True
2. False

Q. The statement showing balance of all the ledger accounts is known as ______________.

1. Trial balance
2. Balance sheet
3. Bank reconciliation statement
4. Profit and loss account.

Q. Joint Venture with 'B' in the books of A is an example of Real Account.

1. True
2. False

Q.
Transfer of a negotiable instrument to another person by signing on it, is known as Endorsement.

1. True
2. False

Q. Favourable balance means .

1. debit balance in cash book
2. both (B) and (C)
3. credit balance in the cash book
4. credit balance in pass book

Q. Franchise rights, goodwill and patents are the examples of___________.

1. liquid assets
2. intangible assets
3. current assets
4. tangible assets

Q. Which of the followings are fixed assets?

1. Building
2. Bank Balance
3. Computer
4. Trade Receivable
5. Machinery
6. Land
7. Inventories
8. Car

Q. Which of the following statements is correct in relation to a trial balance?

1. It is a list of balances and forms the starting point for the preparation of the business accounts.
2. All the balances in the trial balance will be summarized on the business balance sheet.
3. It shows the financial position of a business.
4. None of the above.

Q.

Q. Which of the following statements is correct about trial balance?

1. A Trial balance is a list of all entries made in the books of account
2. A Trial balance is a list of balances in all assets accounts
3. A Trial balance is a list of balances in the cash account and all ledger accounts.
4. A Trial balance is another ledger account

Q. Installation Charges of a machinery purchased is_______.

1. Capital Expenditure
2. Revenue Expenditure
3. Deferred Revenue Expenditure
4. Prepaid Expenses

Q. Rights or economic benefits, such as franchises, patents, trademarks, copyrights, and goodwill that are not physical in nature are called _________.

1. intangible assets
2. long lived assets
3. wasting assets
4. depleting assets