ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer 

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

(Question 1 to 5)

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer 
ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

1. As per Section 2(40) of the Companies Act, 2013 Financial Statements includes :

(a) Balance Sheet or Position Statement
(b) Statement of Profit and Loss or Income Statement
(c) Notes to Accounts.
(d) Cash Flow Statement.
(e) All of these

2. A statement of assets, liabilities, and Equities of a business and it is prepared to show the financial position of the company at a particular date, is known as :

(a) Balance Sheet 
(b) Statement of Profit and Loss or Income Statement
(c) Notes to Accounts.
(d) Cash Flow Statement.

3. A statement prepared to show the result of business operations during an accounting period is known as :

(a) Balance Sheet 
(b) Statement of Profit and Loss or Income Statement
(c) Notes to Accounts.
(d) Cash Flow Statement.

4. A Statement of Profit & Loss of a Company is prepared as per the format prescribed in…

(a) Part II of Schedule III of the Companies Act, 2013
(b) Part I of Schedule III of the Companies Act, 2013
(c) Part III of Schedule III of the Companies Act, 2013
(d) None of these

5. A balance sheet of a Company is prepared as per the format prescribed in…

(a) Part II of Schedule III of the Companies Act, 2013
(b) Part I of Schedule III of the Companies Act, 2013
(c) Part III of Schedule III of the Companies Act, 2013
(d) None of these

Note: Answers are given below at the end.

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ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

(Question 6 to 10)

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer 
ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

6. Sub-head of, Reserves and Surplus includes…

(a) Capital Reserve, Securities Premium Reserve
(b) Debenture Redemption Reserve, Capital Redemption Reserve
(c) General Reserve, Sinking fund Revaluation Reserve
(d) All of these

7. Which of the following is not include in Long Term Borrowing…

(a) Debentures
(b) Bonds
(c) Loans from banks/mortgage loan
(d) Interest accrued and due on borrowings

8. Which of the following is not include in Short Term Provision…

(a) Provision for tax
(b) Provision for employees benefits
(c) Bills payables
(d) Provision for doubtful debts 

9. Which of the following is not include in Tangible fixed assets…

(a) Land and  Building
(b)  Machinery & Plant
(c)  Vehicles and Office equipment
(d)  Livestock
(e) Recipes, formula, model,designs

10. Which of the following are included in Intangible fixed assets…

(a) Goodwill
(b) Brands/trademarks
(c) Copyrights & patents, Mining rights
(d) Computer software,
Recipes, formula, model, designs
(e) All of these

Note: Answers are given below at the end.

ISC Final Accounts of Companies MCQs With Solved Answer

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

(Question 11 to 15)

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer 
ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

11. Which of the following is not include other Current Assets…

(a) Prepaid expense
(b) Advance Payment of taxes
(c) Interest accrued on investments
(d) Cash in hand

12. Which of the following are included in current assets…

(a) Current Investments ,Inventories
b) Trade Receivables
(c) Cash and cash equivalents
(d) Short-term loans and advances
(e)
 All of these

13. Which of the following pair is not correct.

(a) Loose tools – Inventories
(b) Provision for Employees benefits – Long-term provisions
(c) Unpaid Dividends – Other Current Liabilities
(d) Debtors  – Trade receivable
(e) Bills Payable  – Trade receivable

14. Which of the following is not shown as a Current Liability in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013?
(a) Trade Payable
(b) Short term Borrowings
(c) Deferred Tax Liabilities
(d) Short term Provisions

15. Which of the following is not shown as a Current Assets in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013?
(a) Trade Receivable
(b) Short term Loans and advances
(c) Deferred Tax Assets
(d) Bank

Note: Answers are given below at the end.

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

Issue of Debentures MCQs With Solved Answer

Answer – Question Number 1 To 5

1. Answer- (e) All of these

2. Answer- (a) Balance Sheet 

3. Answer- (b) Statement of Profit and Loss or Income Statement

4. Answer- (a) Part II of Schedule III of the Companies Act, 2013

5. Answer- (a) Part II of Schedule III of the Companies Act, 2013

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Answer – Question Number 6 To 10

6. Answer-  (d) All of these

7. Answer- (d) Interest accrued and due on borrowings

8. Answer-  (c) Bills payables

(9) (e) Recipes, formula, model,designs

(10) (e) All of these

ISC Accounts Redemption of Debentures MCQs With Solved Answer

Answer – Question Number 11 To 15

(11)(d) Cash in hand

(12) (e) All of these

(13) (e) Bills Payable  – Trade receivable

(14) (c) Deferred Tax Liabilities

(15) (c) Deferred Tax Assets

ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer 
ISC ACCOUNTS 12 Final Accounts of Companies MCQs With Solved Answer

 

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