Financial statements of a company MCQs | Class 12 Accountancy Chapter 3 MCQ Question and Answers

by | Jan 10, 2025 | General | 0 comments

 

Financial statements of a company MCQ Question Answers suitable for CUET 2025 from Class 12 Accountancy Chapter 3

To score full marks in the CUET 2025 Accountancy exam, Practice Class 12 Accountancy Chapter 3 Financial statements of a company MCQ Test any number of times free on our website. These questions have been created by our experts from the latest Class 12 Accountancy Syllabus and as per latest exam pattern. Multiple Choice Questions (MCQs) are a type of objective assessment in which a person is asked to choose one or more correct answers from a list of available options. An MCQ presents a question along with several possible answers. Most of the exams in India including the CUET exam conduct an online test to check your knowledge.

Class 12 Accountancy Chapter 3 MCQs

1. Which of the following is not required to be prepared under the Companies Act?
a.
b.
c.
d.

2. Which Item is show under the head ` long term borrowings ` while preparing balance sheet?
a.
b.
c.
d.

3. Preliminary expenses are to be written-off completely in the year in which such expenses are incurred. Such expenses Should be Written-off First From______.
a.
b.
c.
d.

4. Amount set aside to meet losses due to bad debts is called:
a.
b.
c.
d.

5. Closing stock should be valued at Cost or Market price, whichever is lower. What Resembles with the nature of statement above?
a.
b.
c.
d.

6. _______assumes that the enterprise is treated as a going concern and exists for a longer period of time So the assets are shown on historical cost basis.
a.
b.
c.
d.

7. Which of the Following is An Incorrect Feature of Presentation of Financial Statements?
a.
b.
c.
d.

8. While, preparing statement of profit and loss the revenue is included in the sales of the year in which the sale was undertaken even though the sale price may be received over a number of years. The assumption is known as _____.
a.
b.
c.
d.

9. As per Schedule III, Part I of the Companies Act, 2013 ’Calls-in-arrears’ will be presented under which of the following head/sub-head, in the Balance Sheet of a company?
a.
b.
c.
d.

10. Purchase of goods for reselling is shown in the Statement of Profit and Loss under:
a.
b.
c.
d.

11. Which of the Following is A Correct Feature of Presentation of Financial Statements?
a.
b.
c.
d.

12. Financial Statements reflect a combination of recorded facts, personal judgements and ______
a.
b.
c.
d.

13. According to which Schedule of the Indian Companies Act, 2013, Indian companies have to prepare Balance Sheet:
a.
b.
c.
d.

14. _____ is the diminution in the value of fixed assets whereas _____ is writing off the amount relating to intangible assets.
a.
b.
c.
d.

15. Which of the following is the element of financial statements?
a.
b.
c.
d.

16. _______are the basic and formal annual reports through which the corporate management communicates financial information to its owners and various other external parties.
a.
b.
c.
d.

17. Interest Accrued and due on debentures appear in a company’s Balance sheet under the sub head_____.
a.
b.
c.
d.

18. These reports have to provide the significant policies, concepts followed in the process of accounting and changes taken up in them during the year to understand these statements in a better way should be under purview of?
a.
b.
c.
d.

19. Which of the following is not a part of Finance Cost in Statement of Profit and Loss?
a.
b.
c.
d.

20. Which of the following is not a subhead of current liabilities?
a.
b.
c.
d.


 

 

To summarize, revising for free using our MCQs on Class 12 Accountancy Chapter 3 Financial statements of a company is highly beneficial for scoring full marks on the CUET 2025 Accountancy exam. We provide a sophisticated online test platform tailored for unlimited practice through proficiently crafted questions built on the most recent syllabus and exam pattern. Practicing MCQs regularly will boost conceptual understanding as they are significant for objective assessments. Start practicing now to succeed in your CUET 2025 Accountancy exam!

Also See : 

Class 12 Accountancy Part 1

Accounting for share capital MCQs Class 12 Accountancy Chapter 1 (Part 1)

Accounting for partnership: basic concepts MCQs Class 12 Accountancy Chapter 2 (Part 1)

Analysis of financial statements MCQs Class 12 Accountancy Chapter 4 (Part 1)

Accounting ratios MCQs Class 12 Accountancy Chapter 5 (Part 1)

Cash flow statement MCQs Class 12 Accountancy Chapter 6 (Part 1)

Class 12 Accountancy Part 2

Accounting for not for profit organisation MCQs Class 12 Accountancy Chapter 1 (Part 2)

Issue and redemption of debentures MCQs Class 12 Accountancy Chapter 2 (Part 2)

Reconstitution of a partnership firm – admission of a partner MCQs Class 12 Accountancy Chapter 3 (Part 2)

Retirement/death of a partner MCQs Class 12 Accountancy Chapter 4 (Part 2)

Dissolution of partnership firm MCQs Class 12 Accountancy Chapter 5 (Part 2)

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