WorksheetsBalance Sheet Quiz
Total questions: 120
Worksheet time: 3600secs
Under which heading the item 'Bills discounted but not yet matured' will be shown in the Balance Sheet of a company?
Current liability
Current Assets
Contingent Liabilities
Unamortized Expenditure
According to the prescribed order of assets in a Company's Balance Sheet which the asset should be shown first of all?
Non-current Assets
Current Assets
Current Investments
Loans and Advances
Financial statements are summarised statements of accounting data that provide information of the business about
Current Assets and Quick Assets
Debt and Equity
Profitability and Financial Position
Operating and Non-operating Income
While preparing the Balance Sheet of a company, 6% debentures is shown under which head?
Share capital
Long term borrowings
Short term borrowings
None of these
Which of the following will not cover under finance cost?
Discount on issue of debentures written off
Interest paid on bank overdraft
Bank charges
Premium payable on redemption of debentures written off
The format of the financial statement of a company is prescribed in:
Section 129, Schedule III
Section 121, Schedule III
Section 130, Schedule III
Section 129, Schedule I
Surplus, i.e, Balance in Statement of Profit and Loss is shown as
Share capital
Reserves and Surplus
Other Long term Liabilities
Current Liabilities
In a company's Balance Sheet, the Debit (Negative) balance of Statement of Profit and Loss is shown under
Non-Current Liabilities
Current Liabilities
Non-Current Assets
Reserves and Surplus
Which of the following items is shown under the head 'Non-Current Assets', while preparing the Balance sheet of a company?
Underwriting Commission
Current Investment
Inventory
Patents
'Interest accrued but not due on loans, is shown in the companies balance sheet under the sub-head_________
Reserves and Surplus
other Current Liabilities
Contingent Liabilities
Shareholders Funds
ABC Ltd has an operating cycle of 20 months. A trade receivable is expected to be realized after 15 months, it will be classified under:
Current Asset
Non-current Asset
Can not be determined
None of these
The Balance Sheet provides information about the financial position of an enterprise:
Over a period of time
During a period of time
for a period of time
at a point of time
Under which of the following headings/subheadings, calls in Advance will be presented in the Balance Sheet of a company as per Schedule III part I of the Companies Act, 2013?
Current Liabilities
Share Capital
Share Application Money Pending Allotment
Reserves and Surplus
Identify the item which is not a part of Shareholders Funds:
Share Application Money Pending Allotment
Share Capital
Reserves and Surplus
Money Received against Share Warrants
Claim against the company not acknowledged as debts are shown under:
Current Liabilities
Contingent Liabilities
Non-current Liabilities
Capital commitments
A Trade Payable of a concern whose operating cycle is 18 months, is expected to be paid in 24 months will be classified as:
Current Liabilities
Non-Current Liabilities
Any of these
None of these
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?
Reserve and Surplus
Current Liability
Contingent Liabilities
Shareholders Funds
As per the Companies Act, the Balance Sheet of a company is required to be:
Horizontal Form
Vertical Form
Either Horizontal or vertical Form
Neither of the above
2,000, 9% debentures of ₹100 each out of 8,000, 9% debentures are redeemable within 12 months of the date of the Balance Sheet. They will be shown in the Current Liabilities as:
Short-term Borrowings
Other Current Liabilities
Trade Payables
Short term Provisions
Under which expense head is loss on the issue of debentures shown in Statement of Profit and Loss?
Cost of Debt
Other expenses
Finance cost
Operating Cost
Which of the following is not a subhead under the current assets?
Cash and Cash Equivalents
Trademarks
Short-term Loans and Advances
Inventories
From the given items which is a part of current liabilities:
Inventories
Trade Payables
Cash and Cash Equivalents
Trade Receivables
Which of the following is not a subhead of Current Liabilities?
Short Term Provisions
Trade Payables
Deferred Tax Liabilities
Other Current Liabilities
Securities Premium Reserve is shown under the sub-head __ of the company's Balance Sheet.
share capital
Long term Borrowings
Long term Provisions
None of these
Which of the following items is not shown under the head Other Current Liabilities, while preparing the company's Balance Sheet?
Calls in advance
Unpaid Dividend
Proposed Dividend
Interest accrued and due on Borrowings
The financial performance of an accounting entity for an accounting period is given by
Cash Flow Statement
Statement of Profit and Loss
Balance Sheet
Director's Report
Which of the following is not shown as Non-Current Liabilities?
Trade Payables
Long term Borrowings
Deferred Tax Liabilities
Long term Provisions
As per Schedule III, Part I of the companies Act, 2013 'Unpaid Dividend' will be presented under which of the following head/sub-head, in the Balance Sheet of a company?
Reserves and Surplus
Current Liabilities
contingent Liabilities
Shareholder's Funds
Debentures redeemable after 10 years from the date of issue are shown as
Long term Borrowings
Other Long term liabilities
Shor Term Borrowings
Other short term liabilities
Dividend earned by a Finance Company is shown in the Statement of Profit and Loss as:
Revenue from Operations
Other Income
Any of these
None of these
Which of the following will appear as Short-term Provision in a company's Balance Sheet?
Provision for taxation
Proposed dividend
Employees Provident find
All of these
Dev Ltd Purchased a plant and issued fully paid equity shares for consideration other than cash. These shares will be shown in notes to accounts to share capital as:
Issued capital
Subscribed but not fully paid
Subscribed and fully paid
Forfeited shares
Which of the following is not presented under 'Current Liabilities; in the Balance Sheet of a Company?
Short term Borrowings
Deferred Tax Liabilities
Short-term Provisions
Trade Payables
Raw Material purchased is shown in the statement of profit and loss as:
Purchase of stock in trade
Change in inventories
Cost of material consumed
Other expenses
Bank Overdraft and cash credit are shown under which head in the company's Balance Sheet?
Cash Equivalents
Non-Current Liabilities
Current Assets
Short term Borrowings
'Calls in Advance' is shown in the company's Balance Sheet under the head
Non-Current Asset
Current Liabilities
Shareholder's Funds
Non-current Liabilities
1,000, 9% debentures of ₹100 each are to be redeemed within 12 months of the date of the Balance Sheet. They will be shown in current liabilities as:
Short term borrowings
Other current liabilities
Current Liabilities
Short Term provisions
Unclaimed dividend is shown under Equity and Liabilities of Balance Sheet of a company under the heading:
Share Capital
Non-Current Liabilities
Current Liabilities
None of these
Which of the following is not a component of other incomes for a manufacturing concern?
Dividend received
Interest on investment
Sale of Scrap
Which of the following is not a component of other incomes for a manufacturing concern?
Dividend received
Interest on investment
Sale of Scrap
Rent received
Name the item out of the following which is shown as short term provision
Provision for Tax
Interest Accrued but not due
Employees Provident Fund
Interest Accrued and Due
If the Operating Cycle can not be identified, it is assumed to be a period of
10 months
11 months
9 months
12 months
Cash and Cash Equivalents does not include
Cheques
Balances with banks
Bank deposits with less than 12 month's maturity
Inventories
Equity is ₹ 90,000; Liabilities ₹ 60,000; Profit of the year ₹20,000. Then total assets will be:
₹ 1,70,000
₹ 1,50,000
₹ 1,10,000
₹ 80,000
The reserve which is created for a specific purpose and which is a charge against revenue is called:
Capital Reserve
General Reserve
Secret Reserve
Specific Reserve
Interest accrued but not due on investment will be shown under which head of current assets?
Short term loans and advances
Current investments
Other current assets
Cash and cash equivalents
Which of the following is not a component of 'Other Current Liabilities'?
Current maturity of long term debts
Calls in advance
Loan repayable on demand
Interest accrued and due on borrowings
Which one of the following is Commitment?
Proposed Dividend
Interim Dividend
Unpaid/Unclaimed Dividend
Dividend Arrears on Cumulative Preference Shares
Which of the following items is shown under the head 'Non-Current Assets' while preparing the Balance Sheet of a company?
Commission received in advance
Stores and spares
Marketable Securities
Copyrights and Patents
In a company's Balance Sheet, Provision for Employees Benefits to be settled within 12 months is shown under:
Non-current Liabilities
Current Liabilities
Non-Current Assets
Current Assets
Out of the following items, identify which is not shown in the Note to Accounts on other Expenses:
Courier Expenses
Internet Expenses
Rent for factory
Wages
Which of the following items is not shown under the head 'Non-Current Liabilites' while preparing the Balance Sheet of a company?
12% Debentures
Bank Overdraft
Premium on redemption of debentures
Provision for Warranty
Which of the following items is not shown under the head 'Shareholders Funds' while preparing the Balance Sheet of a company?
Capital Reserve
Subscribed Capital
Premium on redemption of debentures
Securities Premium Reserve
Money received against share Warrants is shown as
Shareholder's funds
Other Long Term Liabilities
Long term provisions
Other current liabilities
Which of the following is not a component of other income?
Dividend Income
Interest Income
Proceeds from the sale of scrap
Gain on sale of investment
Out of the following, identify the item that is not shown in the Note to Accounts on Finance Costs:
Interest paid on the term loan
Bank deposit
Interest paid on Bank Overdraft
Discount on issue of Debentures written off
Which of the following items is not shown under the head 'Current Liabilities' while preparing the Balance Sheet of a company?
Bank Overdraft
Interest accrued and due on debentures
Provision for earned leave
Trade Payables
Under which of the following head/subhead is 'Forfeited Sahres' presented in the Balance Sheet of a Company?
reserves and Surplus
Share Capital
Other Long term Liabilities
Other Current Liabilities
Which of the following is not the limitation of Financial Statements?
Ignore qualitative aspects
Personal bias
Ignores price level change
Provide information about the profitability of the business.
Share Application Money (Refundable) is shown as
Other Long term Liabilities
Other Current Liabilities
Short term Provisions
Shor Term Borrowings
Calls in Advance and interest payable thereon is shown as
Shareholders funds
Other non-current liabilities
Other current liabilities
Trade Payables
Which of these is not a component of 'Reserve and Surplus'.
Statement of Profit and Loss (Dr. balance)
Capital Reserve
Reserve Capital
Securities Premium Reserve
Purchase of goods for resale is shown in Statement of Profit and Loss as:
Revenue from Operations
Cost of Material consumed
Purchase of Stock in trade
Change in inventories
Mining Rights are
Tangible Fixed Assets
Intangible Fixed Assets
Intangible Assets Under Development
Capital Work in Progress
Premium on Redemption of Debentures is shown as
Long term Borrowings
Short Term Borrowings
Other long term liabilities
Shor term provisions
Interest and dividend earned by a financial company is shown in Statement of Profit and Loss under the sub-head:
Revenue from Operations
Other income
either a) or b)
neither a) nor b)
While preparing the balance sheet of a company 'Securities Premium' is shown under which major head:
Non-current liabilities
Current liabilities
Shareholder's funds
None of these
Loose Tools appear in the company's Balance Sheet under the head/sub-head.
Inventory
Non-current assets
Other current assets
stores and spare parts
Which of the following items is shown under the subhead 'Fixed Tangible Assets while preparing the balance sheet of a company?
Goodwill
Non-current investment
Inventory
Livestock
Unclaimed dividend is shown in equity and liabilities items of the balance sheet under sub-heading:
Reserve and Surplus
Short term Provisions
Current Liabilities
None of these
Surplus, i.e., in Statement of Profit and Loss is shown as
Share Capital
Reserves and Surplus
Other Long Term Liabilities
Current Liabilities
Which of the following is not an objective of Analysis of Financial Statements
To judge the financial health of the firm
To judge the short term and long term liquidity positions of the firm
To judge the reasons for the change in the profitability of the firm
To judge the variations in the accounting practices of the business followed by different enterprises
Fixed deposits from the public are shown in the balance sheet under the head:
Shareholders Funds
Non-current Liabilities
Non-current Assets
None of these
In the balance sheet of a company, provision for taxation is shown under:
Shareholders Funds - Reserve and Surplus
Non-current Liabilities - Long term Provisions
Current Liabilities - Short term provisions
None of the above
In a company's Balance Sheet, computer software is shown under the main head.
Non-current Liabilities
Current Liabilities
Non-current Assets
Current Assets
Which of the following is a limitation of financial analysis?
It is just a study of reports of the company
It judges the ability of the firm to repay its debts
It identifies the reasons for the change in a financial position
It ascertains the relative importance of different components of the financial positions of the firm
Calls in advance appear in a company's balance sheet under:
Share capital
Reserve and Surplus
Long term Provisions
Current Liabilities
Land, Building are:
Fixed Tangible Assets
Fixed Intangible Assets
Current Assets
Fictitious Assets
The Balance Sheet provides information about the financial position of an enterprise:
Over a period of time
During a period of time
For a period of time
At a point of time
The cial position of an enterprise:
Over a period of time
During a period of time
For a period of time
At a point of time
The balance sheet of a company is required to be prepared in the format given in _
Schedule III Part II
Schedule III Part I
Schedule III part III
Table A
As per the companies Act, the Balance Sheet of a company is required to be presented in _
Horizontal Form
Vertical Form
Either Horizontal or Vertical Form
Neither of the above
Which of the following is not required to be prepared under the Companies Act?
Statement of Profit and Loss
Balance Sheet
Report of Director's and Auditor's
Funds Flow Statement
In a Company's Balance Sheet _ appear under the head 'non current assets'.
Goodwill
Patents
Vehicles
All of the above
Calls in Arrears appear in a company's Balance Sheet under__________
Reserve & Surplus
Shareholders Funds
Contingent Liabilities
Short term Borrowings
Calls in advance appear in a Company's Balance Sheet under
Share Capital
Current Liability
Share Application money pending allotment
Reserve & Surplus
Short term Borrowings appear in a Company's Balance Sheet under the Head __________.
Current Assets
Current Liabilities
Non-Current Liabilities
Non-Current Assets
Public Deposits appear in a Company's Balance Sheet under:
Intangible Assets
Current Liabilities
Long term Provisions
Long term Borrowings
Goodwill appears in a company's Balance Sheet under the Sub-head __________.
Unamortized Assets
Non-current Investment
Intangible Assets
Tangible Assets
'Loose Tools' appear in the company's Balance Sheet under the head/sub-head:
Inventory
Non-current assets
Other current assets
Stores and Spare Parts
Share Forfeiture Account appears in a company's Balance Sheet under the Sub head___________
Share capital
Reserve and surplus
Other long term liabilities
Other Current Liabilities
Expenses allowed on the issue of shares appears in a company's Balance Sheet under:
Share Capital
Current Liability
Unamortized Expenditure
Contingent Liability
Prepaid expenses appear in a Company's Balance Sheet under the Sub-Head _____________.
Other Current Assets
Short term Loans & Advances
Intangible Assets
Other Non-Current Assets
_________ appear in a Company's Balance Sheet under the Sub-head Short term provision.
Interest Accrued but not due on Borrowings
Provision for Tax
Unpaid Dividend
Calls in Advance
Provision for Tax appears in a company's Balance Sheet under the Sub-head.
Short term Provisions
Reserves and Surplus
Long term Provisions
Other Current Liabilities
Bills Receivables appear in a company's Balance Sheet under the Sub-head
Current Investments
Cash Equivalents
Trade Receivables
Short term Loans and Advances
Trade Investments appear in a Company's Balance Sheet under the Sub-head
Current Investments
Non-current Investments
Intangible Assets
Short term Loans and Advances
Claims against the company are not acknowledged as debts' is shown under the head____________
Current Liabilities
Non-Current Liabilities
Commitments
Contingent Liabilities
The unclaimed dividend appears in a company's balance sheet under the subhead
Short term Borrowings
Trade Payables
Other current liabilities
Short term provisions
Interest accrued and due on debentures appear in a company's Balance Sheet under the Sub-head_____________
Short term Borrowings
Trade Payables
Other current Liabilities
Short term Provisions
Interest accrued but not due on loans appear in a company's Balance Sheet under the Sub-head____________
Short term Borrowings
Trade Payables
Other current liabilities
Short term Provisions
6% Debentures appear in a Company's Balance Sheet under the Sub-head______
Long term Provisions
Long term Borrowings
Other current liabilities
Other Long term liabilities
Interest accrued on Investments appear in a Company's Balance Sheet under the Sub-head____________
Non-current Investments
Current Investments
Other Current Assets
Other Non-Current Assets
'Accumulated Dividend Arrears' on preference Shares is shown in the Company's Balance Sheet as:
Current Liability
Contingent Liability
Commitments
short term Provision
50,000, 9% Debentures redeemable within 12 months of the date of the Balance Sheet will be shown under:
Short term Borrowings
Short term Provision
Other current liability
Trade Payables
Which one of the following is Commitment?
Proposed Dividend
Interim Dividend
Unpaid/Unclaimed Dividend
Dividend Arrears on Cumulative Preference Shares
Which of the following items is shown under the head 'Current Assets' while preparing the Balance Sheet of a Company?
Trade Investment
Underwriting Commission
Inventories
Livestock
While preparing the Balance Sheet of a company 'Underwriting Commission' is shown under which head?
Unamortized Expenditure
Current Assets
Non-current Assets
Current Liability
Which of the following items is shown under the head 'Current Liabilities' while preparing the Balance Sheet of a company?
Securities Premium Reserve
Debenture
Livestock
None of the above
While preparing the Balance Sheet of a Company 'Securities Premium' is shown under:
Current Liability
Share Capital
Long term Borrowings
None of the above
Which of the following items is shown under the head 'Non-Current Assets' while preparing the Balance Sheet of a company?
Underwriting Commission
Current Investment
Inventory
Patents
Under which heading the item 'Bills Discounted but not yet matured' will be shown in the Balance Sheet of a company?
Current Liability
Current Assets
Contingent Liabilities
Unamortized Expenditure
Which one of the following items are shown under the heading 'current liabilities in the Balance Sheet of a company?
Investments
Reserve Fund
Unclaimed Dividend
Livestock
Which one of the following is not presented under 'Current Liabilities' in the balance sheet of a company?
Short term Borrowings
Deferred Tax Liabilities
Short term Provisions
Trade Payables
While preparing the Balance Sheet of a company which item is shown under the head 'Long term Borrowings'?
6% Debentures
Security Premium Reserve
Trade Payables
None of the above
Share Capital of a company consists of 5,00,000 Shares of ₹10 each, ₹8 called up. All the shareholders have duly paid the called-up amount. Share capital will be shown as:
Subscribed and Fully paid
Subscribed but not Fully Paid
Both A and B
None of the above
Change in Inventories means:
Opening Inventories less Closing Inventories
Closing Inventories less Opening Inventories
Difference between opening inventories and closing inventories, if opening inventories are higher
Difference between closing inventories and opening inventories, if Closing inventories are higher.
Which of the following is not a sub-head under the Current Assets?
Cash and Cash Equivalents
Trademarks
Short term loans and advances
Inventories
'Security Deposits; are presented in the Balance Sheet of the company under the sub-head:
Other Non-current Assets
Long term Loans and advances
Fixed Assets
Other Current Liabilities
Which of the following is not a part of Finance Cost (in the statement of profit and loss)?
Bank charges
Interest paid on debentures
Interest paid on public deposits
Loss on issue of debentures
