WorksheetsBalance Sheet Classification Questions
Total questions: 16
Worksheet time: 8mins
Debentures are classified under which head in the Balance Sheet?
Short-term borrowings
Long-term borrowings
Reserves and Surplus
Current liabilities
Goodwill appears under which main heading in the Balance Sheet?
Non-current assets
Current assets
Reserves and Surplus
Share capital
Securities Premium Reserve is shown under which head?
Share capital
Non-current liabilities
Reserves and Surplus
Other current liabilities
Advance tax paid is shown under which classification?
Other current assets
Short-term borrowings
Current liabilities
Cash and cash equivalents
Closing stock is shown on which side and under which head?
Assets side – Current assets
Assets side – Non-current assets
Liabilities side – Current liabilities
Liabilities side – Reserves and Surplus
Outstanding expenses are recorded under which section?
Current liabilities
Current assets
Non-current liabilities
Shareholders’ funds
Prepaid expenses appear as:
Current liabilities
Current assets
Non-current assets
Reserves and Surplus
Which of the following is not a part of Shareholders’ Funds?
Share capital
Reserves and Surplus
Which of the following items is shown under Non-current assets (Tangible)?
Patents
Trade receivables
Land and Buildings
Short-term investments
Trade payables are grouped under:
Shareholders’ funds
Non-current liabilities
Current liabilities
Non-current assets
Which one of the following is an intangible asset?
Furniture
Building
Patent
Machinery
From the following, identify the 'odd one out' as per Balance Sheet classification:
Inventory
Trade receivables
Cash at bank
Plant and Machinery
Proposed dividend (if shown) is treated as:
Non-current liability
Current liability
Contingent liability
Provision under current liabilities
Which of the following does not affect the Balance Sheet total?
Outstanding expenses
Closing stock
Prepaid insurance
Depreciation charged
Short-term provisions include:
Provision for taxation
Debentures
Trade payable
Which of the following is an example of a provision?
Provision for taxation
Capital reserve
Share premium
Goodwill
