Accountancy MCQ Class 12 Chapter 8 | Financial Statements of a Company | Accountancy Quiz for Class 12 and Other Competitive Exams

Accountancy MCQ Class 12 Chapter 8: Check the below NCERT MCQ Questions for Accountancy MCQ Class 12 Chapter 8 with Answers Pdf free download. Accountancy MCQ Class 12 Chapter 8 Questions for Accountancy with Answers were prepared based on the latest exam pattern. We have provided Accountancy MCQ Class 12 Chapter 8 with Answers to help students understand the concept very well.

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Accountancy MCQ Class 12 Chapter 8


1. Which section of the Companies Act, 2013 requires that the balance sheet be prepared in the prescribed form?
(a) Section 128
(b) Section 130
(c) Section 129
(d) Section 212

View Answer

(c) Section 129


2. Which of the following is not a part of the financial statement of a company?
(a) Profit and loss A/c
(b) Balance sheet
(c) Ledger account
(d) Cash flow statement

View Answer

(c) Ledger account


3. Which of the following is the element of financial statements?
(a) Balance Sheet
(b) Profit & Loss A/c
(c) Both (a) and (b)
(d) None of these

View Answer

(c) Both (a) and (b)


4. Which of the following is not required to be prepared under the Companies Act:
(a) Statement of Profit & Loss
(b) Balance Sheet
(c) Anditor’s Report
(d) Fund Flow Statement

View Answer

(c) Anditor’s Report


5. Share capital is shown in the balance sheet under the head?
(a) Authorised capital
(b) Issued capital
(c) Paid-up capital
(d) Shareholders’ funds

View Answer

(d) Shareholders’ funds


6. Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,000. Then total assets will be :
(a) ₹ 1.70,000
(b) ₹ 1,50,000
(c) ₹1,10,000
(d) ₹ 80,000

View Answer

(a) ₹ 1.70,000


7. Debit balance of profit and loss statement will be shown on _____.
(a) Assets side of balance sheet
(b) Liabilities side of balance sheet
(c) Under the head reserve and surplus
(d) Under the head reserves and surplus as a negative item

View Answer

(d) Under the head reserves and surplus as a negative item


8. The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called:
(a) Capital Reserve
(b) General Reserve
(c) Secret Reserve
(d) Specific Reserve

View Answer

(d) Specific Reserve


9. An Annual Report is issued by a company to its:
(a) Directors
(b) Authors
(c) Shareholders
(d) Management

View Answer

(c) Shareholders


10. Provision for provident funds is shown in the balance sheet of a company under the head ________.
(a) Reserves and surplus
(b) Non-current liabilities
(c) Provision
(d) Contingent liabilities

View Answer

(b) Non-current liabilities


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