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

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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

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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

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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

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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

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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

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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

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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

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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

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

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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

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