Preparation of Final Accounts of Companies MCQ (Free) | Companies Act 2013
Preparation of Final Accounts of Companies
1. Which of the following items do not come under, reserves & surplus __________ .
a) capital redemption reserve
b) general reserve
c) provident fund
d) sinking fund
2. Opening balance of Profit & Loss A/c was Rs 7,500, dividend paid Rs 1,500 ending balance of Profit & Loss A/c was ` 5000. Net income / net loss was ___________ .
a) loss Rs 1,000
b) Net loss Rs 2,000
c) Net Income Rs 1,000
d) Income Rs 6,500
3. The final accounts of companies are to be prepared in accordance with the provision of __________ of the Companies Act.
a) Schedule VI
d) Schedule III
c) Schedule IX
d) Schedule II
4. The company’s final accounts are prepared in _____________ form.
a) Vertical
b) Horizontal
c) Both A & B
d) none of the above
5. The summarised Balance Sheet in ____ form is supplemented by schedules giving detailed information.
a) Vertical
b) Conventient
c) Horizontal
d) none of the above
6. The additional information for specific items specified in Schedule III should be _________ to the extent applicable.
a) disclosed
b) reduced
c) added
d) none of the above
7. The ___________ value of investment should be indicated by way of a note.
a) market
b) actual
c) face
d) none of the above
8. The balance in Share Forfeiture Account after reissue of forfeited shares is to be shown as _________.
a) General reserve
b) Securities premium
c) capital reserve
d) Provision for Taxation
9. The exchange difference for repayment of liability relating to purchase of fixed assets is to be disclosed as change on ___________ .
a) Reserve & Surplus
b) Assets
c) Profit and Loss A/c
d) none of the above
10. The amount of debtors due for more than __________ months is to be shown separately.
a) five
b) two
c) six
d) nine
| Answers: 1)Provident fund 2)Loss Rs 1,000 3)Schedule III 4)vertical 5)vertical 6)disclosed 7)market 8)capital reserve 9)assets 10)six |
