Preparation of Final Accounts of Companies MCQ (Free) | Companies Act 2013

11. Current liabilities means liabilities payable within ___________ months from the date of Balance Sheet.
a) six
b) twelve
c) four
d) three

12. Fixed deposits with banks should be shown as __________ .
a) bank loan
b) bank balance
c) bank overdraft
d) none of the above

13. Immovable properties held for companies operation is to be shown as ___________ .
a) investments
b) current liabilities
c) current assets
d) fixed assets

14. Immovable properties held for source of additional income is to be shown as ____________ .
a) loans and advances
b) investment
c) fixed assets
d) current assets

15. The interest on loan which has accrued and due is shown as ____________.
a) loan current
b) liabilities
c) unsecured loans
d) secured loans

16. Debit balance in Profit & Loss Account can be shown as _________ .
a) loans & advances
b) Profit and Loss A/c
c) capital W.I.P
d) miscellaneous expenditure or reductions from reserves

17. Uncalled amount on shares held as investment is shown under the heading __________ .
a) contingent liability
b) current assets
c) loans & advances
d) current liabilities

18. Bills discounted is to be shown as __________ .
a) loans & advances
b) contingent liability
c) current assets
d) none of the above

19. The value of secured loan should also show particulars of ___________ offered.
a) security
b) Assets
c) Cash
d) none of the above

20. The capital work in progress is added to ___________ in Balance Sheet.
a) current assets
b) share capital
c) fixed assets
d) current liabilities

Answers: 11)twelve 12)bank balance 13)fixed assets 14)investment 15)loan 16)miscellaneous expenditure or reductions for reserves 17)contingent liability 18)contingent liability 19)security 20)fixed assets