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Financial Statements of a Company Test 18

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Financial Statements of a Company Test 18
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The part of subscribed capital actually received by a company is called
  • Question 2
    1 / -0
    ___________ are true owner of a public company.
  • Question 3
    1 / -0
    Notes to Accounts are.......part of financial statement(s)
  • Question 4
    1 / -0
    A company whose shares or debts are not listed in any stock exchange in India or outside India having a net worth of Rs. 250 crore or more but less than Rs. 500 crore, Ind AS will be applicable from ___
  • Question 5
    1 / -0
    ABC Ltd. was incorporated on 1st April, 2014, it obtained certificate of commencement of business on 1st July, 2014. The company can issue shares discount on...
  • Question 6
    1 / -0
    PC Industries Ltd. purchased a new Machinery on 1.1.10 for Rs. 275,000 and spent Rs. 25,000 on its installation. The Machine is subject to 15% depreciation on the original cost. The company sold the Machinery on 31.12.14 for Rs. 120,000. Find the profit or loss on disposal of the Machinery
  • Question 7
    1 / -0
    Which financial statement represents the accounting equation, $$Assets = Liabilities + Owner's\ equity$$.
    Solution
    As per dual concept of accounting every transaction has a dual or two-fold effect and should therefore be recorded at two places. In other words, at least two accounts will be involved in recording a transaction. The equation states that the assets of a business are always equal to the claims of owners and the outsiders. The claims also called equity of owners is termed as Capital (owners’ equity) and that of outsiders, as Liabilities (creditor’s equity). The two-fold effect of each transaction affects in such a manner that the equality of both sides of equation is maintained in balance sheet.
  • Question 8
    1 / -0
    Financial statement do not consider _________________.
    Solution

    Financial statements are written records of a business's financial situation. They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. They stand as one of the more essential components of business information, and as the principal method of communicating financial information about an entity to outside parties. In a technical sense, financial statements are a summation of the financial position of an entity at a given point in time. 

    The primary focus of financial reporting is information about earnings and its components. Hence financial statement do not consider assets and liabilities expressed in non-monetary terms.

  • Question 9
    1 / -0
    A company can issue shares at premium....
  • Question 10
    1 / -0
    Divisible profit includes the following except........
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