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Financial Statements of a Company Test 27

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Financial Statements of a Company Test 27
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The __________ is defined as "a Statement which sets out the assets and liabilities of a business and which serves to ascertain the financial position of the same on any particular date."
    Solution
    A balance sheet is a statement of the financial position of a business which states the assets, liabilities and owner's equity at a particular point in time.
    It helps the investors to know the earning capacity of the firm and the dividend pay-out ratio.
     It also provides valuable information about the existence of the firm after scrutinising some financial ratios to the creditors and investors by which they can take proper decisions.
  • Question 2
    1 / -0
    __________ is a summary of all assets and liabilities on a particular date.
    Solution
    A balance sheet is a statement of the financial position of a business which states the assets, liabilities and owner's equity at a particular point in time.

     It helps the investors to know the earning capacity of the firm and the dividend pay-out ratio. It also provides valuable information about the existence of the firm after scrutinising some financial ratios to the creditors and investors by which they can take proper decisions.

  • Question 3
    1 / -0
    Only personal and Real accounts are shown in _______.
    Solution

    The Balance sheet is the statement which shows the assets, equity and liabilities of the company. It is divided under Assets and equity & liabilities heads. It shows balances of Personal and real account.

    Whereas Trial Balance is the list of all balances of General Ledger Account. It is divided under Debit and Credit columns and It shows balances of Personal, real and nominal account.
  • Question 4
    1 / -0
    A private company should have at least __________.
  • Question 5
    1 / -0
    Markets which bring closer institutions needing funds and with surplus funds are classified as _____________.
  • Question 6
    1 / -0
    In India there are _________ recognized stock exchanges at present.
  • Question 7
    1 / -0
    Professionals such as doctors, accountants and lawyers often make corporations are classified as __________________.
  • Question 8
    1 / -0
    Point in joint production process, in which two or more products are separately identifiable is termed as ________________.
  • Question 9
    1 / -0
    In the company's balance sheet, unclaimed divided should be shown under which of the following heads ___________.
  • Question 10
    1 / -0
    The ACC (Associated Cement Company) is an example of ______ combination.
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