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Class 12 Financial Statements of a Company worksheet
CBSE Accountancy. Nature and uses of financial statements, the Schedule III balance sheet and statement of profit and loss, their main heads and sub-heads, and totals from given items. Every sheet has 20 questions in three sections and an answer key, and the numbers change every time.
Sample questions
Real questions from this chapter, as the app sets them. Tap Answer to see the answer and working.
Section A · multiple choice
- 1.
The format of a company’s balance sheet is given in:
- Table F
- the Partnership Act
- the Income Tax Act
- Schedule III of the Companies Act, 2013
Answer
(d) Schedule III of the Companies Act, 2013
- 2.
In a company’s balance sheet (Schedule III), “bank overdraft” is shown under:
- Current liabilities — Short-term borrowings
- Non-current assets — Non-current investments
- Current assets — Other current assets
- Non-current assets — Intangible assets
Answer
(a) Current liabilities — Short-term borrowings
- 3.
In a company’s Statement of Profit and Loss, “rent paid” is shown under:
- Depreciation and amortisation expense
- Other income
- Employee benefits expense
- Other expenses
Answer
(d) Other expenses
Section B · short answer
- 4.
What are financial statements?
Answer
The end products of accounting: the balance sheet, statement of profit and loss, notes to accounts and cash flow statement of an enterprise.
- 5.
Explain each term: (a) operating cycle (b) recorded facts
Answer
(a) the time between buying materials and realising cash from selling the products (b) figures taken from the accounting records at cost
Section C · long answer
- 6.
Explain the nature of financial statements.
Answer
They are made from recorded facts, follow accounting conventions and postulates, and include personal judgements, such as on depreciation and inventory valuation.
Fresh sheets for your child
In the app, every Financial Statements of a Company sheet is new: the app remembers the questions your child has already had and leaves them out. Print the sheet as a PDF, or use notebook mode and write the answers in a notebook.
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