Class 12 Accountancy: Financial Statements of a Company — Chapter Test 1

Class 12 • Accountancy • Financial Statements of a Company • Chapter Test

MediumFREE

Questions

20 min

Duration

Marks (1 each)

Negative marking

Original practice questions with full solutions by ExamPortal.

Instructions

• Read each question carefully and pick the correct answer.
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• The test is submitted automatically when time runs out.

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SYLLABUS & QUESTION BLUEPRINT

Sample Practice Questions

Preview 5 sample questions from this 15-question test. Test your knowledge below or take the full exam in timed CBT mode.

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Question 1 of 15

The format of a company's Balance Sheet is given in:

Schedule I

Schedule III of the Companies Act, 2013

Table F

SEBI Act

View Correct Answer & Step-by-Step Solution

Correct Option:(B)Schedule III of the Companies Act, 2013

Detailed explanation is available inside the official test attempt review.

Question 2 of 15

Under Schedule III, the Balance Sheet is prepared in:

horizontal form only

vertical form

T-form

any form

View Correct Answer & Step-by-Step Solution

Correct Option:(B)vertical form

Detailed explanation is available inside the official test attempt review.

Question 3 of 15

Which is part of Shareholders' Funds?

Long-term borrowings

Reserves and Surplus

Trade payables

Short-term provisions

View Correct Answer & Step-by-Step Solution

Correct Option:(B)Reserves and Surplus

Detailed explanation is available inside the official test attempt review.

Question 4 of 15

Trade payables are shown under:

Non-current Liabilities

Current Liabilities

Shareholders' Funds

Non-current Assets

View Correct Answer & Step-by-Step Solution

Correct Option:(B)Current Liabilities

Detailed explanation is available inside the official test attempt review.

Question 5 of 15

Goodwill is shown under:

Current Assets

Intangible Assets (Non-current Assets)

Current Liabilities

Reserves

View Correct Answer & Step-by-Step Solution

Correct Option:(B)Intangible Assets (Non-current Assets)

Detailed explanation is available inside the official test attempt review.

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Frequently asked questions

How many questions are there in Class 12 Accountancy: Financial Statements of a Company — Chapter Test 1?

There are 15 questions to answer in 20 min. Each correct answer gives 1 mark, for a total of 15 marks.

Is there negative marking?

No. Wrong answers do not lose marks, so attempt every question.

Is this mock test free?

Yes, it is completely free. Just log in with your email to start.

What does this test cover?

It covers the chapter "Financial Statements of a Company" of Class 12 Accountancy. All questions are original, with a full solution for each.

Will I see my result and the solutions?

Yes. Right after you submit you get your score, accuracy, rank and percentile, and you can review every question with the correct answer and a step-by-step explanation.

Can I take this test again?

Yes, you can retake it as many times as you like and compare your scores.