Meaning, objectives and importance of final accounts - class-XI
| Description: meaning, objectives and importance of final accounts | |
| Number of Questions: 76 | |
| Created by: Gauri Chanda | |
| Tags: financial statements of sole proprietorship elements of accounts book keeping and accountancy final accounts final accounts without adjustments accounting equation and business transactions financial statements of business organisations financial statements final accounts of sole proprietors - 1 financial statements - i final accounts of a proprietary concern accountancy |
The financial statements consist of _______________.
Most financial advisors are registered with the Securities and Exchange Commission as ____________.
Which International Monetary Organization funded North East Rural Livelihood Project (NERLP) in the four states of Mizoram, Nagaland, Sikkim and Tripura?
A group of European countries have formed a union and created a common currency known as _________.
Consider the following fundamental assumptions:
1. Prudence 2. Going concern
3. Accrual 4. Consistency
As per Accounting Standard -1, which of these assumptions are taken into consideration while preparing financial statements?
The purpose of preparing final accounts is to ascertain ________.
Final accounts include preparation of_______.
Which one of the following would not be included in a full set of company financial statements?
Net profit is computed in which of the following?
Financial statements differ from management account because ___________.
The gross decreases in economic benefits for the business are what?
When a consistency is found between financial statements of one entity from period to period.
Financial statements differ from management account because.
Auditor has to give its opinion whether the financial statement depicts _______________.
Festival Advance to employees is ____________________.
Risk free rate is subtracted from expected market return is considered as _______.
Third step in calculating value of stock with non-constant growth rate is to find ___________.
Financial leverage is also known as ________________.
State with reasons, whether the following statements are True of False.
Financial management is essential for all types of organisations.
Final Account is also called as ________.
Which of the following is a time span in which the total life of a business is divided for the purpose of preparing financial statements?
Retained earnings statement depicts _________________.
Financial Accounting states the _______ position of a concern.
A company purchased the following assets and paid through 1,00,000 fully paid equity shares of Rs. 10 at a premium of Rs. 2.
Building - Rs. 5,00,000
Machinery - Rs. 4,00,000
Stock in trade - Rs. 1,00,000
In the context of funds flow statement, this transaction will result in.
The general formula for the explicit cost of capital of any source of raising finance would be as follows:
Read the following statements :
i)Financial statements are only interim reports.
ii)Financial statements are prepared on the basis of realizable values.
iii)The preparation to financial statements is not an ultimate aim.
iv)Certain assumptions are necessary to prepare financial statements.
Which of the following combinations consists of all true statements?
All real account can either show ________ balance or nil balance.
__________ is prepared to know the financial performance.
Profit and Loss Account is prepared to know __________.
Trading account is prepared to know _________.
All expenses account show ________ balance.
All personal accounts show ________ balance.
Trading & Profit and loss account is also known as __________.
Financial Statements are the branch of ____________.
Financial statements are usually prepared at the _______ of financial year.
If receipt imply an obligation to return money will result in ___________.
Name the financial statements prepared by a business ______________.
State whether the following statements are True or False:
Final Accounts are prepared on the basis of Trial Balance.
Financial statements are prepared on the basis of _________.
______ is not available in the Financial Statements of a company.
Manufacturing a/c is prepared by the enterprise engaged in________.
To ascertain profit and loss on consignment, ___________ is prepared.
Which of the following statement is false with regard to final accounts of the company?
Manufacturing account is prepared to___________.
Match List I with List II and select the correct answer using the codes given below:
| List I | List II |
|---|---|
| (Name of the Account/ Statement) | (Items to be shown) |
| A. Trading A/c | I. Assets and liabilities |
| B. Profit and Loss A/c | II. Indirect expenses like salaries, rent rates and taxes, interest etc. |
| C. Balance Sheet | III. Direct expenses like wages, dock dues, duties, freight etc. |
'Final Accounts' of a manufacturing company generally include the following types of documents:
1. Balance Sheet
2. Manufacturing Account
3. Profit and Loss Account
4. Trading Account
5. Profit and Loss Appropriation Account
The correct sequence in which these documents are prepared is________.
Match List I (Items) with List II (Recorded in) and select the correct answer using the codes given below the lists:
| List I | List II |
|---|---|
| A. Wrapping material | 1. Trading account |
| B. Wages and salaries | 2. Profit and loss acount |
| C. Prepaid expenses | 3. Balance sheet |
| D. Opening stock |
The correct sequence in preparation of periodical financial statement would be.
$1$. Preparation of balance sheet
$2$. Preparation of cash flow statement
$3$. Preparation of trial balance
$4$. Preparation of Profit & Loss A/c
Select the correct answer from the options given.
Which of these items will appear in a Manufacturing A/c?
Which of the following would be an entry in the statement of changes in equity?
For finding out all the expenses and losses of a proprietor ______ is prepared.
For a proprietor following are not included in final accounts.
Which of the following financial statements shows the financial position of a business?
Financial statements are prepared mainly for ____________________.
Which of the following external influences will not affect the directors in the preparation of the financial statements?
The primary responsibility for the adequacy of disclosure in the financial statements of a publicly held company rests with the _____________.
The responsibility for the preparation of the financial statements and the accompanying footnotes belongs to ____________.
The expired portion of capital expenditure shown in the financial statement is _________.
For a proprietor following are not included in final accounts.
The responsibility for the preparation of the financial statements and the accompanying footholes belongs to_________.
Primary responsibility for the adequacy of financial statement disclosures rest with the____________.
Which is a part of financial statements?
Which of the following external influences will not affect the directors in the preparation of the financial statements?
When a company's financial statements have been audited, an audit report will prepared. If this is unqualified the auditors will report that the financial statements__________________.
Which of the following best describes the reason why an independent auditor reports on financial statements?
_________is useful for the purpose of cost control, cost reduction and proper utilization of scarce resources.
Procedure for preparation of 'Projected Financial Statements' should start from ______________.
Which of the following best describes the reason why an independent auditor reports on financial statements?
Final accounts include preparation of ____________.
The statements prepared by the summarizing process is known as ______ which will show the profit or loss made by the business over a period of time and the total capital employed in the business.
Financial statements only consider _________________.
What is the correct sequence of the following in the preparation of periodical financial statements?
I. Preparation of Balance sheet
II. Preparation of Funds flow statement
III. Preparation of Trial balance
IV. Preparation of Profit/Loss statement
Select the correct answer from the codes given and mark your answer sheet accordingly.
When shares are forfeited, the share capital account is debited by ________________.
Financial Statements usually consists of _____________.
Which of the following are the basic objectives of preparing Financial Statements?
Which of the following statement is not correct?