Financial Statements of a Company - Class XII Accountancy Quiz
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Preview questions
1. What does the Balance Sheet represent?
Financial performance over a period · Financial position at a specific date · Cash flows during the period · Profitability ratios
2. Which of the following is not a component of the Profit and Loss Account?
Revenue from Operations · Net Profit · Current Liabilities · Expenses
3. What is the primary purpose of preparing a Cash Flow Statement?
To show profitability · To assess liquidity · To determine tax liability · To evaluate financial position
4. Which of the following is included in the 'Equity and Liabilities' section of the Balance Sheet?
Inventories · Trade Receivables · Share Capital · Fixed Assets
5. In which section of the Balance Sheet would you find 'Retained Earnings'?
Assets · Current Liabilities · Non-Current Liabilities · Equity
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