Financial Statements of a Company - Class XII Accountancy Quiz
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Preview questions
1. What is the primary purpose of preparing financial statements?
To calculate tax liabilities · To provide information for decision making · To comply with legal requirements · To increase company profits
2. Which of the following is NOT a component of the financial statements?
Balance Sheet · Profit and Loss Account · Cash Flow Statement · Trial Balance
3. What does the Balance Sheet represent?
Revenue and expenses · Assets, liabilities, and equity · Cash inflows and outflows · Operational performance
4. Which accounting principle is primarily used in the preparation of financial statements?
Matching Principle · Conservatism Principle · Accrual Principle · Materiality Principle
5. Which of the following is included in the liabilities section of the Balance Sheet?
Share Capital · Retained Earnings · Debentures · Fixed Assets
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