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प्रश्न
State true or false with reason.
Financial Statement includes only Balance Sheet.
पर्याय
True
False
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उत्तर
This statement is False.
Explanation:
- Balance Sheet: Shows the financial position of the entity at a specific point in time, listing assets, liabilities, and equity.
- Income Statement (Profit and Loss Account): Shows the financial performance of the entity over a period, detailing revenues and expenses.
- Cash Flow Statement: Provides information about cash inflows and outflows during a period.
- Statement of Changes in Equity: Reflects changes in the owner's equity during a specific period.
संबंधित प्रश्न
Give one word/term/phrase for the following statement.
An asset which can be converted into cash immediately.
Capital balance is ascertained by preparing....................................
- Statement of affairs
- Cash account
- Drawing account
- Debtor’s account
State the objectives of financial statements from the view point of a business concern.
One of the objectives of ‘Financial Statements Analysis’ is to identify the reasons for change in the financial position of the enterprise, State two more objectives of this analysis.
State any one limitation of Analysis of Financial Statement.
Following incomplete information is available from the records maintained by Mr. Premnath.
|
Particulars |
1.4.2009 |
31.3.2010 |
|
Cash Balance Bank Balance Sundry Debtors Stock Furniture Creditors 10% Bank Loan |
12,000 26,000 20,000 24,000 24,000 20,000 20,000 |
13,000 30,000 26,000 26,000 24,000 20,000 20,000 |
(1) Mr. Premnath introduced additional capital in the business amounted to Rs 15,000 on 1st January, 2010.
(2) He has paid life insurance premium Rs 10,000 from the business account and withdrawn goods worth Rs 5,000 for his personal use.
(3) Write off Rs 1,000 as bad debts and maintain reserve for doubtful debts at 5% on remaining debtors.
(4) Provide depreciation at 5% p.a. on furniture.
(5) The closing balance of sundry creditors has been overvalued by Rs 2,000 in the books of account.
(6) Provide Interest on Capital and Bank Loan @ 10% p.a.
(i) Statement of Affairs as on 1.4.2009.
(ii) Statement of Affairs as on 31.3.2010.
(iii) Statement of Profit or Loss for the year ended 31st March, 2010.
State whether following statement is true or false :
Analysis of financial statement is a tool but not a remedy.
Select the appropriate answer from the alternatives given below & rewrite the completed statement
Bills payable is _____________.
Select the appropriate answer from the alternatives given below & rewrite the completed statement
From financial statement analysis, the creditors are interested to know _____________.
Give one word/term/ phrase for the following statement
Critical evaluation of financial statement to measure profitability.
Answer the following in brief :
State any three limitations of Analysis of financial statement.
Explain the limitations of analysis of financial statements.
Bill Payable is ___________
Give one word/term/phrase for the following statement.
The statement showing financial position for different periods of previous year and current year.
Give one word/term/phrase for the following statement.
Statement showing changes in cash and cash equivalent during a particular period.
Give one word/term/phrase for the following statement.
Activity related to acquisition of long term assets and investment.
State true or false with reason.
Dividend paid is not a source of fund
State true or false with reason.
The short term deposits are considered as cash equivalent.
Answer in one sentence only.
State the formula of Cost of goods sold?
Prepare Comparative Balance Sheet for the year ended 31.3.18 and 31.3.19 Assets & Liabilities as follows:
| Particulars | 31.3.18 (₹) | 31.3.19 (₹) |
| 1) Fixed Assets | 120,000 | 1,50,000 |
| 2) Share Capital | 60,000 | 72,000 |
| 3) Current Assets | 28,000 | 27,000 |
| 4) Reserve & Surplus | 24,000 | 30,000 |
| 5) Loan | 34,000 | 51,000 |
| 6) Current liabilities | 30,000 | 24,000 |
Which of the following is a tool of Analysis of Financial Statements?
Under which major heads and sub-heads will the following items be presented in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013?
- Bills Receivable
- Securities premium reserve
- Calls in advance
Convert the following Trading and Profit and Loss Account into Vertical Income Statement:
| Dr. | Trading, Profit and Loss Account (for the year ended 31st March, 2020) |
Cr. | |
| Particulars | Amount (₹) |
Particulars | Amount (₹) |
| To Opening stock | 50,000 | By Sales | 6,00,000 |
| To Purchases | 4,50,000 | By Closing Stock | 1,50,000 |
| To Carriage | 20,000 | ||
| To Direct expenses | 30,000 | ||
| To Wages | 50,000 | ||
| To Gross Profit c/d | 1,50,000 | ||
| Total | 7,50,000 | 7,50,000 | |
| To Office expenses | 62,500 | By Gross Profit b/d | 1,50,000 |
| To Finance expenses | 15,000 | ||
| To Selling expenses | 50,000 | ||
| To Net Profit c/d | 22,500 | ||
| Total | 1,50,000 | 1,50,000 | |
