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CBSE (Arts) Class 11 - CBSE Important Questions for Accountancy

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Accountancy
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State the objectives of 'Analysis of Financial Statements'.

Appears in 4 question papers
Chapter: [0.09] Financial Statements - I
Concept: Financial Statements of a Company

Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.

From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013

(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft

Appears in 4 question papers
Chapter: [0.09] Financial Statements - I
Concept: Financial Statements of a Company

State the objectives of 'Analysis of Financial Statements'.

Appears in 4 question papers
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Financial Statements of a Company

Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.

From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013

(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft

Appears in 4 question papers
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Financial Statements of a Company

Depreciation of fixed capital assets refers to :

(a) Normal wear and tear

(b) Foreseen obsolescence

(c) Normal wear and tear and foreseen obsolescence

(d) Unforeseen obsolescence.

Appears in 3 question papers
Chapter: [1.02] Accounting Process
Concept: Depreciation

From the given Receipts and Payments Account and additional information of Shine Club for the year ended 31st March 2019, prepare Income and Expenditure Account for the year ended 31st March 2019.

Receipts and Payments Account of Shine Club for the year ended 31st March, 2019

Receipts

Amount ()

Payments

Amount ()

To balance b/d

50,000

By Furniture & equipments

1,22,000

To donations

45,000

By Salaries

32,000

To subscriptions :

 

By balance c/d

13,400

2017-18   - 1,600

 

 

 

2018-19  - 60,000

 

 

 

2019-20   - 5,000

66,600

 

 

To interest received

5,800

 

 

 

1,67,400

 

1,67,400

Additional Information :
(i) Furniture and equipments were purchased on 1-10-2018. Depreciation @ 10% p.a. was to be provided on furniture and equipments.
(ii) Subscriptions in arrears for the year 2018-19 were ₹ 2,000
(iii) Outstanding salary ₹ 6,000.

Appears in 3 question papers
Chapter: [2.02] Financial Statements of Not-for-profit Organizations
Concept: Preparation of Income and Expenditure Account

What is meant by 'Financial Statements' of a company?

Appears in 1 question paper
Chapter: [0.09] Financial Statements - I
Concept: Financial Statements of a Company

A bill drawn and accepted on 23rd November 2012 for two months will payable on __________.

a. 23rd January 2012

b. 23rd January 2013

c. 25th January 2013

d. 26th January 2013
Appears in 1 question paper
Chapter: [1.02] Accounting Process
Concept: Important Terms of Bills of Exchange - Date of Maturity

What is meant by 'Financial Statements' of a company?

Appears in 1 question paper
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Financial Statements of a Company

From the following particulars of Glorious Club, prepare Receipts and Payments Account for the year ended 31st March 2019. 

Particulars  Amount(₹)
Opening balance of cash 16,000
Subscriptions (including ₹ 13,000 for 2017-18) 93,000
Investments purchased  35,000
Maintenance expenses 15,000
Locker rent 40,000
Life membership fees 85,000
Insurance premium  6,000
Appears in 1 question paper
Chapter: [2.02] Financial Statements of Not-for-profit Organizations
Concept: Preparation of Receipts and Payments Account
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