Balance Sheet Quiz

Under which heading the item 'Bills discounted but not yet matured' will be shown in the Balance Sheet of a company?

• Current liability

• Current Assets

• Contingent Liabilities

• Unamortized Expenditure

According to the prescribed order of assets in a Company's Balance Sheet which the asset should be shown first of all?

• Non-current Assets

• Current Assets

• Current Investments

• Loans and Advances

Financial statements are summarised statements of accounting data that provide information of the business about

• Current Assets and Quick Assets

• Debt and Equity

• Profitability and Financial Position

• Operating and Non-operating Income

While preparing the Balance Sheet of a company, 6% debentures is shown under which head?

• Share capital

• Long term borrowings

• Short term borrowings

• None of these

Which of the following will not cover under finance cost?

• Discount on issue of debentures written off

• Interest paid on bank overdraft

• Bank charges

• Premium payable on redemption of debentures written off

The format of the financial statement of a company is prescribed in:

• Section 129, Schedule III

• Section 121, Schedule III

• Section 130, Schedule III

• Section 129, Schedule I

Surplus, i.e, Balance in Statement of Profit and Loss is shown as

• Share capital

• Reserves and Surplus

• Other Long term Liabilities

• Current Liabilities

In a company's Balance Sheet, the Debit (Negative) balance of Statement of Profit and Loss is shown under

• Non-Current Liabilities

• Current Liabilities

• Non-Current Assets

• Reserves and Surplus

Which of the following items is shown under the head 'Non-Current Assets', while preparing the Balance sheet of a company?

• Underwriting Commission

• Current Investment

• Inventory

• Patents

'Interest accrued but not due on loans, is shown in the companies balance sheet under the sub-head_________

• Reserves and Surplus

• other Current Liabilities

• Contingent Liabilities

• Shareholders Funds