Financial Statements with solved answers for the year 2021 PDF

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Download Financial Statements with solved answers for the year 2021 PDF

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MCQs on Financial Statements Financial statements are written documents that transmit the nancial activities and conditions of an entity. Financial statements (https://byjus.com/commerce/nancial-statements-of-acompany/) are usually meant to furnish the nancial data so the investors, shareholders, creditors, and the government can utilise them. Financial statements for trading concern normally comprise balance sheets, statements of retained earnings, cash ows and income statements. The statement is audited by government rms, accountants, agencies, etc. to make sure the certainty and for tax, nancing or investing intentions.

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Given below are essential MCQs on the Financial Statements to analyze your understanding of the topic. The answers are also given for your reference.

Financial Statements MCQs Question 1 Which report gives a review on the protability of a business A) Statement of changes in equity B) Cash ow statement C) Balance sheet D) Income statement Answer: D

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Question 2 When assets are subtracted from liabilities it will be equal to A) Capital B) Net income

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C) Working capital D) Goodwill

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Answer: A Question 3

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Goodwill is categorised under which assets? A) Intangible B) Current

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C) Long term

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D) Fixed Answer: A Question 4 Which of the following options is not recorded in the Balance sheet? A) Cash B) Rent expenses C) Building D) Goodwill Answer: B Question 5 Current assets are also known as A) Cash B) Assets C) Invested capital D) Working capital Answer: D Question 6 The main operation expenses of a business are termed as A) Operating expenses B) Non-administration expense C) Selling expenses D) Administration expense Answer: A Question 7 Cash receipt received from the sales xed assets are registered under the head of A) Other activities B) Investing activities C) Financing activities D) Operating activities Answer: B Question 8 A current asset that can be transferred into cash within three months is known as A) Cash equivalent B) Intangible asset C) Operating asset D) Cash asset Answer: A Question 9 A method used in a comparative analysis of nancial statement is A) Returning analysis B) Common size analysis C) Preference analysis D) Graphical analysis Answer: B Question 10 Which statement shows the ow of cash and cash equivalents during the nancial period? A) Statement of changes in equity

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B) Cash ow statement C) Balance sheet D) Income statement Answer: B Stay tuned to BYJU’S for more MCQs, accounts sample paper, question papers, syllabus and Commerce notications.

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