12th Grade > Accountancy
FINANCIAL STATEMENTS OF A COMPANY MCQs
Total Questions : 30
| Page 1 of 3 pages
Answer: Option A. ->
Current Asset
:
A
:
A
Cash Balance will be classified under Current Asset
Answer: Option A. ->
Revenues are earned
:
A
:
A
Under the accrual basis of accounting, revenues are recognized in the accounting period in which revenues are earned.
Answer: Option C. ->
Notes to accounts
:
C
:
C
It is given in notes to accounts.
Answer: Option C. ->
a part of current assets
:
C
:
C
Stock is a part of current assets.
Answer: Option B. ->
an intangible fixed asset
:
B
:
B
Goodwill is an intangible fixed asset.
Answer: Option B. ->
Land
:
B
:
B
Land is not a current asset, because land will NOT turn to cash within one year of the balance sheet date, or within the operating cycle if the operating cycle is longer than one year.
Answer: Option B. ->
Liabilities
:
B
:
B
Loan taken from bank will be classified as liabilities
Answer: Option D. ->
Intangible Asset
:
D
:
D
Patent is an intangible asset
Answer: Option C. ->
Tangible Fixed Asset
:
C
:
C
Furniture is a tangible fixed asset
Answer: Option A. ->
Current Asset
:
A
:
A
Bills Receivable is a current asset.