Arrangement of Balance Sheet in a logical order is known as __________?

Related Mcqs:

1. Debit balance = Credit balance in a trial balance indicates that:

   A. No error in recording transactions
   B. No error in posting entries to ledger accounts
   C. Account balances are correct
   D. Mathematically Capital+Liabilities=Assets

2. An asset must be _______ by the business to be shown as an asset in its “balance sheet”

   A. Possessed
   B. Owned
   C. Controlled
   D. Used

3. Which of the following statements are / is true? – Events after Balance Sheet are?

   A. All the significant events after the Balance Sheet date
   B. The events after Balance Sheet date but before submitting it to the Registrar of Companies
   C. The events after Balance Sheet date but before its approval by the board
   D. All changes after Balance Sheet date before its approval

4. Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?

   A. Replacement cost – Accumulated Depreciation
   B. Historical cost – Salvage Value
   C. Historical cost – Depreciation portion thereof
   D. Original cost adjusted for general price-level changes

5. Prepaid expenses are valued on the Balance Sheet at

   A. Replacement cost
   B. Current cost
   C. Cost to acquire less accumulated amortization
   D. Cost less expired portion

6. Tax deducted at source appears in the Balance Sheet

   A. On the assets side under current assets
   B. On the assets side under loans and advances
   C. On the liabilities side under current liabilities
   D. On the liabilities side under provisions

7. Which of the following accounts appear(s) in the Balance Sheet of a business?

   i. Stock at the end of the financial year
   ii. Stock at the beginning of the financial year
   iii. Drawings
   iv. Prepaid Rent
   v. Interest received but not yet earned

   A. Only (i) above
   B. Only (iii) above
   C. Both (i)and (iii) above
   D. (i), (iii), (iv) and (v) above

8. The Balance Sheet gives information regarding the____________?

   A. Results of operations for a particular period
   B. Financial position during a particular period
   C. Profit earning capacity for a particular period
   D. Financial position as on a particular date

9. Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?

   A. Business entity concept
   B. Money measurement concept
   C. Going concern concept
   D. Matching concept

10. Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.

    A. $2000
    B. Zero
    C. $3000
    D. $2500