In NCERT Class 12 Accountancy Chapter 7, titled "Financial Statements of a Company", students learn about the preparation and presentation of a company’s financial statements. The chapter focuses on the structure and format of the balance sheet and statement of profit and loss in compliance with the Companies Act. It also includes accounting concepts like adjustments, provision for depreciation, and managerial decisions based on financial analysis.
This article provides a comprehensive resource for exam preparation. It includes sample MCQs and subjective questions for CBSE and CUET, alongside downloadable PDFs of Class 12 Accountancy Chapter 7 MCQs and previous year questions for detailed practice of NCERT Class 12 Financial Statements of a Company.
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NCERT Class 12 Accountancy Chapters
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CUET Free Master Classes:
Class 12 Accountancy Chapter 7 MCQs
This question bank includes previous years' CUET and CBSE MCQs, along with questions curated by subject experts. Below are 5 sample multiple-choice questions (MCQs) for Class 12 Accountancy Chapter 7: Financial Statements of a Company. For the full set of 50 questions, download the PDF using the link provided below.
1- Balance sheet provides information about financial position of the enterprise:
(a) At a point of time (b) Over a period of time
(c) For a period of time (d) For a period of quarter
2. Sum due to the retiring partner in case of retirement is
A. Credit balance of his capital account and current account, if any
B. His share of accumulated profit
C. His drawings up to the date of retirement
D. His share of goodwill to be written off.
E. Interest on drawings, if involved up to the date of retirement
Choose the correct answer from the options given below:
(a) A and B only (b) A and C only (c) B and C only (d) B and D only
3. Under which of the following head/subhead is ‗Forfeited Shares‘ presented in the Balance Sheet of a company?
(a) Reserves and Surplus (b) Share Capital
(c) Other Long-term Liabilities (d) Other Current Liabilities
4. Which of the following is not a subhead under the Current Assets?
(a) Cash and Cash Equivalents (b) Trademarks
(c) Short-term Loans and Advances (d) Inventories
5. Under which of the following headings/sub-headings, Calls in advance will be presented in the Balance Sheet of a Company as per Schedule III Part I of the Companies Act, 2013?
(a) Current Liabilities (b) Share Capital
(c) Share Application Money Pending Allotment (d) Reserves and Surplus
Class 12 Accountancy Chapter 7 Subjective Questions Without Solutions
This question bank includes previous years' CBSE subjective questions (2 marks and above) without solutions, along with expert-curated questions. Below are 5 sample subjective questions for Class 12 Accountancy Chapter 7: Financial Statements of a Company. To access all questions, download the PDF from the link provided below.
- Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013:
(a) Licenses and Franchise (b) Loans Repayable on Demand (c) Accrued Income
(CBSE 2023, 3M)
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- Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013:
(a) Capital work in progress (b) Calls in advance (c) Computer software
(CBSE 2023, 3M)
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- Under which major heads and sub-heads will the following items be presented in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013?
(i) Bills receivable (ii) Securities premium reserve (iii) Calls in advance
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- Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013.
(i) Mining Rights (ii) Income received in advance (iii) Capital work in progress
(CBSE 2023, 3M)
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- Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013:
(i) Stores and Spares (ii) Capital Advances (iii) Outstanding Expenses
(CBSE 2023, 3M)
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Sub Areas of Chapter 7: Financial Statements of a Company
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Chapter Name
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Sub Topics
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Financial Statements of a Company
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7.1 Introduction
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7.2 Components of Financial Statements
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7.3 Balance Sheet
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7.4 Statement of Profit and Loss
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7.5 Cash Flow Statement
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7.6 Provisions and Reserves
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7.7 Adjustments in Financial Statements
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Review of NCERT Class 12 Accountancy Chapter 7
In NCERT Class 12 Accountancy Chapter 7, "Financial Statements of a Company," students gain an understanding of how companies prepare their financial statements. This chapter is essential for learning how financial data is structured, analyzed, and interpreted.
Mastering this chapter helps students understand the fundamentals of corporate financial reporting. By practicing MCQs and subjective questions, students can build a solid foundation for exams like CBSE, CUET, and other competitive exams.
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