Question : -------------------------------- is a statement of Assets, Liabilities and Equity (i.e., Shareholders Funds) of the company at a given date. It shows the financial position of a business by listing its Assets, Equity and Liabilities. It is also known as -----------------

 

Option 1: Net worth, position statement 

Option 2: Capital employed and balance sheet

Option 3: Balance sheet and position statement 

Option 4: All of the above 

Question : -------------------------------- is a statement of Assets, Liabilities and Equity (i.e., Shareholders Funds) of the company at a given date. It shows the financial position of a business by listing its Assets, Equity and Liabilities. It is also known as -----------------

Option 1: Net worth, position statement 

Option 2: Capital employed and balance sheet

Option 3: Balance sheet and position statement 

Option 4: All of the above 

Question : Which of the following are not Characteristics of Balance Sheet?

Option 1: It shows the financial position of a company at a specific point of time.

Option 2: The two parts of the Balance Sheet always match, i.e.,

 Assets = Liabilities + Owners Equity, i.e., Shareholders Funds.

Option 3: It is prepared by taking balances of assets, liabilities and equity, i.e., shareholders Funds as on the date when it is prepared.

Option 4: None of the above

Question : Which of the following are not Characteristics of Balance Sheet?

Option 1: It shows the financial position of a company at a specific point of time.

Option 2: The two parts of the Balance Sheet always match, i.e.,

 Assets = Liabilities + Owners Equity, i.e., Shareholders Funds.

Option 3: It is prepared by taking balances of assets, liabilities and equity, i.e., shareholders Funds as on the date when it is prepared.

Option 4: None of the above

Question : ___________ is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

Option 1: Income statement

Option 2: Balance sheet

Option 3: Cash flow statement

Option 4: Statement of retained earnings

Question : Salaries paid Rs 4,500 and salaries debited to Income and Expenditure Account is Rs 5,000, where would the difference be transferred?

Option 1: assets side of closing Balance Sheet

Option 2: assets side of opening Balance Sheet

Option 3: Liabilities side of closing Balance Sheet

Option 4: Liabilities side of opening Balance Sheet