Financial Statements of a Company
Himachal Pradesh Board · Class 12 · Accountancy
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What are the end products of the accounting process?
Financial statements are prepared on the basis of:
The primary objective of financial statements is to:
According to Schedule III of the Companies Act, 2013, the balance sheet format is:
Sample Questions
Which of the following are the main financial statements of a company?
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Balance Sheet, Statement of Profit and Loss, Cash Flow Statement
The three main financial statements are Balance Sheet (showing financial position), Statement of Profit and Loss (showing performance), and Cash Flow Statement (showing cash movements). Trial Balance and Bank Reconciliation are internal accounting documents, not financial statements.
Which of the following are components of Shareholders' Funds?
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Share Capital, Reserves and Surplus, Money received against Share Warrants
Shareholders' Funds include Share Capital, Reserves and Surplus, and Money received against Share Warrants. Trade Payables and Long-term Borrowings are liabilities, not part of shareholders' funds.
An asset is classified as current if it is expected to be realized within:
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Twelve months or operating cycle
As per Schedule III, an asset is classified as current if it is expected to be realized within twelve months from the reporting date or within the operating cycle, whichever is longer.
The term 'Sundry Debtors' has been replaced by:
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Trade Receivables
Schedule III has replaced the term 'Sundry Debtors' with 'Trade Receivables' to provide better clarity about amounts due from customers for goods sold or services rendered in the normal course of business.
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