Financial Statements of a Company
Mizoram Board · Class 12 · Accountancy
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Explore the full setWhat are Financial Statements? Define their nature and purpose.
Answer
Financial Statements are the basic and formal annual reports through which corporate management communicates financial information to owners and external parties. They include Balance Sheet, Statement…
List and explain the four key characteristics that form the nature of Financial Statements.
Answer
1. Recorded Facts: Based on historical cost data from accounting books 2. Accounting Conventions: Follow principles like lower of cost or market value 3. Postulates: Based on assumptions like going co…
What are the primary objectives of Financial Statements?
Answer
1. Provide information about economic resources and obligations 2. Provide information about earning capacity 3. Provide information about cash flows 4. Judge effectiveness of management 5. Informatio…
According to Schedule III of Companies Act 2013, what is the prescribed format for Balance Sheet presentation?
Answer
Vertical format is prescribed with two main sections: I. EQUITY AND LIABILITIES (Shareholders' Funds, Share Application Money, Non-current Liabilities, Current Liabilities) II. ASSETS (Non-current Ass…
What are the three components of Shareholders' Funds as per Schedule III?
Answer
1. Share Capital - Equity and Preference shares issued by company 2. Reserves and Surplus - Including Capital Reserve, Securities Premium, Revaluation Reserve, Surplus from P&L 3. Money received again…
Explain the Current and Non-current classification criteria for assets and liabilities.
Answer
An item is CURRENT if: - Involved in entity's operating cycle, OR - Expected to be realized/settled within 12 months, OR - Held primarily for trading, OR - Cash and cash equivalent, OR - Entity doesn'…
What are the mandatory rounding-off rules for figures in Financial Statements?
Answer
Based on company's turnover: 1. Turnover < ₹100 crore: Round to nearest hundreds, thousands, lakhs, millions or decimal thereof 2. Turnover > ₹100 crore: Round to nearest lakhs, millions or decimal th…
How should Share Capital disclosures be made in Financial Statements?
Answer
For each class of shares, disclose: - Number of shares authorized, issued, subscribed - Par value per share - Rights, preferences, restrictions - Shares held by holding company/subsidiaries - Sharehol…
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