Financial Statements of a Company Class 12 MCQ with Answer are covered in this Article. Financial Statements of a Company MCQ Test contains 17 questions. Answers to MCQ on Financial Statements of a Company Class 12 Accountancy are available at the end of the last question. These MCQ have been made for Class 12 students to help check the concept you have learnt from detailed classroom sessions and application of your knowledge.
Financial Statements of a Company Class 12 MCQ
1.Following is the information available from the records of EEE Ltd
Absolute Change and Percentage Change in Revenue from Operations is:
(a) Rs. 2300000 and 15 %
(b) Rs. 2000000 and 15 %
(c) Rs. 300000 and 15 %
(d) None of the above
Answer
Answer: (c) Rs. 300000 and 15 %
Explanation:
+Absolute Change = Current year balance – Previous year balance
Absolute Change = 2300000 – 2000000 = Rs. 300000
Percentage Change % =
(Absoluted Change /Previous Year Balance) X 100
Percentage Change = (300000/2000000) X 100
= 15 %
2.Following is the information available from the records of S Ltd
Absolute Change and Percentage Change in Expenses is:
(a) Rs. 2000000 and 25 %
(b) Rs. 400000 and 25 %
(c) Rs. 1600000 and 25 %
(d) None of the above
Answer
Answer: (b) Rs. 400000 and 25 %
Explanation:
Absolute Change = Current year balance – Previous year balance
Absolute Change = 2000000 – 1600000 = Rs. 400000
Percentage Change % = (Absoluted change/Previous year balance) X 100
Percentage Change % = (400000/1600000) X 100
= 25 %
3.Following is the information available from the records of LMN Ltd
Absolute Change and Percentage Change in Other income is:
(a) Rs. 400000 and 60 %
(b) Rs. 250000 and 60 %
(c) Rs. 150000 and 60 %
(d) None of the above
Answer
Answer: (c) Rs. 150000 and 60 %
Explanation:
Absolute change = Current year balance – Previous year balance
Absolute change = 400000 – 250000 = Rs. 150000
Percentage Change % = (Absoluted Change / Previous year balance) X 100
Percentage Change % = (150000/250000) X 100
= 60 %
4.Following is the information available from the records of Five Ltd
Profit before tax is :
(a) 2010 Rs. 2000000
2011 Rs. 2600000
(b) 2010 Rs. 2500000
2011 Rs. 3150000
(c) 2010 Rs. 1000000
2011 Rs. 1050000
(d) None of the above
Answer
Answer: (c) 2010 Rs. 1000000
2011 Rs. 1050000
Explanation:
5.Following is the information available from the records of STAR LTD
Rate of Tax is 40 %
Profit after Tax is :
(a) 2009 Rs. 3000000
2010 Rs. 4200000
(b) 2009 Rs. 3400000
2010 Rs. 4680000
(c) 2009 Rs. 540000
2010 Rs. 648000
(d) None of the above
Answer
Answer: (c) 2009 Rs. 540000
2010 Rs. 648000
Explanation:
Financial Statements of a Company Class 12 MCQ
6.Following is the information provided by E LTD
Purchase of Stock Percentage to Revenue from Operations is:
(a) 2010 15%
2011 35%
(b)2010 25%
2011 25%
(c)2010 20%
2011 40%
(d) None of the above
Answer
Answer: (b)2010 25%
2011 25%
Explanation: Percentage of Revenue from Operations(Net Sales) = (Amount of particular expense in that year /Total Revenue in that year) X 100
Purchase of Stock
2010 = (350000/1400000) X 100
= 25%
2011 = (400000/1600000) X 100
= 25%
7.Following is the information provided by E LTD
Other Expenses Percentage to Revenue from Operations is:
(a) 2010 25%
2011 19%
(b) 2010 20%
2011 14%
(c) 2010 23%
2011 20%
(d) None of the above
Answer
Answer: (b) 2010 20%
2011 14%
explanation: Percentage of Revenue from Operations(Net Sales) = (Amount of particular expense in that year/Total revenue in the year) X 100
Other Expenses
2010 = (250000/1250000) X 100
= 20%
2011 = (280000/2000000) X 100
= 14%
8.Following is the information provided by G LTD
Profit after Tax for year 2012 is
(a) Rs. 129000
(b) Rs. 165000
(c) Rs. 215000
(d0 None of the above
Answer
Answer: (a) Rs. 129000
Explanation:
9.Following is the information provided by H LTD
Absolute Change and Percentage Change in share capital is
(a) Absolute Change Rs. 3030000 Percentage Change 78%
(b) Absolute Change Rs. 2980000 Percentage Change 73%
(c) Absolute Change Rs. 3000000 Percentage Change 75%
(d) None of the above
Answer
Answer: (c) Absolute Change Rs. 3000000 Percentage Change 75%
Explanation:
Absolute Change = Current year’s figure – Previous year’s figure
= 7000000 – 4000000
= Rs. 3000000
Percentage Change = (Absolute Change /Amount of Previous Year) X 100
= (3000000/4000000) X 100
= 75 %
10.Following is the Balance sheet of II Ltd
Absolute Change and Percentage Change in Reserve and Surplus is:
(a) Absolute Change Rs. 830000 Percentage Change 83%
(b) Absolute Change Rs. 800000 Percentage Change 80%
(c) Absolute Change Rs. 780000 Percentage Change 78%
(d) None of the above
Answer
Answer: (b) Absolute Change Rs. 800000 Percentage Change 80%
Explanation:
Absolute change = Current year’s figure – Previous year’s figure
= 1800000 – 1000000
= Rs. 800000
Percentage Change = (Absolute Change/Amount of previous year) X 100
= (800000/1000000) X 100
= 80%
Financial Statements of a Company Class 12 MCQ
11.Following is the Balance sheet of I Ltd
Absolute Change and Percentage Change in Long-term Borrowings is:
(a) Absolute Change Rs. 170000 Percentage Change 16%
(b) Absolute Change Rs. 150000 Percentage Change 18%
(c) Absolute Change Rs. 180000 Percentage Change 20%
(d) None of the above
Answer
Answer: (c) Absolute Change Rs. 180000 Percentage Change 20%
Explanation:
Absolute Change = Current year’s figure – Previous year’s figure
= 1080000 – 900000
= Rs. 180000
Percentage Change =
(Absolute Change / Amount of previous year) X 100
= (180000/900000) X 100
= 20%
12.Following is the Balance sheet of G Ltd
Absolute Change and Percentage Change in Trade payable is:
(a) Absolute Change Rs. 280000 Percentage Change 53%
(b) Absolute Change Rs. 250000 Percentage Change 50%
(c) Absolute Change Rs. 230000 Percentage Change 48%
(d) None of the above
Answer
Answer: (b) Absolute Change Rs. 250000 Percentage Change 50%
Explanation:
Absolute Change = Current year’s figure – Previous year’s figure
= 750000 – 500000
= Rs. 250000
Percentage Change = (Absolute Change/Amount of previous year) X 100
= (250000 /500000) X 100
= 50%
13.Following is the Balance sheet of F Ltd
Absolute Change and Percentage Change in Fixed Assets(Tangible) is:
(a) Absolute Change Rs. 200000 Percentage Change 40%
(b) Absolute Change Rs. 230000 Percentage Change 43%
(c) Absolute Change Rs. 180000 Percentage Change 38%
(d) None of the above
Answer
Answer: (a) Absolute Change Rs. 200000 Percentage Change 40%
Explanation:
Absolute Change = Current year’s figure – Previous year’s figure
= 700000 – 500000
= Rs. 200000
Percentage Change = (Absolute Change /Amount of previous year) X 100
= (200000/500000) X 100
= 40%
14.Following is the Balance Sheet of JX Ltd
Share Capital Percentage of Balance Sheet total for 2014 will be:
(a) 56%
(b) 58%
(c) 60%
(d) None of the above
Answer
Answer: (c) 60%
Explanation:
Share Capital Percentage of Balance Sheet Total 2014 = (Balance of Share Capital /Total of Balance Sheet) X 100
= (750000/1250000) X 100
= 60%
15.Following is the Balance Sheet of H Ltd
Reserve and Surplus Percentage of Balance Sheet total for 2012 will be:
(a) 6%
(b) 2%
(c) 4%
(d) None of the above
Answer
Answer: (a) 6%
Explanation:
Reserve and Surplus Percentage of Balance Sheet Total 2012 = (Balance of Reserve and Surplus in the year/Total of Balance Sheet in the year) X 100
= (45000/7500000 X 100
= 6%
Financial Statements of a Company Class 12 MCQ
16.Following is the balance sheet of H Ltd
Fixed Assets (Tangible) Percentage of Balance Sheet Total for 2013 will be:
(a) 5%
(b) 7%
(c) 9%
(d) None of the above
Answer
Answer: (c) 9%
Explanation:
Fixed Assets (Tangible) Percentage of Balance Sheet Total 2013 =(Balance of Fixed Assets (Tangible) in the year /Total of Balance Sheet in the year) X 100
= (90000/1000000) X 100
= 9%
17.Following is the Balance sheet of RS Ltd
Absolute Change and Percentage Change in Inventories is:
(a) Absolute Change Rs. -70000 Percentage Change -17%
(b) Absolute Change Rs. -100000 Percentage Change -20%
(c) Absolute Change Rs. -120000 Percentage Change -22%
(d) None of the above
Answer
Answer: (b) Absolute Change Rs. -100000 Percentage Change -20%
Explanation:
Absolute Change = Current year’s figure – Previous year’s figure
= 400000 – 500000
= Rs. -100000
Percentage Change = (Absolute Change /Amount of previous year) X 100
= −(100000/500000) X 100
= -20%