hitechpathshala

Q. 1

Trade payables as per Schedule III will include:

Dues payable in respect to statutory obligation

Interest accrued on trade payables

Bills payables.

Bills receivables

Q. 2

Securities Premium Account is shown on the liabilities side in the Balance Sheet under the heading:

Reserves and Surplus.

Current Liabilities.

Share Capital.

Share application money pending allotment

Q. 3

“Fixed assets held for sale” will be classified in the company’s balance sheet as

Current asset

Non-current asset

Capital work- in- progress

Deferred tax assets

Q. 4

Current maturities of long term debt will come under

Current Liabilities.

Short term borrowings.

Long term borrowings.

Short term Provisions

Q. 5

Declaration of dividends for current year is made after providing for

Depreciation of past years only.

Depreciation on assets for the current year and arrears of depreciation of past years (if any).

Depreciation on current year only and by forgoing arrears of depreciation of past years.

Excluding current year depreciation

Q. 6

Which item will form part of Share capital as per Schedule III to the Companies Act, 2013?

Share options outstanding account

Forfeited Shares

Share application money pending allotment

Capital work-in-progress.

Q. 7

All of the following are examples of cash flows arising from investing activities except

Cash payments to acquire fixed assets.

Cash receipts from disposal of fixed assets.

Cash payments to suppliers for goods and services.

Cash receipt from sale of investment.

Q. 8

Division I of Schedule III applies to:

Companies following Accounting Standards

Companies following Indian Accounting Standards

Non-Banking Finance Companies

All of the above

Q. 9

As per the Schedule III, separate disclosure is required in the financial statements for an item of income or expenditure which exceeds.

5 % of Revenue from operations or ` 1,00,000 whichever is lower

1% of Revenue or ` 5,000

1% of Revenue from operations or ` 1,00,000 whichever is higher.

1% of Revenue from operations or ` 50,000 whichever is higher.

Q. 10

Trade payables as per Schedule III will include:

Dues payable in respect to statutory obligation

Interest accrued on trade payables

Bills payables.

Bills receivables

Q. 11

Securities Premium Account is shown on the liabilities side in the Balance Sheet under the heading:

Reserves and Surplus.

Current Liabilities.

Share Capital.

Share application money pending allotment

Q. 12

“Fixed assets held for sale” will be classified in the company’s balance sheet as

Current asset

Non-current asset

Capital work- in- progress

Deferred tax assets

Q. 13

Current maturities of long- term debt will come under

Current Liabilities.

Short term borrowings.

Long term borrowings.

Short term provisions

Q. 14

Declaration of dividends for current year is made after providing for

Depreciation of past years only.

Depreciation on assets for the current year and arrears of depreciation of past years (if any).

Depreciation on current year only and by forgoing arrears of depreciation of past years.

Excluding current year depreciation

Q. 15

While preparing cash flow statement, conversion of debt to equity

Should be shown as a financing activity.

Should be shown as an investing activity.

Should not be shown as it is a non-cash transaction.

Should not be shown as operating activity.

Financial Statements of Companies

Marks: 15

Division I of Schedule III applies to:

Trade payables as per Schedule III will include: