Financial Statements of a Company: Class 12 Accountancy (CBSE) important questions and practice
Financial Statements of a Company is chapter 7 of 10 in CBSE Class 12 Accountancy. Below are the topics the paper draws from, the question types that come up again and again, and a free practice test on this chapter alone.
Topics in this chapter
- Statement of Profit and Loss as per Schedule III of the Companies Act 2013
- Balance Sheet format: equity and liabilities, assets
- Major heads and sub-heads: shareholders' funds, non-current and current liabilities, non-current and current assets
- Classification of items under correct heads
- Notes to accounts
What examiners usually ask
- Under which major heads and sub-heads will the following items appear in the Balance Sheet of a company: calls in advance, loose tools, securities premium, provision for tax?
- Prepare the Statement of Profit and Loss of a company from the given particulars
- State the major heads on the 'Equity and Liabilities' side of a company's Balance Sheet
Exam tip
Learn the Schedule III heads in order and the tricky items (calls in advance under other current liabilities, loose tools under inventories, securities premium under reserves and surplus); this classification question carries 3-4 marks every year.
Financial Statements of a Company on other boards and exams
Frequently asked questions
What are the important questions from Financial Statements of a Company for CBSE Class 12?
The question types listed above repeat most often in CBSE Class 12 Accountancy papers for this chapter. Practise them with the chapter test and then attempt them inside a full previous-year paper under time.
Is Financial Statements of a Company in the CBSE Class 12 Accountancy syllabus?
Yes. Financial Statements of a Company is part of the current CBSE Class 12 Accountancy syllabus, as listed on this site from the prescribed textbook.
Can I practise Financial Statements of a Company MCQs in Hindi?
Yes. The chapter test and explanations are available in Hindi and English, with an AI doubt solver for any question.