{"id":27292,"date":"2019-10-03T10:30:32","date_gmt":"2019-10-03T05:00:32","guid":{"rendered":"http:\/\/mycbseguide.com\/blog\/?p=27292"},"modified":"2019-10-05T12:45:57","modified_gmt":"2019-10-05T07:15:57","slug":"important-questions-for-class-12-accountancy-financial-statements-and-analysis","status":"publish","type":"post","link":"https:\/\/mycbseguide.com\/blog\/important-questions-for-class-12-accountancy-financial-statements-and-analysis\/","title":{"rendered":"Important Questions for Class 12 Accountancy Financial Statements and Analysis"},"content":{"rendered":"

Important Questions for Class 12 Accountancy Financial Statements and Analysis. <\/strong>myCBSEguide has just released Chapter Wise Question Answers for class 12 Accountancy. There chapter wise Practice Questions with complete solutions are available for download in\u00a0myCBSEguide<\/a>\u00a0<\/strong>website and mobile app. These test papers with solution are prepared by our team of expert teachers who are teaching grade in CBSE schools for years. There are around 4-5 set of solved Accountancy Extra questions from each and every chapter. The students will not miss any concept in these Chapter wise question that are specially designed to tackle Exam. We have taken care of every single concept given in\u00a0CBSE Class 12 Accountancy\u00a0<\/a><\/strong>syllabus and questions are framed as per the latest marking scheme and blue print issued by CBSE for class 12.<\/p>\n

CBSE Class 12 Accountancy Extra Questions<\/strong><\/p>\n

Download as PDF<\/a><\/strong><\/p>\n

Accountancy Test Paper of Class 12<\/h2>\n
Ch-9 Financial Statements and Analysis<\/strong><\/p>\n
\n<\/div>\n
    \n
  1. Comparative Financial Statement is an example of\n
      \n
    1. Horizontal analysis<\/li>\n
    2. Vertical Analysis<\/li>\n
    3. Internal Analysis<\/li>\n
    4. External analysis<\/li>\n<\/ol>\n<\/li>\n
    5. Name the items under Shareholder\u2019s Fund is comprised of company\u2019s balance sheet.\n
        \n
      1. \n
        Money received against share warrant<\/div>\n<\/li>\n
      2. \n
        All of these<\/div>\n<\/li>\n
      3. \n
        Share Capital<\/div>\n<\/li>\n
      4. \n
        Reserves and Surplus<\/div>\n<\/li>\n<\/ol>\n<\/li>\n
      5. \n
        Salaries outstanding \u20b955,000 will be record in the balance sheet under \u2026\u2026..<\/div>\n
          \n
        1. \n
          Other Current Liabilities<\/div>\n<\/li>\n
        2. \n
          Short term borrowings<\/div>\n<\/li>\n
        3. \n
          Other Current Assets<\/div>\n<\/li>\n
        4. \n
          Non-current Liabilities<\/div>\n<\/li>\n<\/ol>\n<\/li>\n
        5. \n
          Computer software is shown under the __________<\/div>\n
            \n
          1. \n
            Fixed intangible Assets<\/div>\n<\/li>\n
          2. \n
            Fictitious Assets<\/div>\n<\/li>\n
          3. \n
            Fixed Tangible Assets<\/div>\n<\/li>\n
          4. \n
            Current Assets<\/div>\n<\/li>\n<\/ol>\n<\/li>\n
          5. \n
            An asset shall be classified as current when it satisfies any of the following criteria<\/div>\n
              \n
            1. \n
              It is part of fixed assets<\/div>\n<\/li>\n
            2. \n
              It is an old asset in the firm<\/div>\n<\/li>\n
            3. \n
              It is not the part of business<\/div>\n<\/li>\n
            4. \n
              It is expected to be realized within a year<\/div>\n<\/li>\n<\/ol>\n<\/li>\n
            5. \n
              \n

              Why Taxation Authorities and Employees are interested in financial statement analysis?<\/p>\n<\/div>\n<\/li>\n

            6. \n
              \n

              Name the major headings under which the equity and liabilities side of a company\u2019s Balance Sheet is organized and presented.<\/p>\n<\/div>\n<\/li>\n

            7. \n
              \n

              Name any five tools of Financial Statement Analysis.<\/p>\n<\/div>\n<\/li>\n

            8. \n
              \n

              What is meant by Fund?<\/p>\n<\/div>\n<\/li>\n

            9. \n
              \n

              State the significance of analysis of financial statements to \u2018top management’.<\/p>\n<\/div>\n<\/li>\n

            10. \n
              \n

              Prepare the Common size Balance Sheet and comment on the financial position of K Ltd. and L Ltd. The Balance Sheets of K Ltd. and L Ltd. as at 31.3.2012 are given below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              Particulars<\/th>\nNote No.<\/th>\nK Ltd.<\/th>\nL Ltd.<\/th>\n<\/tr>\n<\/thead>\n
              <\/td>\n<\/td>\nFigures as at the end of\u00a0 the current reporting period<\/strong><\/td>\nFigures as at the end of\u00a0 the previous reporting period<\/strong><\/td>\nFigures as at the end\u00a0 of the current reporting period<\/strong><\/td>\nFigures as at the end of\u00a0 the previous reporting period<\/strong><\/td>\n<\/tr>\n
              I.\u00a0EQUITY AND LIABILITIES<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Shareholder’s Funds<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Share Capital:<\/td>\n<\/td>\n3,00,000<\/td>\n<\/td>\n4,00,000<\/td>\n<\/td>\n<\/tr>\n
              Issued and paid up<\/td>\n<\/td>\n2,00,000<\/td>\n<\/td>\n3,00,000<\/td>\n<\/td>\n<\/tr>\n
              Reserves and Surplus<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Current liabilities<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Short – term Borrowings:<\/td>\n<\/td>\n1,00,000<\/td>\n<\/td>\n50,000<\/td>\n<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n6,00,000<\/td>\n<\/td>\n7,50,000<\/td>\n<\/td>\n<\/tr>\n
              II.\u00a0ASSETS<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Non – Current Assets<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              Fixed Assets<\/td>\n<\/td>\n4,00,000<\/td>\n<\/td>\n4,00,000<\/td>\n<\/td>\n<\/tr>\n
              Current Assets<\/td>\n<\/td>\n2,00,000<\/td>\n<\/td>\n3,50,000<\/td>\n<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n6,00,000<\/td>\n<\/td>\n7,50,000<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n
            11. \n
              \n

              Prepare Common-size Statement of Profit and Loss from the following for the year ended 31st March 2013.<\/p>\n\n\n\n\n\n\n\n\n
              Particulars<\/strong><\/td>\n(Rs.)<\/strong><\/td>\n<\/tr>\n
              Revenue from Operations<\/td>\n21,00,000<\/td>\n<\/tr>\n
              Cost of Materials Consumed<\/td>\n9,90,000<\/td>\n<\/tr>\n
              Other Expenses<\/td>\n3,90,000<\/td>\n<\/tr>\n
              Interest on investment<\/td>\n80,000<\/td>\n<\/tr>\n
              Tax Payable<\/td>\n50%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/li>\n
            12. \n
              \n

              Balance Sheets of Blue Bell Ltd. as at 31st March 2013 and 2012 are given below :<\/p>\n

              Balance Sheet<\/strong>
              \nas at 31st March 2013 and 2012<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              <\/th>\nParticulars<\/th>\n31st March 2013
              \nAmount (Rs)<\/th>\n              		31st March 2012
              \nAmount (Rs)<\/th>\n<\/tr>\n<\/thead>\n
              I.<\/td>\nEQUITY AND LIABILITIES<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              <\/td>\n1.\u00a0Shareholders\u2019 Funds Share Capital<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              <\/td>\nShare Capital<\/td>\n3,44,000<\/td>\n4,26,000<\/td>\n<\/tr>\n
              <\/td>\n2.\u00a0Non-Current Liabilities<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              <\/td>\nLong-term Borrowings<\/td>\n4,38,000<\/td>\n6,96,000<\/td>\n<\/tr>\n
              <\/td>\n3.\u00a0Current Liabilities<\/strong><\/td>\n78,000<\/td>\n2,98,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n8,60,000<\/strong><\/td>\n14,20,000<\/strong><\/td>\n<\/tr>\n
              II.<\/td>\nASSETS<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              <\/td>\n1.\u00a0Non-Current Assets<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
              <\/td>\n(a) Fixed Assets<\/td>\n4,30,000<\/td>\n5,68,000<\/td>\n<\/tr>\n
              <\/td>\n(b) Investments<\/td>\n4,000<\/td>\n6,000<\/td>\n<\/tr>\n
              <\/td>\n2.\u00a0Current assets<\/strong><\/td>\n4,26,000<\/td>\n8,46,000<\/td>\n<\/tr>\n
              <\/td>\n<\/td>\n8,60,000<\/strong><\/td>\n14,20,000<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              Prepare Comparative Balance Sheet showing percentage changes from 2012 to 2013.<\/p>\n<\/div>\n<\/li>\n<\/ol>\n

              Ch-9 Financial Statements and Analysis<\/strong><\/p>\n

              \n

              Answer<\/strong><\/p>\n

                \n
              1. \n
                  \n
                1. Horizontal analysis,\u00a0Explanation:\u00a0<\/strong>Comparative financial statement is an example of Horizontal analysis because it requires comparative financial statements of two or more accounting periods.<\/li>\n<\/ol>\n
                    \n
                  1. All of these,\u00a0Explanation:\u00a0<\/strong>Shareholders fund is divided into the following parts: Share Capital
                    \nReserves and Surplus
                    \nMoney received against share warrant<\/li>\n<\/ol>\n
                      \n
                    1. Other Current Liabilities
                      \nExplanation:\u00a0<\/strong>It is a short term liability payable within one year.<\/li>\n<\/ol>\n
                        \n
                      1. Fixed intangible Assets
                        \nExplanation:\u00a0<\/strong>Computer software is an intangible asset because it is an identifiable non-monetary asset without physical substance.<\/li>\n<\/ol>\n
                          \n
                        1. It is expected to be realized within a year
                          \nExplanation:\u00a0<\/strong>The life of current assets are less than a year. They gets converted into cash and they keeps rotating several times in a year. Their balance is fluctuating, not fixed. Examples of current assets are, inventories, cash and cash equipments, trade receivables, etc.<\/li>\n<\/ol>\n<\/li>\n
                        2. Employees are interested in the company’s profitability and stability. They are after the ability of the company to pay salaries and provide employee benefits. They may also be interested in its financial position and performance to assess company expansion possibilities and career development opportunities.The financial statements of a business provide a formal record of its financial activities. Financial statements are important to tax authorities to ensure the accuracy of taxes and additional duties declared and paid by the company.<\/li>\n
                        3. BALANCE SHEET<\/strong>(HEADS ON EQUITY AND LIABILITIES SIDE)<\/strong>
                          \n\n\n\n\n\n\n\n\n
                          Particulars<\/td>\nNote No.<\/td>\nRs.<\/td>\n<\/tr>\n
                          I. EQUITY AND LIABILITIES<\/strong><\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          1. Shareholder\u2019s funds<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          2. Share Application money pending allotment<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          3. Non-Current Liabilities<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                          4. Current Liabilities<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
                            \n
                          1. Ratio Analysis.<\/li>\n
                          2. Trend Percentages.<\/li>\n
                          3. Capital Budgeting.<\/li>\n
                          4. Fund Flow Statement.<\/li>\n
                          5. Cash Flow Statement.<\/li>\n<\/ol>\n<\/li>\n
                          6. It is represented by earmarked investments.<\/li>\n
                          7. Financial statement analysis enables the ‘Top management’ to analyze the overall business efficiency. It provides better information for planning, budgeting and controlling of the business operations in future.<\/li>\n
                          8. Common Size Balance Sheet of K Ltd. and L Ltd.<\/strong>
                            \nas at 31.3.2012<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                            Particulars<\/th>\nNote No.<\/th>\nK Ltd.<\/th>\nL Ltd.<\/th>\n<\/tr>\n<\/thead>\n
                            <\/td>\n<\/td>\nAmount (Rs)<\/strong><\/td>\n% of Total<\/strong><\/td>\nAmount (Rs)<\/strong><\/td>\n% of Total<\/strong><\/td>\n<\/tr>\n
                            I.\u00a0EQUITY AND LIABILITIES<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            Shareholder’s Funds<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            Share Capital:<\/td>\n<\/td>\n3,00,000<\/td>\n50<\/td>\n4,00,000<\/td>\n53.3<\/td>\n<\/tr>\n
                            Issued and paid up<\/td>\n<\/td>\n2,00,000<\/td>\n33.3<\/td>\n3,00,000<\/td>\n40<\/td>\n<\/tr>\n
                            Reserves and Surplus<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            Current liabilities<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            Short – term Borrowings:<\/td>\n<\/td>\n1,00,000<\/td>\n16.7<\/td>\n50,000<\/td>\n6.7<\/td>\n<\/tr>\n
                            <\/td>\n<\/td>\n6,00,000<\/strong><\/td>\n100<\/td>\n7,50,000<\/strong><\/td>\n100<\/td>\n<\/tr>\n
                            II.\u00a0ASSETS<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            Non – Current Assets<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            Fixed Assets<\/td>\n<\/td>\n4,00,000<\/td>\n66.7<\/td>\n4,00,000<\/td>\n53.3<\/td>\n<\/tr>\n
                            Current Assets<\/td>\n<\/td>\n2,00,000<\/td>\n33.3<\/td>\n3,50,000<\/td>\n46.7<\/td>\n<\/tr>\n
                            <\/td>\n<\/td>\n6,00,000<\/strong><\/td>\n100<\/td>\n7,50,000<\/strong><\/td>\n100<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n
                          9. COMMON-SIZE STATEMENT OF PROFIT AND LOSS<\/strong>
                            \nfor the year ended 31st March 2013<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                            <\/th>\nParticulars<\/th>\nAbsolute Amount (Rs.)<\/th>\n(%) of Revenue from Operations<\/th>\n<\/tr>\n<\/thead>\n
                            I.<\/td>\nRevenue from Operations<\/td>\n21,00,000<\/td>\n100.00<\/td>\n<\/tr>\n
                            <\/td>\nOther Income (Interest on Investment)<\/td>\n80,000<\/td>\n3.91<\/td>\n<\/tr>\n
                            <\/td>\nTotal Revenue<\/strong><\/td>\n21,80,000<\/strong><\/td>\n103.81<\/td>\n<\/tr>\n
                            II.<\/td>\nExpenses<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            <\/td>\n(a) Costs of Materials Consumed<\/td>\n9,90,000<\/td>\n47.14<\/td>\n<\/tr>\n
                            <\/td>\n(b) Other Expense<\/td>\n3,90,000<\/td>\n18.57<\/td>\n<\/tr>\n
                            <\/td>\nTotal Expenses<\/strong><\/td>\n13,80,000<\/strong><\/td>\n19.05<\/td>\n<\/tr>\n
                            III.<\/td>\nNet Profit before tax(I – II)<\/strong><\/td>\n8,00,000<\/strong><\/td>\n38.09<\/td>\n<\/tr>\n
                            <\/td>\nLess: tax<\/td>\n4,00,000<\/td>\n19.05<\/td>\n<\/tr>\n
                            IV.<\/td>\nNet Profit after tax<\/strong><\/td>\n4,00,000<\/strong><\/td>\n19.05<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                            A common size income statement is an income statement in which each account is expressed as a percentage of the value of sales. It is used for vertical analysis, in which each line item in a financial statement is listed as a percentage of a base figure within the statement, to make comparisons easier.<\/li>\n

                          10. Comparative Balance Sheet<\/strong>
                            \nas at 31st March 2012 and 2013<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                            <\/th>\nParticulars<\/th>\n31st March 2013<\/p>\n

                            Amount (Rs.)<\/th>\n

                            		31st March 2012<\/p>\n

                            Amount (Rs.)<\/th>\n

                            		Absolute Change
                            \n(Increase\/Decrease)Amount (Rs)<\/th>\n                            		Percentage Change
                            \n(Increase\/Decrease) (%)<\/th>\n<\/tr>\n<\/thead>\n
                            I.<\/td>\nEQUITY AND LIABILITIES<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            <\/td>\n1.\u00a0Shareholders\u2019 Funds Share Capital<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            <\/td>\nShare Capital<\/td>\n3,44,000<\/td>\n4,26,000<\/td>\n(82,000)<\/td>\n(19.2)<\/td>\n<\/tr>\n
                            <\/td>\n2.\u00a0Non-Current Liabilities<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            <\/td>\nLong-term Borrowings<\/td>\n4,38,000<\/td>\n6,96,000<\/td>\n(2,58,000)<\/td>\n(37.1)<\/td>\n<\/tr>\n
                            <\/td>\n3.\u00a0Current Liabilities<\/strong><\/td>\n78,000<\/td>\n2,98,000<\/td>\n(2,20,000)<\/td>\n(73.8)<\/td>\n<\/tr>\n
                            <\/td>\n<\/td>\n8,60,000<\/strong><\/td>\n14,20,000<\/strong><\/td>\n(5,60,000)<\/strong><\/td>\n(39.4)<\/strong><\/td>\n<\/tr>\n
                            II.<\/td>\nASSETS<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            <\/td>\n1.\u00a0Non-Current Assets<\/strong><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                            <\/td>\n(a) Fixed Assets<\/td>\n4,30,000<\/td>\n5,68,000<\/td>\n(1,38,000)<\/td>\n(24.3)<\/td>\n<\/tr>\n
                            <\/td>\n(b) Investments<\/td>\n4,000<\/td>\n6,000<\/td>\n(2,000)<\/td>\n(33.3)<\/td>\n<\/tr>\n
                            <\/td>\n2.\u00a0Current assets<\/strong><\/td>\n4,26,000<\/td>\n8,46,000<\/td>\n(4,20,000)<\/td>\n(49.6)<\/td>\n<\/tr>\n
                            <\/td>\n<\/td>\n8,60,000<\/strong><\/td>\n14,20,000<\/strong><\/td>\n(5,60,000)<\/strong><\/td>\n(39.4)<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

                            A comparative balance sheet presents side-by-side information about an entity’s assets, liabilities, and shareholder’s equity as of multiple points in time. A comparative balance sheet usually has two columns of amounts that appear to the right of the account titles or other descriptions such as Cash and Cash Equivalents, Accounts Receivable, Accounts Payable, etc. A comparative balance sheet analysis is a method of analyzing a company’s balance sheet over time to identify changes and trends.<\/li>\n<\/ol>\n

                            \n

                            Class 12 Accountancy Chapter Wise Important Questions<\/h2>\n<\/div>\n
                              \n
                            1. FS of Non profit Organisation<\/a><\/li>\n
                            2. Fundamentals of partnership and Goodwill<\/a><\/li>\n
                            3. Change in Profit sharing ratio of Partners<\/a><\/li>\n
                            4. Admission of a Partner<\/a><\/li>\n
                            5. Retirement or Death of a partner<\/a><\/li>\n
                            6. Dissolution of Partnership<\/a><\/li>\n
                            7. Accounting for share Capital<\/a><\/li>\n
                            8. Accounting for Debentures<\/a><\/li>\n
                            9. Financial Statements and Analysis<\/a><\/li>\n
                            10. Statement Analysis Tools and Accounting Ratios<\/a><\/li>\n
                            11. Cash Flow Statement<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

                              Important Questions for Class 12 Accountancy Financial Statements and Analysis. myCBSEguide has just released Chapter Wise Question Answers for class 12 Accountancy. There chapter wise Practice Questions with complete solutions are available for download in\u00a0myCBSEguide\u00a0website and mobile app. These test papers with solution are prepared by our team of expert teachers who are teaching grade … Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1436,1346],"tags":[148,1839,1838,1833,1832,28],"class_list":["post-27292","post","type-post","status-publish","format-standard","hentry","category-accountancy-cbse-class-12","category-cbse","tag-cbse-class-12-accountancy","tag-extra-questions","tag-important-questions","tag-latest-exam-questions","tag-practice-questions","tag-test-papers"],"yoast_head":"\nImportant Questions for Class 12 Accountancy Financial Statements and Analysis<\/title>\n<meta name=\"description\" content=\"Important Questions for Class 12 Accountancy Financial Statements and 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