QUESTION BANK
CLASS 11
SUBJECT- ACCOUNTANCY (PART-II)
CHAPTER-9 FINANCIAL STATEMENTS - II
Multiple Choice Questions (MCQs)
1. What is the primary objective of preparing financial statements? a) To determine
the profitability of a business
b) To assess the financial position of a business
c) Both a and b
d) None of the above
2. Which of the following is not a component of the financial statements? a) Income
Statement
b) Balance Sheet
c) Cash Flow Statement
d) Trading Account
3. Which of the following is an item included in the trading account? a) Rent
b) Sales
c) Interest on Loan
d) Commission Received
4. Which of the following is an example of indirect income? a) Rent
b) Discount Received
c) Interest Received
d) Sales
5. Which of the following accounts are not closed at the end of the accounting year?
a) Real accounts
b) Nominal accounts
c) Personal accounts
d) None of the above
Very Short Answer (VSA)
1. What is a Trading Account?
2. Mention any two types of revenue shown in the Profit & Loss Account.
3. What do you mean by ‘Closing Stock’?
4. What is the difference between Gross Profit and Net Profit?
5. Name any two items included in the liabilities side of a Balance Sheet.
Short Answer (SA)
1. Explain the purpose of preparing a Profit and Loss Account.
2. What is the treatment of depreciation in the financial statements?
3. Describe the term 'Current Liabilities' with examples.
4. How are outstanding expenses shown in the financial statements?
5. What is meant by 'Net Profit' and how is it calculated?
Long Answer (LA)
1. Explain the steps involved in preparing a Trading Account, Profit and Loss Account,
and Balance Sheet.
2. Discuss the importance of adjusting entries in the preparation of financial
statements. Provide examples.
3. Explain the accounting treatment of the following in the financial statements:
o Closing Stock
o Depreciation
o Prepaid Expenses
4. Discuss the significance of 'Adjusted Gross Profit' and how it is calculated in the
Profit and Loss Account.
5. Explain the relationship between the Balance Sheet and the Profit & Loss Account.
How does the information in one affect the other?
Fill in the Blanks
1. The purpose of preparing financial statements is to ascertain the _______ of the
business.
2. Gross Profit is calculated by subtracting _______ from the sales.
3. The Balance Sheet reflects the _______ position of the business at a specific point in
time.
4. _______ Expenses are those that have been paid but relate to the next accounting
period.
5. The net worth of the business can be calculated by subtracting _______ from
_______.
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