Financial Statements

JKSSB Panchayat Account Assistant · Accountancy & Finance · 11 practice questions with answers and explanations: 3 Easy, 6 Medium, 2 Hard.

Sample questions

Sample Easy question 1

Which financial statement shows a business's financial position on a particular date?

  1. Balance Sheet
  2. Trading Account
  3. Profit and Loss Account
  4. Cash Flow Statement
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Answer: A. The balance sheet is a snapshot of assets, liabilities, and capital on a specific date.

Sample Medium question 2

Which of the following is classified as an intangible asset?

  1. Goodwill
  2. Cash
  3. Debtors
  4. Furniture
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Answer: A. Goodwill has no physical form and is classified as an intangible asset.

Sample Hard question 3

Which of the following best describes 'Working Capital'?

  1. Current Assets minus Current Liabilities
  2. Total Assets minus Total Liabilities
  3. Fixed Assets minus Depreciation
  4. Capital plus Reserves
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Answer: A. Working Capital measures short-term liquidity as Current Assets minus Current Liabilities.

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