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Standard XII
Accountancy
Question

What is the correct sequence of the following action required for the preparation of Final Accounts?
(1) Preparation of Trial Balance
(2) Balancing of Accounts
(3) Preparation of Annual Financial Statements
(4) Marking Adjusting Entries
Select the correct answer from the codes given below:-
  1. 4, 2, 1, 3
  2. 2, 4, 3, 1
  3. 4, 2, 3, 1
  4. 2, 1, 4, 3

A
4, 2, 1, 3
B
2, 4, 3, 1
C
2, 1, 4, 3
D
4, 2, 3, 1
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Solution
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The correct sequence for preparation of final accounts are:-
1) Balancing of all the ledger accounts so that the balance can be transferred to the trial balance.
2) Transfer of ledger balances to the trial balance.
3) Passing any adjustment entries. They are usually the entries passed at the end of the year.
4) After adjusting entries passed final accounts are prepared.

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Q1
What is the correct sequence of the following action required for the preparation of Final Accounts?
(1) Preparation of Trial Balance
(2) Balancing of Accounts
(3) Preparation of Annual Financial Statements
(4) Marking Adjusting Entries
Select the correct answer from the codes given below:-
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Q2
The correct sequence in preparation of periodical financial statement would be :
1. Preparation of balance sheet
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Q3
What is the correct sequence of the following in the preparation of periodical financial statements?
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Q4

Give one word, term or phrase for the following statement:

1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.

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Q5
What is the correct sequence of the preparation of the following accounts and statement of a non-profit organisation?
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