2.5.1 - Statutory Requirements
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Practice Questions
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What are the two main components of final accounts?
💡 Hint: Remember the main financial statements.
What is the purpose of a Balance Sheet?
💡 Hint: Think about what it tells us on a specific date.
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Interactive Quizzes
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Which of the following documents must Joint Stock Companies prepare?
💡 Hint: Think about the two main financial statements they must prepare.
True or False: A Balance Sheet summarizes the company’s operations over a year.
💡 Hint: Consider the focus of what a Balance Sheet shows.
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Challenge Problems
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You have the following financial data for a fictional company: Total Assets ₹20,00,000, Total Liabilities ₹8,00,000. What is the Shareholders' Equity? Provide a detailed calculation.
💡 Hint: Remember the accounting equation.
If a company has an outstanding expense of ₹60,000 that needs to be reflected in its final accounts, how would this adjustment impact the Statement of Profit and Loss?
💡 Hint: Think about how adjusting expenses affects profits.
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