Practicing Success
There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the options given below. Assertion (A): Financial Statements of a company are prepared in the form prescribed in Schedule lll of the Companies Act, 2013. |
Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion. Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion. Both Assertion (A) and Reason (R) are not correct. Only Assertion (A) is correct. |
Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion. |
Every company registered under The Companies Act 2013 shall prepare its balance sheet, statement of profit and loss and notes to account thereto in accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013 to harmonise the disclosure requirement with the accounting standards and to converge with new reforms. |