Match List-I with List-II. LIST I LIST II A) Accounting standard rule…

Match List-I with List-II.

LIST I	LIST II
A) Accounting standard rules	(I) 2013
B) Companies Act	(II) 1932
C) Financial statement of company	(III) 2006
D) Partnership Act	(IV) Schedule III

Choose the correct answer from the options given below:

Answer & explanation

Correct answer: option 1

The correct answer is Option (1) → (A)-(III), (B)-(I), (C)-(IV), (D)-(II)

Each item in List-I is a law, a set of rules or a format that governs some part of accounts; List-II gives its year or its name.

(A) Accounting standard rules — this matches (III) 2006. The accounting standards are notified under the Companies (Accounting Standards) Rules, 2006.

(B) Companies Act — this matches (I) 2013. Companies today are governed by the Companies Act, 2013.

(C) Financial statement of company — this matches (IV) Schedule III. A company’s balance sheet and statement of profit and loss are prepared in the form laid down in Schedule III to that Act.

(D) Partnership Act — this matches (II) 1932. Partnership firms are governed by the Indian Partnership Act, 1932.

NCERT (2026-27 edition):
Cash Flow Statement – “… Financial Statement of companies are prepared following the accounting standards prescribed in the companies Act, 2013. Accounting Standards are notified under section 133 of the Companies Act, 2013 vide Accounting Standards Rules, 2006 and are mandatory in nature.”

NCERT (2026-27 edition):
Types of Financial Statements – “… 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.”

NCERT (2026-27 edition):
Terms Introduced in the Chapter – “… 3. Provisions of Partnership Act 1932 applicable to accounting: If partnership deed is silent in respect of certain aspects, the relevant provisions of the Indian Partnership Act, 1932 become applicable.”