Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Financial Statements of a Company

Question:
In which schedule, was the prescribed form of the Balance Sheet given?
Options:
VII Part IV
VI Part I
VI Part II
III Part I
Correct Answer:
III Part I
Explanation:
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.