The correct answer is Option (3) → A-IV, B-I, C-II, D-III.
* AS-3- Cash Flow Statement.
Financial Statements are defined in Companies Act, 2013 (Section 2 (40)] and includes Cash Flow Statement prepared in accordance with Accounting Standard- 3 (AS-3)- Cash Flow Statement. A cash flow statement provides information about the historical changes in cash and cash equivalents of an enterprise by classifying cash flows into operating, investing and financing activities. It requires that an enterprise should prepare a cash flow statement and should present it for each accounting period for which financial statements are presented.
* AS-26- Treatment of Goodwill.
AS 26 refers to "Intangible Assets," an accounting standard issued by the Institute of Chartered Accountants of India (ICAI). This standard provides guidelines for recognizing, measuring, presenting, and disclosing intangible assets in the financial statements of an entity. Intangible assets are non-monetary assets without physical substance, such as patents, copyrights, trademarks, and goodwill.
* Section 2(62) of Companies Act, 2013- One person company.
One Person Company (OPC): Sec. 2 (62) of the companies Act, 2013, defines OPC as a “company which has only one person as a member”. Rule 3 of the Companies (Incorporation) Rules, 2014 provides that: (a) Only a natural person being an Indian citizen and resident in India can form one person company, (b) It cannot carry out non-banking financial investment activities. (c) Its paid up share capital is not more than Rs. 50 Lakhs (d) Its average annual turnover of three years does not exceed Rs. 2 Crores.
* Section 43 of Companies Act, 2013- Preference Shares.
According to Section 43 of The Companies Act, 2013, a preference share is one, which fulfils the following conditions : (a) That it carries a preferential right to dividend to be paid either as a fixed amount payable to preference shareholders or an amount calculated by a fixed rate of the nominal value of each share before any dividend is paid to the equity shareholders. (b) That with respect to capital it carries or will carry, on the winding up of the company, the preferential right to the repayment of capital before anything is paid to equity shareholders. |
