Assertion: Rounding off requirements is voluntary while preparing books of accounts as per Schedule III of the Companies Act, 2013.
Reasoning: Vertical format for presentation of financial statement is prescribed as per Schedule III of the Companies Act, 2013.
Answer & explanation
Correct answer: option 4
Rounding off requirements is Mandatory while preparing books of accounts as per Schedule III of the Companies Act, 2013.
Vertical format for presentation of financial statement is prescribed as per Schedule III of the Companies Act, 2013.