Practicing Success
Assertion: As per Schedule III to the Companies Act, 2013, an asset is categorised under Current assets if it is held primarily for trading. |
Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A. Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A. Assertion (A) is true but Reasoning (R) is not correct. Assertion (A) is not true but Reasoning (R) is correct. |
Assertion (A) is true but Reasoning (R) is not correct. |
An item is classified as current: if it is involved in entity’s operating cycle Other assets and liabilities are non-current. |