Which is true in respect of preparation of financial statements as prescribed under the Schedule III of Companies Act 2013?
Answer & explanation
Correct answer: option 4
Rounding off figures that are to be reported in the financial statements is based on the size of turnover:
1. Turnover < Rs.100 crore: Nearest hundreds, thousands, lakhs or millions or decimal.
2. Turnover > Rs.100 crore: Nearest lakhs or millions or decimal.