Home › CS Executive › corpacc › Introduction to Financial and Corporate Accounting › Within Chapter IX of the Companies Act, 2013, a …
Within Chapter IX of the Companies Act, 2013, a particular section prescribes the form and contents of a company's balance sheet and profit and loss account. Which section does that?
Answer & Solution
Correct answer: D.
1. The lesson identifies the section that prescribes form and contents of financial statements.
2. That section is Section 129 of the Companies Act, 2013.
3. Section 128 deals with books of account, not form of statements.
4. Section 130 deals with reopening of accounts; Section 133 with notification of accounting standards.
_Source: ICSI CS Executive Paper 5 (Corporate and Management Accounting) — Lesson 1 & 2: Introduction to Financial and Corporate Accounting, pp. v–vii and x._
Related questions
The lesson sketches a nine-step accounting cycle. Which step is described in the cycle as The Time Period assumption is one of the four listed accounting assumptions. Which statemeThe Business Entity assumption is one of the four listed accounting assumptions. Which staAccounting Standards (AS) are described in the lesson as written policy documents issued bRevenue Realisation is listed in the lesson as an accounting concept. Under this concept, Consistency is listed by the lesson as one of the accounting constraints. Which statement Full Disclosure is listed by the lesson as one of the accounting concepts. Which statementThe Matching concept is listed by the lesson alongside Revenue Realisation under the broad