Home › CS Executive › corpacc › Introduction to Financial and Corporate Accounting › Under the Companies Act, 2013, the balance sheet…
Under the Companies Act, 2013, the balance sheet of a company is required to be prepared in a specifically prescribed format. According to the lesson, that format is laid down in which Schedule of the Act?
Answer & Solution
Correct answer: A.
1. The lesson links the balance sheet format to a specific Schedule.
2. Schedule III of the Companies Act, 2013 sets the format for the balance sheet.
3. Schedule II deals with depreciation; Schedule V with managerial remuneration; Schedule VII with CSR.
4. So Schedule III is the right anchor for balance sheet format.
_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