PREPARATION AND PRESENTATION OF FINAL ACCOUNTS
Companies Act,2013 has bought significant changes in preparation and presentation of final accounts for the companies. The new act has defined various terms which were not included in the act yet.It has brought various authority. The liability for accuracy and proper care in relation to final accounts has been increased on Board of Directors as well as auditors.Disclosure requirements in the matter of final accounts has been increased.This act has taken every possible step to be in line with global accounting policy.
Schedule III to the Companies Act, 2013 ( Revised Schedule VI to the Companies Act, 1956) gives general instructions for preparation of Balance Sheet (Part I) and Statement of Profit and Loss (Part II) of a company. Schedule III also contains general instructions regarding preparation of Consolidated Financial Statements. The disclosure requirements in the schedule are in addition to the disclosure requirements specified in the accounting standards prescribed under the Companies Act, 2013. Such disclosures are required to be made in the notes to accounts.
Here is a quiz on change in preparation and presentation of final accounts by Companies Act,2013.
Final Accounts for companies
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- Question 1 of 10
NACAS is replaced by which authority under Companies Act,2013CorrectIncorrect
- Question 2 of 10
Cash Flow statement is not mandatory for which class of companiesCorrectIncorrect
- Question 3 of 10
Financial Year is defined under which sectionCorrectIncorrect
- Question 4 of 10
Maintenace of Books of Accounts in Electronic FormCorrectIncorrect
- Question 5 of 10
Defination of books of Accounts is introduced under which section of Companies Act,2013CorrectIncorrect
- Question 6 of 10
Who can be a internal auditorCorrectIncorrect
- Question 7 of 10
Director’s Responsibilty Statement will include (as per CA, 2013)CorrectIncorrect
- Question 8 of 10
Circulation of Financial Accounts may be prescribed by which authorityCorrectIncorrect
- Question 9 of 10
Financial statements as defined by the CA, 2013 includesCorrectIncorrect
- Question 10 of 10
As per the provisions of CA,2013CorrectIncorrect