Question
As an auditor you came across a situation where related
party transactions have taken place. Which AS deals with it?Solution
Related party transactions are covered under Accounting Standard (AS) 18, which is titled "Related Party Disclosures." AS 18 provides guidelines for identifying and disclosing transactions between an entity and its related parties in the financial statements. The standard outlines the definitions of related parties and the disclosures that need to be made in the financial statements to ensure transparency and proper representation of the financial position and performance of the entity.Â
A box has 5 red and 3 blue balls. Two balls drawn without replacement. Probability of at least one blue?
Arun tells the truth in 70% of cases and Varun tells the truth in 50% of cases. Find the probability that at least one of them tells the truth in a give...
In a lottery, there are 4 prizes and 20 blanks. A lottery is drawn at random. What is the probability of getting a prize?
Bag has 7 red, 5 green, 8 blue. Two drawn w/o replacement. Probability both blue?
A bag contains 20 black and 22 white balls. One ball is drawn at random. What is the probability that the ball drawn is white?
...- The probability that Riya passes the test is (4/9) and the probability that Aditya fails is (1/3). If both appear for the test, find the probability that t...
Five squares of a chessboard are chosen at random, the probability that three are of one colour and two of another is
From a well-shuffled deck of 52 cards, two cards are drawn one after the other without replacement. What is the probability that the first card is a red...
A bag contains 6 white balls, 4 red balls and 5 green balls. Two balls are drawn simultaneously. Find the probability that both the balls are of same c...
A bag contains 8 black and 10 white balls. One ball is drawn at random. What is the probability that the ball drawn is white?
...
