Question
A firm wants to classify its expenses by nature
(salaries, depreciation, rent, etc.) in its Income Statement. According to Schedule III of Companies Act, which presentation format is it adopting?Solution
Classifying expenses by type (nature) rather than function (e.g., admin, selling) is known as natural classification and is permitted under Schedule III for companies.
AS 20 is related to:
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Which of the following in not a correct base adopted for apportionment of expenses over each department?
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Opening inventory Rs. 1,700/-, Purchases Rs. 27,000/-, Closing inventory Rs. 1,500. Cost of goods sold will be
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