Question
Under Accounting Standard 5 on Net Profit or Loss for
the period, prior period items and changes in accounting policies must be disclosed separately. Why is this considered essential for financial statements?Solution
• AS 5 mandates separate disclosure of material prior period items and policy changes so that users can assess true operational performance vs adjustments.
Which section of the Companies Act 2013 deals with the provisions of Corporate Social Responsibility?
Which of the following are an auditor’s objectives with regard to verification of assets?
(i)Â Assets exist
(ii) Assets belong to the c...
An investment of ₹10 lakh yields ₹4L, ₹3L, ₹2L, ₹1L over four years. What is the payback period?
Which form is used for preparing the Profit and Loss Account of an General insurance company under the IRDA Regulations, 2002?
What is the maximum deduction allowed under Section 80U of the Income Tax Act, 1961, for an individual with a normal disability?
Which of the following statements is correct?
Goods can be purchased through GeM without inviting quotations on the basis of a certificate to be recorded by the competent authority up to the value o...
A company is offered a trade credit term of "2/10 net 30" by its supplier. If it doesn't take the discount, what is the annualized cost of forgoing the ...
What is the primary purpose of bookkeeping in business?
What does the management principle, "Principle of Order" developed by Henry Fayol signify?
