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    Question

    The Division III, inserted in Schedule III of the

    Companies Act, 2013, prescribes the format for preparation of financial statements of which of the following?
    A Manufacturing companies Correct Answer Incorrect Answer
    B Trading companies Correct Answer Incorrect Answer
    C Banks Correct Answer Incorrect Answer
    D NBFCs Correct Answer Incorrect Answer
    E Foreign companies Correct Answer Incorrect Answer

    Solution

    Division I –relates to format for preparation of financial statements for companies complying with Accounting Standards (AS)   Division II-relates to format for preparation of financial statements for companies complying with Indian Accounting Standards (Ind AS)   Division III-relates to format for preparation of financial statements for NBFCs complying with Indian Accounting Standards (Ind AS)

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