Question
With reference to the NBFCs, consider the following
statements: 1. It is a company registered under the Companies Act, 1956 2. NBFC cannot accept demand deposits. 3. NBFC can issue cheques drawn on itself. Which of the statements given above is/are incorrect?Solution
Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 and engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business NBFC cannot accept demand deposits; NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself; deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.
Within how many days should payment to an MSME supplier be made to allow it as an expense, for the computation of income under Income Tax Act?
U/s 208, it is obligatory for an assessee to pay advance tax where the tax payable is
GAAP stands for:
Which of the following is a key principle of the "Canon of financial propriety"?
The format of the Financial Statement of a company is prescribed in:
A company manufactures goods with normal loss of 5%. In one batch, due to worker negligence, loss rose to 12%. At what level should inventory be valued?
The Miller-Orr Model is used to manage:
____________ = (sales value – variable cost)/ Sales value
If the Opening Debtors were Rs.50,000 and Closing debtors are Rs.40,000, what effect will it have on the cash flow statement?
