Podcast
Questions and Answers
Define 'financial year' as per Companies Act, 2013.
Define 'financial year' as per Companies Act, 2013.
Financial year, as per Companies Act, 2013, refers to the period ending on the 31st day of March every year.
What is a 'Contingent Liability'?
What is a 'Contingent Liability'?
A Contingent Liability is a liability that is incurred for a future unexpected event.
Explain the purpose of a 'Cash Flow Statement'.
Explain the purpose of a 'Cash Flow Statement'.
A Cash Flow Statement shows the changes in cash and cash equivalents over a specific period.
What type of information should be included in the 'Notes to Accounts' section besides what is presented in the Financial Statements?
What type of information should be included in the 'Notes to Accounts' section besides what is presented in the Financial Statements?
How should each item on the Balance Sheet and Statement of Profit and Loss be linked to related information in the notes to accounts?
How should each item on the Balance Sheet and Statement of Profit and Loss be linked to related information in the notes to accounts?
What rounding-off rules should be followed in financial statements based on the company's turnover?
What rounding-off rules should be followed in financial statements based on the company's turnover?
How should the unit of measurement be applied in Financial Statements?
How should the unit of measurement be applied in Financial Statements?
When should comparative information for the preceding reporting period be included in the Financial Statements?
When should comparative information for the preceding reporting period be included in the Financial Statements?
Why is it important to include comparative information in financial statements?
Why is it important to include comparative information in financial statements?
What is the importance of notes to the accounts in financial statements?
What is the importance of notes to the accounts in financial statements?
Why are significant accounting policies important in financial reporting?
Why are significant accounting policies important in financial reporting?
Where can one find significant accounting policies and notes to accounts in a company's annual report?
Where can one find significant accounting policies and notes to accounts in a company's annual report?
What type of information can be found in the notes to the accounts of a company?
What type of information can be found in the notes to the accounts of a company?
How do notes to the accounts help readers of financial statements?
How do notes to the accounts help readers of financial statements?
Why are notes to the accounts considered the most important feature in financial statements?
Why are notes to the accounts considered the most important feature in financial statements?
