5 Questions
What is the definition of a financial statement?
A financial statement is defined as including the balance sheet, income and expenditure account, cash flow statement, statement of change in equity (if applicable), and any explanatory notes.
What are the types of companies exempted from including the cash flow statement in their financial statements?
OPC (One Person Company), small company, dormant company, and private company (if the private company is a start-up).
What should the financial statements give?
The financial statements should give a true and fair view of the state of affairs of the company, comply with the accounting standards, and be in the form as provided in Schedule III.
What is the form of financial statements for different class or classes of companies?
The form of financial statements may be provided for different class or classes of companies in Schedule III.
Which types of companies are mentioned as examples of those that may have different forms of financial statements?
Insurance companies, banking companies, and companies engaged in generation/supply of electricity.
Test your knowledge on financial statements and their components with this quiz. Explore balance sheets, P&L accounts, cash flow statements, statements of change in equity, and explanatory notes. Challenge yourself and improve your understanding of financial reporting.
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