In financial statements, adequate disclosure is ensured by companies as per the requirements of:
I. management policies
II. materiality concept
III. disclosure concept
IV. relevant provision of the Companies Act
V. internal control
Of these statements:
A. I and III are correct
B. I, II and III are correct
C. II, III and V are correct
D. II, III and IV are correct
Answer: Option D
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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