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easyMCQCUET Accountancy 2025 30 May Shift 12026Accountancy
1 mark

Which among the following is NOT a true layout or compilation rule feature for the Presentation of Financial Statements under Schedule III?

  1. A
    Accounting standards shall prevail over Schedule III of the Companies Act, 2013.
  2. B
    Rounding off requirements is mandatory.
  3. C
    Disclosure on the face of the financial statements or in the notes is not essential or mandatory.
  4. D
    Current and non-current bifurcation of assets and liabilities is applicable.

Solution & Step-by-step Explanation

Disclosures either on the face of financial statements or within the comprehensive cross-referenced notes are completely essential and strictly legally mandatory to present a true and fair view of accounts. Hence, stating that disclosures are not essential is incorrect.

Practice this question

Try it yourself before checking the explanation above.

Which among the following is NOT a true layout or compilation rule feature for the Presentation of Financial Statements under Schedule III?
A
Accounting standards shall prevail over Schedule III of the Companies Act, 2013.
B
Rounding off requirements is mandatory.
C
Disclosure on the face of the financial statements or in the notes is not essential or mandatory.
D
Current and non-current bifurcation of assets and liabilities is applicable.

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