As per schedule III of the companies act, schedule to balance sheet and income statement are now known as _________.

annexure

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notes to accounts

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appendix

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none of the above

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Solution

The correct option is C notes to accounts
Schedule III of Companies Act, 2013 specified General Instructions for preparation of balance sheet and statement of profit and loss of a company which includes compliance of the accounting standards; requirement of disclosures, notes to the accounts, round off; format for preparing balance sheet and statement of profit and loss account for making law uniform to all.
As per the new companies act, “schedule” has been replaced by “Notes to the account” but the meaning remains the same that they are the details of items mentioned in balance sheet and statement of profit & loss.

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