As per the Schedule III, all items of assets and liabilities are to be bifurcated between current and non-current portions.

True

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

False

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Partially true

No worries! We‘ve got your back. Try BYJU‘S free classes today!

None of these

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A
True

True. As per the Schedule III, all items of assets and liabilities are to be bifurcated between current and non-current portions.

Suggest Corrections

Similar questions

___________ = Non current assets + current assets - current liabilities.

Balance Sheet prepared by the junior accountant showed the following items against the Major Heads and Sub-heads mentioned which were not as per Schedule III of the Companies Act, 2013.

$\begin{matrix} Items & Major Head/Sub-head Loose Tools & Trade Receivables Cheques in Hand & Current Investments Term Loan from Bank & Other Long-term Liabilities Computer Software & Tangible Fixed Assets \end{matrix}$

You are required to represent the items as per the Companies Act, 2013,

At the time of death, the assets and liabilities are revalued. State this true or false.

At the time of retirement, the assets and liabilities are revalued. State this true or false.

Q. Assertion: Export and Import of goods (visible items) and Export and Import of services (invisible items) will be recorded in the current account of BOP.

Reason: These transactions do affect assets and liabilities of the parties involved.

[0.80 marks]

Join BYJU'S Learning Program

As per the Schedule III, all items of assets and liabilities are to be bifurcated between current and non-current portions.

The correct option is A True True. As per the Schedule III, all items of assets and liabilities are to be bifurcated between current and non-current portions.

The correct option is A
True

True. As per the Schedule III, all items of assets and liabilities are to be bifurcated between current and non-current portions.