Question

Final accounts of companies are prepared according to ______of the Companies Act, 2013.

• A. Schedule VI
• B. Schedule V
• C. Schedule II
• D. Schedule III

Answer 1

Answer: (D)

Schedule III

Schedule III of the act complements section 129 which says that the financial statements shall give a true and fair view of the state of affairs of the company or companies, comply with the accounting standards and shall be in the form or forms as may be provided for different class or classes of companies in Schedule III which is general instructions for preparation of balance of a company showing the profits and losses and on that basis final accounts are prepared.