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Introduction to Financial Statements

Under the Com...

Question

Under the Companies Act. 1956, the 'financial year' of company

A

Must be exactly 12 months

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B

Must not be less than 12 months

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C

May be more or less than a calendar year, but is shall not exceed 15 months

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D

May be more or less than a calendar year, but it shall not exceed 20 months

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Solution

The correct option is C May be more or less than a calendar year, but is shall not exceed 15 months
According to the Companies Act 1956, the financial year of a company can be more or less than a calendar year which is 12 months but it cannot exceed 15 months in order to make the accounts compact and comprehensive.

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