Page 52 - IC46 addendum
P. 52
General Insurance Accounts (IC-46)
b. Rate of depreciation prescribed by
Companies Act.
c. 10 years presumed for furniture and fixtures
and 20 years for building.
d. Rate of depreciation prescribed by income
tax.
e. None of the above.
13. As per Indian GAAP a complete set of
financial statements of a company
include the following:
a. Balance sheet and Profit and loss account.
b. Statement of changes in equity.
c. Cash flow statement.
d. Consolidated financial statements (listed
companies) in accordance with provisions of
section 129 of Companies Act 2013.
e. All are included.
14. The financial statements of a company
are prepared in accordance with the
Indian:
a. SAP b. Accounting standard
c. IND AS d. GAAP
e. None above
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