Consider the following statements: 1. According to the Companies Act 2013, 'goods-in-transit' shall not be disclosed...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Consider the following statements: 1. According to the Companies Act 2013, 'goods-in-transit' shall not be disclosed under the sub-head of inventories. 2. The new Company Act 2013 says that 'goods-in-transit' shall also be shown as an inventory. 3. New Company Act 2013 describes that the mode of valuation of 'goods-in-transit' shall also be disclosed. Which of the above statement/s is/are correct? A B с D Only 3 Only 1 2 and 3 1 and 2 Consider the following statements: 1. According to the Companies Act 2013, 'goods-in-transit' shall not be disclosed under the sub-head of inventories. 2. The new Company Act 2013 says that 'goods-in-transit' shall also be shown as an inventory. 3. New Company Act 2013 describes that the mode of valuation of 'goods-in-transit' shall also be disclosed. Which of the above statement/s is/are correct? A B с D Only 3 Only 1 2 and 3 1 and 2
Expert Answer:
Answer rating: 100% (QA)
D 1 and 2 EXPLANATION The mode of valuation of goods in transit shoul... View the full answer
Related Book For
Posted Date:
Students also viewed these general management questions
-
Develop and test an HTML document that is similar to that of Exercise 5.3. In this case, use text boxes rather than checkboxes. These text boxes take a number, which is the purchased number of the...
-
Define a function named Minimum that is similar to the Average function from Figure 17.11, but that takes an array of numbers as input and returns the smallest value from that array. For example, the...
-
c. AZ manufactures different kinds of marine equipment. The company uses a job costing system and manufacturing overhead is applied on the basis of machine hours. Estimated manufacturing overhead for...
-
In each case, verily that the points P and Q lie on the line. x = 4 - t P(2, 3, -3), Q(-1, 3, -9) y = 3 z = 1 - 2t
-
A company has installed five intrusion-detection devices in an office building. The devices are very sensitive and, on any given night, each one has a 0.1 probability of mistakenly sounding an alarm...
-
Why is spending by the U.S. government on scientific research at NASA fiscal policy while spending by the University of Illinois is not fiscal policy? Why is a cut in the payroll tax fiscal policy...
-
Simplify the irrational number \(\sqrt{1,815}\).
-
Emelio and Charita are married taxpayers with 2 dependent children. Emelio starts a computer consulting business in 2011. Charita works as a real estate broker. During 2011, they have the following...
-
Need help with ROI before lease cancellation and residual income before lease cancellation. Veach Division has total assets (net of accumulated depreciation) of $462,000 at the beginning of year 1....
-
Julio and Milania are owners of Falcons Corporation, an S corporation. They each own 50 percent of Falcons Corporation. In year 1, Julio and Milani received distributions of $20,000 and $10,000,...
-
What do you understand by the fallacy of perfection? Discuss with a suitable example.
-
What is the stance of Reid et al. (2012) regarding the imposition of negative sanctions for staff performance ? Explain
-
You are hired as a consultant to design the ventilation system for a 25,000 head tunnel ventilated broiler barn. Chicks enter the barn and broilers weighing 5 to 6 pounds exit the barn. Barn...
-
Operant conditioning is a type of learning process that involves modifying behavior through consequences. It was first described by psychologist B.F. Skinner and is based on the principle that...
-
Define backward design for instructional planning? Define Traditional Model for instructional planning? What are the similarities and What are the differences?
-
Explain the HSO's role regarding stakeholders' rights, and infer whether some duties or obligations are surpassed by the HSO's duty to stakeholders.
-
Please help me solve this. Thanks. Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 100 units at \\( \\$ 5 \\) each 4 Sale...
-
What are multinational corporations (MNCs) and what economic roles do they play?
-
What method of the Intent class is used to fetch a message in a called activity?
-
What is the format of an inline style sheet?
-
Using a document style sheet, modify the HTML document, definition.html in Section 2.7.3 to set the font in the dt elements to Courier 1em font and the dd elements to Times Roman 1.1em italic font.
-
In the 2006 Wells Report, what was the third most common way of detecting fraud? a. Tips b. Internal audits c. External audits d. By accident e. Reports from the police
-
What would not be a type of prediction for purposes of a CFE? a. Anonymous tip b. Complaint c. Audit inquiry d. Conflict of interest e. None of the above
-
What was the major fraud scheme used by the Baptist Foundation of Arizona? a. Ponzi scheme b. Created many fake purchase orders c. Improperly capitalized a number of expenses d. Bill and hold...
Study smarter with the SolutionInn App