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Q1. Infer and explain any five accounting concepts and/or conventions being followed by CC limited for preparing its financial statoments from the following notes to the financist statements of rC fimited. The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013. The financial statements have also been prepared in accordance with the relevant presentation requirements of the Companies Act. 2013. The Company adopted Ind AS from 1 st April. 2016. The financial statements are prepared in accordance with the historical cost convention, except for certain ifems that are measured at fair values, as explained in the accounting policies. No significant or material order passed during the year by any regulator, court or tribunal impacting the going concern status of your Company or its future operations. Property, plant and equipment are stated at the cost of acquisition or construction less accumulated depreciation and impairment if any. The estimated useful lives of property, plant and equipment of the Company are as follows: All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle, and other criteria set out in the Schedule III to the Companies Act, 2013 and Ind AS 1 Presentation of Financial Statements based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents. inventories are stated at lower of cost and net realizable value. The cost is caiculated on weighted average method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories to their present location and condition and includes, where applicable, appropriate overheads based on normal level of activity. Net realizable value is the estimated selling price less estimated costs for completion and sale. The functional and presentation currency of the Company is Indian Rupee. Transactions in foreign currency are accounted for at the exchange rate prevailing on the transaction date. Revenue is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of returns and discounts to customers. Revenue from the sale of goods and services is recognized when the Company performs its obligations to its customers, irrespective of whether it is received in cash form or not. The amount of revenue can be measured reliably and recoven of the consideration is probable