A: A Real Account is never closed at the end of the accounting year. R: Real accounts represent assets and properties of the business. Choose the correct option.
A.A is true but R is false
B.A is false but R is true
C.Both A and R are true but R is NOT the correct explanation of A
D.Both A and R are true and R is the correct explanation of A
Explanation:
Real accounts represent assets, which carry forward their balances to the next year because they represent ongoing resources of the business. R correctly explains why they are permanent and never closed.
Under the Companies Act 2013, the 'Independent Directors' must hold a special training as per Section 149. Who is exempted from this training requirement?
A.A person who has already undergone the training or is a whole-time director in a listed company
B.No one is exempted
C.A qualified Chartered Accountant or Company Secretary
D.A person who has been a director for more than 10 years
Explanation:
The Companies Act exempts individuals who have already undergone the prescribed independent director training, or those who are already serving as whole-time directors in listed companies, from the mandatory training requirement.
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