Under the Companies Act, 2013, a company must maintain its books of accounts on which basis? MCQ with Answer and Explanation

Explanation:
Within 6 months of attaining majority, he must decide whether to become a partner or not.

Explanation:
Prudence ensures conservatism by providing for all foreseeable losses but not anticipating profits. Materiality allows accountants to bypass strict accounting rules for insignificant items. Both are correct.

Explanation:
Accrual basis recognises income when earned and expenses when incurred, regardless of cash flow.