MCQ Test 1

There is a question on identifying the event. The question goes this way- In FY18 X Limited realized that it had incorrectly disclosed in its FY17 Balance Sheet, the loan balance of Rs 10 Lacs when it was Rs 11 Lacs. The difference of Rs 1 Lacs was wrongly classified as Sundry Creditors. How is the adjustment disclosed in FY18? The answer given- It is an ordinary item of exceptional nature. But isn't this a prior period item, since the error occurred in the preparation of Financial Statement, in the previous year? Video Details ------------- P1 - Accounting Standards - CA Inter AS 5 #10. MCQ Test 1 - AS 5

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CA Inter

★ 3K+

01-May-25 10:03

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