CA Inter P5 · Chapter 10 · Question 9 of 11
The forms of balance sheet and profit and loss account of a banking company are prescribed in:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) The Third Schedule to the Banking Regulation Act, 1949
Explanation
Section 29 of the Banking Regulation Act, 1949 requires banking companies to prepare their balance sheet and profit and loss account in the forms set out in the Third Schedule to that Act. Schedule III to the Companies Act applies to other companies, and its requirements do not override the special form prescribed for banks.
More Audit of Banks MCQs
- Q11The central statutory auditor of a bank receives reports from the auditors of many branches. When using the work of branch auditors, the…
- Q1The statutory auditor of a banking company is appointed in accordance with:
- Q2Under the RBI prudential norms, a term loan becomes a non-performing asset when:
- Q3A borrowal account of a bank became a non-performing asset on 30 June 2024 and has remained NPA continuously since then, with no…
- Q4Under RBI norms, a cash credit or overdraft account is treated as 'out of order' when: