CAF-4 · Chapter 25 · Question 17 of 19
For how long is a company legally obligated to preserve its books of accounts and payment vouchers?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) 10 years immediately preceding the financial year.
Explanation
The Companies Act mandates that books of accounts and all payment vouchers must be preserved in good order for a period of at least 10 years immediately preceding a financial year.
More Accounts and annual return MCQs
- Q19If a private limited company has a paid-up capital of Rs. 2 million, what exemption does it enjoy regarding its annual return if there are…
- Q1For how long is a company legally required to preserve its books of accounts in good order?
- Q2While books of accounts must generally be kept at the registered office of the company, who has the authority to decide to keep these…
- Q3Under Section 2(33) of the Companies Act, 2017, which of the following documents is explicitly included in the definition of 'financial…
- Q4Financial statements generally must be audited. However, this requirement is NOT applicable to a private company if its paid-up capital…