Which of the following is a Level-1 enterprise ?
CS Executive · Corporate and Management Accounting · PYQS · June 2023
Which of the following is a Level-1 enterprise ?
Answer & Explanation:
The official key records '*'. This question is excluded from automatic grading because the source does not supply an unambiguous valid choice. Official source note: Correct option is B i.e. All commercial, industrial or business reporting entities having: Borrowings > 10 crores (at any time during immediately preceding accounting year), Turnover > 50 crores (during preceding accounting year).However, w.e.f. 1.04.2021, Level 1 entities shall be classified as All commercial, industrial or business reporting entities having: Borrowings > 50 crores (at any time during immediately preceding accounting year), Turnover > 250 crores (immediately preceding acco unting year) . Therefore, none of the options are correct.
Topics: Accounting Standards
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