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Doctors Medicines MCQs Q&A

  1. (A), (C) and (D) only
  2. (A) and (B) only
  3. (B) and (C) only
  4. (A) and (D) only
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1 Answers

Option 4 : (A) and (D) only

The correct answer is (A) and (D) only

Accounting Standard - 4 

Accounting Standard 4 (AS 4) pertains to the treatment of the following items in the financial statements:

  • Contingencies
  • Events occurring after the balance sheet date

 Events Occurring after the Balance Sheet Date:

  1. Events which occur between the balance sheet date and the date on which the financial statements are approved, may indicate the need for adjustments to assets and liabilities as at the balance sheet date or may require disclosure
  2. Adjustments to assets and liabilities are required for events occurring after the balance sheet date that provide additional information materially affecting the determination of the amounts relating to conditions existing at the balance sheet date.
    For Example: For example, an adjustment may be made for a loss
    on a trade receivable account which is confirmed by the insolvency of a
    customer which occurs after the balance sheet date
  3. Adjustments to assets and liabilities are not appropriate for events occurring after the balance sheet date, if such events do not relate to conditions existing at the balance sheet date.
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