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Categories >> Accounting >> Audit
 
 


 

 
 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4371)
Question
Whether the term loan which was long term as on Mar-11, but
now it is short term due to its repayment within one year
from the reporting period. Whether it should be classified
as short term borrowings or other current liabilities as per
Revised schedule VI.
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
 
Answer
# 1
it should be classified as short term borrowings 
Is This Answer Correct ?    10 Yes 4 No
Monika Khandelwal
 
Answer
# 2
nature of long term and short term depond upon the date of the amount is taken instead of remaining period of the loan amount 
Is This Answer Correct ?    1 Yes 2 No
Dhiraj Kumar
 
 
 

 
 
 
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