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Categories >> Accounting >> Audit


 Audit interview questions  Audit Interview Questions (427)
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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  
# 1
it should be classified as short term borrowings 
Is This Answer Correct ?    10 Yes 4 No
Monika Khandelwal
# 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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