Question

How should borrowings be classified in financial statements?

a.

Only as secured borrowings.

b.

As secured and unsecured borrowings, with the nature of security specified separately in each case.

c.

Only as unsecured borrowings.

d.

As long-term and short-term borrowings.

Posted under IC 89 Management Accounting

Answer: (b).As secured and unsecured borrowings, with the nature of security specified separately in each case. Explanation:Borrowings should be classified as secured and unsecured, with the nature of security specified separately in each case.

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Q. How should borrowings be classified in financial statements?
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