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.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. How should borrowings be classified in financial statements?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. When loans are guaranteed by directors or others, what information should be disclosed?

View solution

Q. What should be specified regarding the period and amount of default in repayment of dues?

View solution

Q. How are other current liabilities classified?

View solution

Q. How should share application money be disclosed in financial statements?

View solution

Q. How are short-term provisions classified?

View solution

Q. How are tangible assets classified?

View solution

Q. How should assets under lease be specified in the classification of tangible assets?

View solution

Q. What information should be disclosed regarding the reconciliation of the gross and net carrying amounts of tangible assets?

View solution

Q. How are intangible assets classified?

View solution

Q. How are non-current investments classified?

View solution

Q. What information should be disclosed under the classification of non-current investments?

View solution

Q. How should investments carried at other than cost be disclosed?

View solution

Q. What information should be disclosed regarding long-term loans and advances?

View solution

Q. How are other non-current assets classified?

View solution

Q. How should long-term trade receivables be sub-classified?

View solution

Q. What information should be disclosed regarding current investments?

View solution

Q. How are current investments classified?

View solution

Q. How should inventories be classified?

View solution

Q. How should goods-in-transit be disclosed in inventories?

View solution

Q. What should be stated regarding the mode of valuation of inventories?

View solution
View All MCQs on IC 89 Management Accounting

Recommended Subjects

Are you eager to expand your knowledge beyond IC 89 Management Accounting? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Biochemical Engineering

Master the synergy of biology and engineering with our Biochemical Engineering...

Optical Communication

Explore the world of high-speed data transmission with our Optical Communication...

Analytical Instrumentation

Dive into the world of precise measurements with our Analytical Instrumentation...

Business Statistics

Uncover the power of data analysis with our Business Statistics category. Explore...

Sociology

Gain insights into human behavior and society with our Sociology category. Explore...

International Relations

Navigate the complex world of International Relations with our dedicated category....

Cytogenetics

Delve into the genetic mysteries of chromosomes with our Cytogenetics category....

Heat Transfer

Explore the fascinating world of heat transfer with our Heat Transfer category....

Mechanics of Materials

Unlock the principles of Mechanics of Materials with our specialized category. Dive...