Question

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

a.

Only the names of the guarantors.

b.

A mention thereof and the aggregate amount of loans under each head.

c.

The terms of repayment only.

d.

The reasons for the guarantee.

Posted under IC 89 Management Accounting

Answer: (b).A mention thereof and the aggregate amount of loans under each head. Explanation:When loans are guaranteed by directors or others, the disclosure should include a mention thereof and the aggregate amount of loans under each head.

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