Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Accounting and Auditing Financial Statements Analysis Indian Accounting Standards and IFRS
With respect to accounting for foreign branches, which of the following statements is correct?
1
For the purpose of accounting, AS 12 (revised 2003) classifies the foreign branches into two types: (a) Integral Foreign Operation, (b) Memorandum Foreign Operation.
2
For the purpose of accounting, AS 16 (revised 2003) classifies the foreign branches into two types: (a) Integral Foreign Operation, (b) Memorandum Foreign Operation.
3
For the purpose of accounting, AS 13 (revised 2003) classifies the foreign branches into two types: (a) Integral Foreign Operation, (b) Non-Integral Foreign Operation.
4
For the purpose of accounting, AS 11 (revised 2003) classifies the foreign branches into two types: (a) Integral Foreign Operation, (b) Non-Integral Foreign Operation.