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Company accounts - I
What is the primary legislation governing company accounts in India?
The Companies Act, 2013 governs the preparation, presentation, and audit of company accounts in India, replacing the earlier Companies Act, 1956.
What is the face value of a share also known as?
Face value is also called par value or nominal value.
What is a share in the context of company accounts?
A share is the smallest unit into which a company's capital is divided, representing ownership interest and carrying rights to dividends and voting.
What is meant by 'calls in advance' in company accounts?
Money received from shareholders before calls are actually made.
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