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Commerce Auditing Difficulty: Medium

Assertion (A): The management of working capital refers to the management of current assets and current liabilities. Reason (R): The major thrust is on the management of current assets; because current liabilities arise in the context of current assets. Advertising method in which a commercial is broadcast simultaneously on several radio stations and/or television channels is known as Regular assessment in respect of any income is to be made in a later assessment year, but . . . . . . . . on such income is payable in the previous year itself. In which year New India Assurance Co Ltd was found? Match List-I with List-II and select the correct answer: List-I List-II a. Industries Development Regulation Act 1. 1947 b. Import and Export Control Act 2. 1948 c. Foreign Exchange Management Act 3. 1951 d. Factories Act 4. 1999