[Solved] Books of Accounts are prepared and audited as per the provisions of the

Books of Accounts are prepared and audited as per the provisions of the

a) Income Tax Act,1961

b) Companies Act 2013

c) Chartered Accountants Act 1949

d) None of these

Answer: (b) Books of Accounts are prepared and audited as per the provisions of the Companies Act 2013. Section 3 of the Companies Act, 2013, details the basic requirements of forming a company as follows: Formation of a public company involves 7 or more people who subscribe their names to the memorandum and register the company for any lawful purpose. Similarly, 2 or more people can form a private company.

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