As per AS – 1, which of the following is not a Fundamental Accounting Assumptions?

Related MCQs

• Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
• Accounting procedures and accounting practices should remain same from year to year under which of the following accounting principles:
• Which of the following is not a Fundamental Accounting Assumption?
• To convert the accounts prepared on cash system of accounting into mercantile system of accounting, which of these adjustments is not necessary
• Which of the following equations properly represents a derivation of the fundamental accounting equation?
• Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of:
• The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is
• Accounting Standard 1 requires the significant Accounting Policies to
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period
• General rules that are used as a guide in accounting and as a basis of accounting practices are called: