a-4, b-1, c-2, d-3
a-4, b-1, c-3, d-2
a-1, b-4, c-3, d-2
a-1, b-4, c-2, d-3
Answer is Right!
Answer is Wrong!
The correct answer is: C. a-1, b-4, c-3, d-2
AS-1 deals with the valuation of inventory. It prescribes the principles for determining the cost of inventory and the methods of accounting for it.
AS-2 deals with the preparation of cash flow statements. It prescribes the principles for determining the cash flows from operating, investing, and financing activities.
AS-3 deals with the recognition of revenue. It prescribes the principles for determining when revenue should be recognized.
AS-4 deals with the disclosure of accounting policies. It prescribes the principles for disclosing the accounting policies adopted by an entity.
Here is a brief explanation of each option:
- Option A: This option is incorrect because it assigns the wrong object to AS-2. AS-2 deals with the preparation of cash flow statements, not the valuation of inventory.
- Option B: This option is incorrect because it assigns the wrong object to AS-3. AS-3 deals with the recognition of revenue, not the preparation of cash flow statements.
- Option C: This option is correct because it assigns the correct object to each accounting standard.
- Option D: This option is incorrect because it assigns the wrong object to AS-4. AS-4 deals with the disclosure of accounting policies, not the recognition of revenue.