[amp_mcq option1=”AS-1″ option2=”AS-2″ option3=”AS-3″ option4=”AS-4″ correct=”option1″]<\/p>\n
The correct answer is: A. AS-1<\/strong><\/p>\n AS-1 is the Accounting Standard on Accounting Policies. It was issued by the Institute of Chartered Accountants of India (ICAI) in 1975. The standard provides guidance on the selection and application of accounting policies by enterprises. It also discusses the disclosure requirements for accounting policies.<\/p>\n AS-1 defines an accounting policy as “the specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements.” The standard states that an enterprise should select and apply accounting policies that are appropriate in the circumstances of the enterprise and that will enable users of the financial statements to understand the financial position, financial performance and cash flows of the enterprise.<\/p>\n AS-1 also discusses the disclosure requirements for accounting policies. The standard requires an enterprise to disclose the following information in its financial statements:<\/p>\n AS-1 is an important standard that provides guidance on the selection and application of accounting policies. The standard helps to ensure that financial statements are prepared in a consistent and comparable manner.<\/p>\n The other options are incorrect because they are not accounting standards relating to accounting policies.<\/p>\n","protected":false},"excerpt":{"rendered":" [amp_mcq option1=”AS-1″ option2=”AS-2″ option3=”AS-3″ option4=”AS-4″ correct=”option1″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-45596","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"\n\n