According to the Accounting Standard 1 which of the following are the fundamental accounting assumpt...........

General Accounting Principles Concepts of Accounting

According to the Accounting Standard-1, which of the following are the fundamental accounting assumptions?

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EPFO APFC 2023

Going Concern, Consistency, Accrual

Going Concern, Money Measurement, Conservatism

Going Concern, Consistency, Conservatism

Going Concern, Accounting Period, Accrual

- According to Accounting Standard-1 (AS-1), the fundamental accounting assumptions include Going Concern, Consistency, and Accrual.

- Going Concern: Assumes the business will continue to operate indefinitely.

- Consistency: Assumes consistent application of accounting policies over periods.

- Accrual: Recognizes income and expenses when they are earned or incurred, not when cash is received or paid.

- Option 2: Includes Money Measurement and Conservatism, which are not fundamental assumptions.

- Option 3: Includes Conservatism, which is not a fundamental assumption.

- Option 4: Includes Accounting Period, which is not listed under AS-1 assumptions.

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