2023 · Q119
Which of the following is not a major consideration in the selection and application of accounting policies?
General Accounting Principles, Auditing and InsuranceAccounting concepts and conventions
- APrudence
- BConsistency
- CSubstance over form
- DMateriality
Explanation
ICAI's Accounting Standard-1 lists prudence, substance over form and materiality as the major considerations governing the selection and application of accounting policies. Consistency is one of the three fundamental accounting assumptions, not a policy-selection consideration. Hence B.