2023 · Q62
According to the Accounting Standard-1, which of the following are the fundamental accounting assumptions?
General Accounting Principles, Auditing and InsuranceAccounting concepts and conventions
- AGoing Concern, Consistency, Accrual
- BGoing Concern, Money Measurement, Conservatism
- CGoing Concern, Consistency, Conservatism
- DGoing Concern, Accounting Period, Accrual
Explanation
ICAI's Accounting Standard-1 names three fundamental accounting assumptions: going concern, consistency and accrual. Money measurement (B) and conservatism (C) are concepts, and the accounting period (D) is not among the three assumptions. Hence A.