COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Mandatory
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re commendatory
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optional
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no longer valid
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Detailed explanation-1: -The ICAI’s Accounting Standard 1 (AS-1) addresses the mandatory disclosure of significant accounting policies that are used in the process of preparing and presenting the “true and fair” view of the financial statements.
Detailed explanation-2: -Explanation: Accounting Standard 1 (AS-1) is Optional. An accounting standard is a set of practices and policies used to systematize bookkeeping and other accounting functions across firms and over time.
Detailed explanation-3: -Monetary assets and depreciation accounting. Was this answer helpful?
Detailed explanation-4: -1. This Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements.
Detailed explanation-5: -They are: GAAP or Generally Accepted Accounting Procedures. IFRS or the International Financial Reporting Standards.