GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following accounting standards is not mandatory in India?
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Non-monetary assets and fixed assets
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Inventory and depreciation accounting
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Monetary assets and depreciation accounting
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Fixed assets accounting and revenue recognition
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Explanation:
Detailed explanation-1: -Monetary assets and depreciation accounting. Was this answer helpful?
Detailed explanation-2: -It is mandatory for companies to follow accounting standards as it ensures uniformity in the accounting process and also makes statements comparable with other organisations. Also read: Difference Between Cash Basis and Accrual Basis of Accounting.
Detailed explanation-3: -17.1 Certain specific disclosures on accounting for fixed assets are already required by Accounting Standard 1 on ‘Disclosure of Accounting Policies’ and Accounting Standard 6 on ‘Depreciation Accounting’.
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