Question

1. Fundamental Accounting Assumptions as per AS-1 are -
(a) Going concern, Consistency, Conservatism
(b) Going concern, Consistency, Accrual
(c) Going concern, Money Measurement, Conservatism
(d) Going concern, Accounting Period, Accrual
Economic life of an enterprise is artificially onlit into periodic inte
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Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Accounting has its own assumption to make it relevant and for the purpose of facility. The Accounting Standard 'Disclosure of Accounting Policies' issued by Institute of Chartered Accountants of India, states there are three fundamental accounting assumptions:

1. Going concern: The enterprise is normally viewed as a going concern, i.e. as continuing operations for the foreseeable future.  

2. Consistency: It is assumed that accounting policies are consistent from one period to another.

3. Accrual: Revenues and costs are accrued, tat is, recorded as they are earned or incurred and recorded in the financial statements of the periods to which they relate. This assumption is the core of accrual accounting system.

Explanation:

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