Question

6. Following statement refers under
which AS - "If the fundamental
accounting assumptions of Going
Concern, Consistency and Accrual
are followed in financial statements,
specific disclosure is not required. If
a fundamental accounting
assumption is not followed, the fact
should be disclosed."​

Answer 1

Answer:

Explanation:

There are four basic assumptions of financial accounting: (1) economic entity, (2) fiscal period, (3) going concern, and (4) stable dollar. These assumptions are important because they form the building blocks on which financial accounting measurement is based.

                                    OR

, (1) Going Concern, (2) Consistency (Consistency Convention), and (3) Accrual.