Question

65. According to AS 1, Disclosure should be made of
(a) Fundamental accounting assumptions (b) All accounting principles
(c) All significant accounting policies (d) All Accounting policies​

Answer 1

Answer:

d) disclosure of all accounting policies

Answer 2

ACCOUNTING STANDARD

According to AS 1, Disclosure should be made of (C) All significant accounting policies.

GETTING TO KNOW MORE ABOUT ACCOUNTING STANDARD:

* All important accounting policies used in the production and presentation of financial statements must be disclosed to facilitate correct comprehension of financial statements. Such information should be included in the financial statements.

* Instead of being strewn among numerous statements, schedules, and notes, it would be more beneficial to the reader of financial statements if they were all disclosed in one location. Any major effect of a change in accounting policy should be notified.

* To the extent that it can be computed, the amount by which any item in the financial statements is affected by such change should also be declared. If the sum cannot be determined in whole or in part, the fact should be communicated.