Question

Accounting Standard 1 (AS-1) is _________________.

a) Optional

b) Mandatory

c) Recommendatory

d) none of the above​

Answer 1

Answer:

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Answer 2

The correct answer is option (a) Optional.

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.
• This Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements.
• The disclosure of some of the accounting policies followed in the preparation and presentation of the financial statements is required by law in some cases.