Question

Accounting Standard 1 is _____
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Answer 1

Answer:

one only

Step-by-step explanation:

may be this answer help u please follow and mark as brainlist

Answer 2

The correct answer is the disclosure of accounting policies.

Explanation:

• An accounting standard is a set of practices and policies used to systematize bookkeeping and other accounting functions across firms and over time.
• AS 1 refers to the disclosure of accounting policies.
• It states that an enterprise needs to disclose significant accounting policies followed by it to prepare and present its financial statements.
• 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.