Question

Accounting standard with simple explanation

Answer 1

AS-1 ------ It tells about introduction and basic things to be followed in accounting, for Uniformity.

AS-2 ------ Valuation of Inventories: Talks about how to value Closing Stock( i.e cost or NRV)

AS-3 ------ Cash Flow Statement ( how to prepare )

AS-4 ----- Contigencies and Events occuring after Balance Sheet ( i.e transactions affecting after preparation of balance sheet.

AS-7 ---- Construction Contract: how to accounts expenses in the period of construction

AS-10 ---- Plant, Property and Equipment