Question

AS – 7 is mandatory in nature and it is
applicable to all the ___________ contracts
entered on or after 01/04/2003. Temporary Permanent Construction Batch

Answer 1

Answer:

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Answer 2

The correct answer is construction contracts.

• AS-7 is mandatory in nature and is applicable to all construction contracts.

• The AS 7 involved the values of accounting for 'construction contracts' in the monetary statements of the Contractors.  

• As per the reviewed AS 7 the accounting was to be completed as per the percentage/ progressive conclusion method.  

• Yet, the revised AS 7 is applicable merely to Contractors.

Hope it helped...