Question

Choose the correct answer from the alternations given:
(1)
Accounting standards are statements prescribed by
a)
Law
Bodies of shareholders
b)
c)
Professional accounting bodies
(II)
Accounting Principles are generally based on
a) Practicability
b) Subjectivity
c) Convenience in recording
The Policy of 'anticipate no profit and provide for all
possible losses' arises due to convention of
a)
Consistency
b) Disclosure
c) Conservatism
(IV)
Which is the accounting concept that requires the
practice of crediting closing stock to the trading
account
a)
Going concern
b)
Cost
c)
Matching​

Answer 1

1.c)Professional accounting bodies

2.b) Subjectivity

3.b)Cost