Question

The primary objective of ___________ is the allocation of contract revenue and contract cost.
AS - 3
AS - 12
AS - 7
AS - 21

Answer 1

Answer:

as 7 is the right answer not as 12

Answer 2

It is the primary objective of AS 7.

• In accounting, those transactions are adequately taken into account which can be represented in cash
• Accounting standards further set rules for treatment of various transactions.
• The accounting handling of income and expenditures are laid out in this standard.
• The goal of this accounting standard is to establish how income and expenditures connected with building contracts should be recorded.