alleryStart learning →Accounting policies are specific principles together with the
AMethods of applying them
BTax rates adopted
CDividend decisions
DAudit procedures followed
Answer & Solution
Correct answer: A. Methods of applying them
The definition covers the specific principles and the methods of applying them in preparing statements.
Keep practising AS 5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
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Bad debt provision is raised from Rs 20,000 to Rs 32,000 on new information. Extra charge Rent of Rs 25,000 for last year was omitted by error and received now. Other profit is Rs Profit Rs 8,00,000 before a Rs 20,000 prior period expense and Rs 1,50,000 extraordinary gLast year's stock was overstated Rs 15,000 by a sum error; bad debt estimate rose Rs 10,00Profit before a missed prior-year expense is Rs 3,00,000; the expense is Rs 30,000. Net prProfit from ordinary activities is Rs 5,00,000 and an extraordinary earthquake loss is Rs A Rs 90,000 machine, nil scrap, had 9 years straight line. After 3 years, total life is 12Last year's depreciation of Rs 40,000 was missed by oversight and charged now. It is