alleryStart learning →Which set gives the major considerations for choosing policies?
AGoing concern, consistency, accrual
BEntity, money measurement, dual aspect
CPrudence, substance over form, materiality
DCost, realisation, matching rules
Answer & Solution
Correct answer: C. Prudence, substance over form, materiality
AS 1 names prudence, substance over form and materiality as the three major considerations when selecting policies.
Keep practising AS 1 Disclosure of Accounting Policies
Browse all AS 1 Disclosure of Accounting Policies questions for CA Inter, or explore more Accounting topics.
Related questions
Under prudence, must a profit be received in cash to be recognised?Matching costs with revenues under the accrual assumption is treated how in AS 1?How do bold italic and plain type paragraphs in an AS compare in authority?Besides accounting standards, what may require some accounting policies to be disclosed?Which consideration lets a firm skip separate reporting of items that would not influence A firm keeps all risks and rewards of goods it transferred and books a loan. Which consideA firm provides for a probable claim at its best estimate. Which consideration is this?A firm uses the written down value method every year without switching. Which assumption i