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Accounting Standards deal with which aspects of accounting transactions or events?
ARecognition only
BRecognition and measurement only
CRecognition, measurement, presentation and disclosure
DDisclosure only
Answer & Solution
Correct answer: C. Recognition, measurement, presentation and disclosure
1. Step 1: Per Ch 1, ASs cover four aspects: recognition, measurement, presentation, and disclosure.
2. Step 2: Each AS addresses some or all of these aspects.
3. Step 3: Hence (C) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_