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Which AS deals with 'Cash Flow Statement'?
AAS 1
BAS 7
CAS 3
DAS 9
Answer & Solution
Correct answer: C. AS 3
1. Step 1: AS 3 = Cash Flow Statement, applicable from 01/04/2001 per the table.
2. Step 2: AS 1 is Accounting Policies; AS 7 is Construction Contracts.
3. Step 3: Hence (B) is correct.
_Source: ICAI BoS CA Inter Paper 1, Ch 1 "Introduction to Accounting Standards"_