(CA Inter)Jan 27/Sep26

If fundamental accounting assumptions are not followed in presentation and preparation of financial statements,a specific disclosure is not required

Certain fundamental accounting assumptions underline the preparation and presentation of the financial statement.They are usually specially stated because their acceptance and use are not assumed

Which of the following are fundamental accounting assumptions

Any changes in accounting policies which has a material effect should be disclosed

Adoption of different accounting policies by different companies operating in same industry affect which of the qualitative characteristics the most

Which of the following is not a major consideration in selection and application of accounting policies

What are the issues accounting standards deals with

Small and medium sized companies (SMC)means a company

All non corporate entities engaged in commercial industrial or business activities having borrowings including public deposits in excess of rupees 2 crores but does not exceed 10 crores at time during immediately preceding year or classified as

All non corporate entities engaged in commercial industrial and business reporting entities whose turnover excluding other income exceeds 250 crores in the immediately preceding year are classified as which level entities

The following accounting standards is not applicable to non corporate entities falling in level 2 in its entities

Non corporate entities which are not level 1 entities who turnover excluding other income exceeds____ but doesn't not exceed 250 crores in the immediately preceding accounting year or classified as level 2 entities

One of the characteristics of financial statement is neutrality do you agree with the statement