S1: AS 1 mandates the disclosure of all accounting policies used. S2: AS 3 deals with the preparation of cash flow statements. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: AS 1 mandates the disclosure of all accounting policies used. S2: AS 3 deals with the preparation of cash flow statements. Which statement(s) is/are correct?
A. S2 only
B. Both S1 and S2
C. S1 only
D. Neither S1 nor S2
Answer: Option B
Solution (By JKSSB Mock Tests)
AS 1 requires the disclosure of significant accounting policies. AS 3 mandates the preparation and presentation of cash flow statements. Both statements are correct.
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