Which of the following is NOT a fundamental accounting assumption as per AS-1?

Question

Team JKSSB Mock Tests · Accepted Answer

Prudence is an accounting convention, not a fundamental assumption under AS-1. The three fundamental assumptions are Going Concern, Consistency, and Accrual.

Which of the following is NOT a fundamental accounting assumption as per AS-1? MCQ with Answer and Explanation

Solution (By JKSSB Mock Tests)

Discuss this Question (0)

Practice More Accountancy and Book Keeping Questions