Fundamental Accounting Assumptions are: a) Going Concern, Conservatism, Accrual b) Going Concern, - (c) Description: As per accounting Standard-1 (AS-1), the fundamental accounting assumptions are: -Going Concern -Consistency -Accrual These are presumed to be followed during preparation of any financial statements and a special disclosure is required if any of them is not followed. - Fundamentals of Accounting Interview Questions and Answers

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FUNDAMENTALS OF ACCOUNTING

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Question: Fundamental Accounting Assumptions are:
a) Going Concern, Conservatism, Accrual
b) Going Concern, Matching, Consistency
c) Going Concern, Consistency, Accrual
d) Going Concern, Entity, Periodicity

Answer: (c)
Description: As per accounting Standard-1 (AS-1), the fundamental accounting assumptions are:
-Going Concern -Consistency -Accrual
These are presumed to be followed during preparation of any financial statements and a special disclosure is required if any of them is not followed.

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Question: Fundamental Accounting Assumptions are:
a) Going Concern, Conservatism, Accrual
b) Going Concern, Matching, Consistency
c) Going Concern, Consistency, Accrual
d) Going Concern, Entity, Periodicity

Answer:

(c)
Description: As per accounting Standard-1 (AS-1), the fundamental accounting assumptions are:
-Going Concern -Consistency -Accrual
These are presumed to be followed during preparation of any financial statements and a special disclosure is required if any of them is not followed. Source: CoolInterview.com

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