Books of Account

Q.

Does India follow GAAP or IFRS?

Q.

Accounting Principles are generally based upon

1. Practicability

2. Subjectivity

3. Convenience in recording

4. None of these

Q.

What is Indian GAAP?

Q. The Institute of Chartered Accountants of India (ICAI), which is the regulatory body for standardisation of accounting policies in the country.

1. True
2. False

Q. Which of the following is a nature of accounting principle?

1. Accounting principles are not rigid.
2. All of the above
3. Accounting principles act as guide for accounting
4. Accounting principles are generally accepted