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Materiality Concept

Which of the ...

Question

Which of the following is/are of the major considerations governing the selection and application of accounting policies?

A

Prudence

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B

Materiality

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C

Substance over form

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D

All the three

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Solution

The correct option is D All the three
Prudence, materiality and substance over form are the major consideration while selection and application of accounting policies.

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