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Goals of HGP

Which of the ...

Question

Which of the following is not regarded as the fundamental concept that is identified by AS-1?

A

Separate Entity Concept

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B

Prudence

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C

Going Concern Concept

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D

Accrual Concept

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Solution

The correct option is B Separate Entity Concept
The Fundamental Accounting concepts are
1. Conservatism
2. Going Concern Concept
3. Accrual Concept

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