Economics · Accounting Principles

Consider the following statements regarding accounting principles and standards in India: 1. The Accounting Standards Board (ASB) invites comments from the public and stakeholders on the 'Exposure Draft' before finalizing a standard. 2. The scope of 'Accounting' is broader than 'Bookkeeping,' as it involves interpretation and analysis of financial data. 3. Accounting Standards ensure that different companies use the exact same depreciation rate for the same type of asset. 4. The 'Entity Concept' treats the business and its owners as a single inseparable unit for legal liability and reporting. 5. In Indian banks, AS 9 allows recognition of interest income on an accrual basis even for 'Loss Assets'. 6. The 'Money Measurement Concept' limits accounting to transactions that can be expressed in monetary terms. 7. Accounting standards are formulated by the ICAI under the Chartered Accountants Act 1949 and notified by the Central Government. Which of the following summaries accurately reflects the validity of the statements provided above?