Accounting · Accounting Standards Formulation and AS 14
Consider the following statements regarding the standard-setting process and specific accounting standards in India: Statement 1: The Ministry of Corporate Affairs (MCA) is responsible for the technical identification of needs and the issuance of the Exposure Draft for public comment during the development of an accounting standard. Statement 2: Under the framework of AS 14, amalgamations are accounted for using either the pooling of interests method or the purchase method.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Both statements are true.
- 2Both statements are false.
- 3Statement 1 is true, but Statement 2 is false.
- 4Statement 1 is false, but Statement 2 is true.✓
Correct answer
Statement 1 is false, but Statement 2 is true.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Accounting Standards Formulation and AS 14 MCQs →Want more practice questions on Accounting Standards Formulation and AS 14?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · Accounting Standards Formulation and AS 14