Accounting · Accounting Concepts

Evaluate the following technical statements regarding accounting concepts: Statement 1: The Money Measurement Concept dictates that only transactions expressible in money are recorded, meaning critical qualitative factors like employee loyalty are omitted from the balance sheet. Statement 2: Management Accounting is a branch of accounting primarily concerned with providing standardized financial statements (like Form A and Form B) to external stakeholders like the RBI. Statement 3: The Prudence Concept suggests that a bank should provide for all anticipated losses but should not anticipate future profits, which justifies creating provisions for non-performing assets. Which option is correct?