Economics · Accounting Conventions and Standards
Which of the following statements regarding accounting conventions, standards, and regulatory bodies are correct? A. Information is material if its omission or misstatement could influence the economic decisions of users. B. Adjusting events after the balance sheet date are those that provide evidence of conditions that existed at the end of the accounting period. C. In India, the National Advisory Committee on Accounting Standards (NACAS) is the body responsible for issuing International Financial Reporting Standards (IFRS) to global corporations. D. According to AS 1, the selection of accounting policies must be primarily based on prudence, substance over form, and materiality. Choose the most appropriate answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1A, C and D Only
- 2A, B and D Only✓
- 3B, C and D Only
- 4A, B and C Only
Correct answer
A, B and D Only
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 Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Accounting Conventions and Standards MCQs →Want more practice questions on Accounting Conventions and Standards?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Accounting Conventions and Standards