Which of the following statements is / are correct? (1) In order to achieve comparability it may
Question:
Which of the following statements is / are correct?
(1) In order to achieve comparability it may sometimes be necessary to override the prudence concept.
(2) Substance over form is an accounting concept whereby transactions and other events are accounted for and presented in accordance with their economic reality rather than legal form.
A. both (1) and (2)
B. (1) only
C. (2) only
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Related Book For
Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
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