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Which accounting standard governs the accounting for partnerships in India?

Practice Questions

Q1
Which accounting standard governs the accounting for partnerships in India?
  1. AS 1
  2. AS 2
  3. AS 3
  4. AS 4

Questions & Step-by-Step Solutions

Which accounting standard governs the accounting for partnerships in India?
  • Step 1: Understand that partnerships are a type of business structure where two or more people share ownership.
  • Step 2: Learn that in India, accounting for partnerships is guided by specific rules called accounting standards.
  • Step 3: Identify that Accounting Standard 1 (AS 1) is the relevant standard for partnerships.
  • Step 4: Know that AS 1 focuses on how businesses should disclose their accounting policies.
  • Step 5: Recognize that these disclosures are important for partnerships to ensure transparency and clarity in their financial statements.
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