In case there is any conflict between provisions of any applicable Act and Accounting Standards, the .......... shall prevail.

CS Executive · Corporate and Management Accounting · PYQS · December 2021
In case there is any conflict between provisions of any applicable Act and Accounting Standards, the .......... shall prevail.
(A) Accounting Standard
(B) Provisions of the Act
(C) Above (A) & (B), both
(D) None of the above

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Accounting Standards

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