Accounting Standards can override the statute. [June 2024, 2 Marks]
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Accounting ProcessQuestion 4989 of 84
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Detailed Solution & Explanation
False: Accounting Standards cannot override the statute as they are framed within the
statute.
UNIT – 1 to UNIT – 5 (BASIC ACCOUNTING PROCEDURES – JOURNAL ENTRIES / LEDGERS / TRIAL
BALANCE / SUBSIDIARY BOOKS / CASH BOOK)
About This Chapter: Accounting Process
Paper
Paper 1: Accounting
Weightage
25-30%
Key Topics
Journal, Ledger, Trial Balance, Cash Book, Rectification
This chapter covers Journal, Ledger, Trial Balance, Cash Book, Rectification and is part of Paper 1: Accounting in the CA Foundation exam.
View Official ICAI SyllabusExam Strategy Tip
This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.
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