Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Accounting and Auditing Financial Statements Analysis Indian Accounting Standards and IFRS
Statement (A): Under accounting standard, unexpired insurance premium usually considered to be non-current asset.
Statement (B): Certain cost of doing business capitalised when incurred and then depreciated or amortised over subsequent accounting periods to match operating costs with revenues earned.
1
Statement (A) is wrong and (B) is correct
2
Statement (A) is correct and (B) is wrong
3
Both the statements are correct
4
Both the statements are wrong