Which of the following is NOT a fundamental accounting assumption as per AS-1? MCQ with Answer and Explanation

Which of the following is NOT a fundamental accounting assumption as per AS-1?
A. Accrual
B. Prudence
C. Going Concern
D. Consistency
Answer: Option B
Solution (By JKExamLibrary)
Prudence is an accounting convention, not a fundamental assumption under AS-1. The three fundamental assumptions are Going Concern, Consistency, and Accrual.

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