CBSE · Class 11 · Accountancy · Theory Base of AccountingWhich of the following is considered the primary source of accounting standards in India?
Step-by-Step Solution
The Institute of Chartered Accountants of India (ICAI) is the primary body that formulates and issues accounting standards in India to ensure uniformity and consistency in financial reporting.
Detailed Options Breakdown
Option : Reserve Bank of India
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
Option 1: The Institute of Chartered Accountants of India (Correct Answer)
Correct choice. Refer to the step-by-step verified solution guidelines above for details.
Option 2: Ministry of Corporate Affairs
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
Option 3: Securities and Exchange Board of India
Incorrect choice. This distractor represents a common misunderstanding of the core principles of Theory Base of Accounting.
💡 Study Guide: This question tests core syllabus concepts from Theory Base of Accounting. For formulas, key summaries, and mock exam reference guides, read the full Theory Base of Accounting Revision Notes.