Which of the following statements is/are correct regarding the nature of accounting standard? I. Accounting standard are in consonance with the current law of the land. II. It facilitate reliability and comparability to financial statements. Select the correct answer using the codes given below.

Which of the following statements is/are correct regarding the nature

1.	Which of the following statements is/are correct regarding the nature of accounting standard? I. Accounting standard are in consonance with the current law of the land. II. It facilitate reliability and comparability to financial statements. Select the correct answer using the codes given below.
A.	Only I
B.	only II
C.	Both I and II
D.	Neither I nor II
Answer» D. Neither I nor II

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Which of the following statements is/are correct regarding the nature of accounting standard? I. Accounting standard are in consonance with the current law of the land. II. It facilitate reliability and comparability to financial statements. Select the correct answer using the codes given below.

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