what is accounting standard ?
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Answer / seema choudhari
Accounting Standards are written policy documents issued by
experts accounting bodies or by governement or other
regulatory bodies.
Accounting standards are those principles, concepts or
conventions which have been codiefied by the accounting and
auditing practice regulation authorities.
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / santosh
Accounting standards are written documents, policy
documents issue by expert accounting body or government
covering the aspect of measurment, treatment, presentation
of accounting transaction in financial accounting.
| Is This Answer Correct ? | 1 Yes | 0 No |
Expand---------PSRT
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please answer this question.the following balances were extracted from the books of modern traders on 31st dec,2010.capital(85000)fixed assets(45000)stock1-1-2010(15000)sundry debtors(20600)productive exp(3300)reserves fund(6600)discount received(800)cash in hand(6200)drawing(5000)accomulated dep.(9000)purchases(82000)bad debts(400)unproductive exp.(27400)sundry creditors(9000)sales(120000)cash at bank(25500).adjustments.stock on 31-12-2010(15000).outstanding wages (5000) write-off (600)of further bad debts. create provision for bad & doubtful debts at {5%) on debtors.unproductive expenses includes anitem of prepaid insurance (100).provide depreciation on original cost of fixed assets @ (10%).
Audit 
