what is accounting standard?
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Answer / rohit garg
Accounting Standards are the principal that we can measure
company,s position without accounting standard we can,t
prepared company,s account.
| Is This Answer Correct ? | 10 Yes | 16 No |
Answer / abdul qader
Accounting standerd is specific rules and regulation which
is determind by financial standerd accounting board
| Is This Answer Correct ? | 7 Yes | 17 No |
Answer / sreedevi
WITH THE HELP OF ACCOUTING STANDARDS ONLY WE CAN TREAT ALL
THE FINANCIAL TRANSACTIONS. AS PER MY KNOWLEDGE THERE ARE
24 ACCOUNTING STANDARDS.
| Is This Answer Correct ? | 22 Yes | 37 No |
Answer / hashim
In order for balance sheets and profit and loss accounts to
make sense users who rely on them for their decision making
purposes, there has to be consistency in the way items are
treated in the financial statements. Without this agreement
it would be impossible to use them to compare business
performence.Limited companies have a statutory duty to
comply with these rules and it is the job of the qualified
auditor to check this compliance.Partnerships and sole
traders are also often bound by these rules because of
professional or trade association standards or because of
the conditions attached to loans.
| Is This Answer Correct ? | 9 Yes | 24 No |
Answer / umesh tayal
Accounting standard are make by ICAI. They are fourteen.
Every decisions or entry take by in this.
| Is This Answer Correct ? | 26 Yes | 45 No |
Answer / kanika
Some accounting standards are:
1. Seperate entity
2. Dual entry
3. Going concern
4. Accounting period
5. monetary measurement
6. cost concept i.e. recording assets on purchase price not
on market value
7. Revenue recognition i.e. entry of a tranaction in books
at the time of accrual not at time of payment or receiving
8. matching methood, Bifurcation of items as direct on
indirect between trading & p&L a/c
9. Accrual concept
10. consistency in using the rules & methoods of accounting
| Is This Answer Correct ? | 45 Yes | 68 No |
Answer / ravi
acounting standards are the standards which were given by
the a/cing standard board presently there are 33 a/cing
standards
| Is This Answer Correct ? | 45 Yes | 80 No |
Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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