what is accounting standard?
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Answer Posted / 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
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