what is accounting standard?
- 58 Answers
- 94962 Views
- ABC, Accounting, Banking, College School Exams Tests, Genpact, JK Associates, Livewire, TCS, Vijai Electricals, YCH, I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
WHAT ARE EQUITY SECURITIES?
Expand DEHM
You use the accounts approach for parallel valuation in a new G/L system. If you used the ledger approach instead. Which objects would be different? ( any 3 answer) Chart of accounts Financial statement version Depreciation areas Asset classes Leading ledger
what are the payroll procedures?
i m a student of icwai i have just passed out my foundation and i wanna no if i should go for both intermediate group together or not....
WHAT IS DIFFERED INCOME TAX AND WHERE IT SHOWS IN BALANCE SHEET?
ACCOUNTING CONCEPTS AND CONVENTIONS
what is ledger account
credit card entry in tally
what are responsibilities of an accountant in a company?
what is article of association? what is memorandum of association?
Short answer on Allowances
WHAT IS INTEGRAL ACCOUNTING
Short Answer on ______Amortization
What is TDS entry for a Firm? as previous years TDS is shown as opening balance in the books of the firm in current year and i don,t want in C.Y as its claimed in the Computation of Previous Years???? So what is the A/C ing entry
