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what is accounting standard?
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Answer Posted / hussain
Accounting is the art of recording transactions in the best
manner possible, so as to enable the reader to arrive at
judgments/come to conclusions, and in this regard it is
utmost necessary that there are set guidelines.
Accounting helps to arrive at the financial position of an
organisation at any point of time. The organisation's
financial status, as on a particular date, is captured in
the balance sheet, while finanacial performance for the
year is summarised in a profit and loss statement.
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