Question

Accounting Standards should be :
(A) Simple
(B) Understandable
(C) Simple and Understandable (D) According to the nature of ea
enterprise​

Answer 1

$\huge\underline{\underline{\mathfrak{\red{A}\green{n}\pink{s}\orange{w}\blue{e}{r}}}}$

(C) Simple and Understandable

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Answer 2

The correct answer is OPTION C: Simple and Understandable.

• Accounting standards are a set of practices and norms that are used to organize bookkeeping and other accounting activities across organizations and over time.
• Accounting standards concern a company's overall financial picture, which includes assets, liabilities, revenue, expenses, and shareholders' equity.
• Banks, investors, and regulatory authorities utilize accounting standards to ensure that information about a company is relevant and correct.