Question

accounting statements Deals with financial measurements and disclosures used in producing a set of fairly presented financial statements.​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

The above statement is true.

Explanation:

Accounting Standards-

• A set of practises and policies used to systematise bookkeeping and other accounting functions across firms and over time is known as an accounting standard.
• Accounting principles apply to an entity's entire financial picture, including assets, liabilities, revenue, expenses, and shareholders' equity.
• Banks, investors, and regulatory agencies rely on accounting standards to ensure that information about a given entity is relevant and accurate.

The objectives of the Accounting Standards-

1. Recognize financial events
2. Financial transaction measurement
3. Financial statements must be presented fairly.
4. Companies must disclose information to ensure that stakeholders are not misled.

Hence, we can conclude that it is true to say that accounting standards deals with financial measurements and disclosures used in producing a set of fairly presented financial statements.

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