Question

benefits of accounting standards​

Answer 1

Answer:

1] Attains Uniformity in Accounting. ...

2] Improves Reliability of Financial Statements. ...

3] Prevents Frauds and Accounting Manipulations. ...

4] Assists Auditors. ...

5] Comparability. ...

6] Determining Managerial Accountability. ...

1] Difficulty between Choosing Alternatives. ...

2] Restricted Scope.

Answer 2

=> What is accounting standard ?

=> An accounting standard is a common set of principal ,standards that define the basis of financial accounting policies and practice

Benefits of accounting standard

• Attains uniformity in accounting
• Improves reliability of financial statement
• It prevent fraud and accounting manipulations
• Assists auditors
• Comparability
• Determining Managerial Accountability

Limitation of accounting standard

• Restricted scope
• Difficulty between choosing alternative

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