Question

Define accounting standards . explain there need​

Answer 1

Accounting standards is a common set of principals, standards and procedures that define the basis of financial accounting policies and practices.

In the United States,the generally accepted accounting principles form the set of accounting standards widely accepted for preparing financial statements.

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Answer 2

Answer: An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements

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