Question

Explain accounting standards briefly. ​

Answer 1

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.

Explanation:

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Answer 2

Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.