Question

Financial accounting standards meaning and definition

Answer 1

An accounting standard is a common set of principles, standards and procedures that define the basis offinancial 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

Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.