Question

give 2 points regarding nature of acconting standards​

Answer 1

Answer:

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Explanation:

Accounting standards serve the accountants as a guide in the accounting process. They provide basis on which accounts are prepared. For example, they provide the method of valuation of inventories. ... For example, Cash Flow Statement should be prepared in the format prescribed by accounting standard.

Answer 2

Answer:

What are the two basic objectives of having accounting standards?

Accounting Standards (AS) are basic policy documents. Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements. They do so by standardizing accounting policies and principles of a nation/economy.

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