CBSE BOARD XII, asked by erdigvijaychaudhary, 9 months ago

Ms. Charu had purchased a land for Rs 2000000 on 17th November 2012. His accountant has been
showing the land at the cost price during the last four years whereas the market value of the land is increasing.
1. Explain the accounting limitation reflected in the above statement?
Differentiate between IFRS and GAAP based on the above para.​

Answers

Answered by guptapreeti051181
2

Answer:

Answer-Accounting statement of a company is required by everyone to understand a company’s financial status. Therefore, it is important to structure this statement wisely with some standard language and set rules. These set rules are known as Generally accepted accounting principle. These principles help a company to prepare the various type of statements of both government and private agencies.

Answered by jasmin1239
0

Answer:

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