Question

opting accounting standards is mandatory for –

a) Sole Proprietors b) Companies

c) Partnerships d) All the above​

Answer 1

Answer:

companies

Explanation:

as per the companies act according standard are compulsory to be followed by each and every organisation

Answer 2

Answer:

The opting accounting standards is mandatory for –b) Companies

The Institute of Chartered Accountants of India has issued various accounting standards. It is mandatory for all the companies to follow these.

Explanation:

Accounting standards are authoritative standards for economic reporting and are the primary supply of generally standard accounting principles (GAAP).Accounting standards specify how transactions and different events are to be diagnosed, measured, offered and disclosed in economic statements. Their goal is to provide economic information to investors, creditors, creditors, contributors, and others this is beneficial in making decisions approximately providing assets to the entity.In Canada, accounting standards for all entities out of doors the public sector are issued by the Accounting standards Board (AcSB).

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