Question

State meaning of accounting standard and explain the concept thereof​

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. ... Banks, investors, and regulatory agencies, count on accounting standards to ensure information about a given entity is relevant and accurate.

Answer 2

Answer:

An accounting standard is a common set of principles, standards, and procedures that define the basis of financial accounting policies and practices. Accounting standards apply to the full breadth of a entity's financial picture, including assets, liabilities, revenue, expenses and shareholders' equity.

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