state the features of accounting standards
its a 3 mark question
Answers
Answer:
Accounting Standard is written policy documents issued by expert accounting bodies or by the government or other regulatory bodies covering the aspects of recognition, measurement, treatment, presentation, and disclosure of accounting transactions in the financial statements in uniform and consistent manner
Answer:The Revenue Principle. Image via Flickr by LendingMemo. ...
The Expense Principle. ...
The Matching Principle. ...
The Cost Principle. ...
The Objectivity Principle.
Essential Features of Accounting Principles
Usefulness: The Usefulness of accounting means it must useable to the users in their decision-making process. ...
Man-Made: Accounting principle made my man it is not made by nature. ...
Flexible: Accounting principle is not hard to follow it is Flexible to follow.
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