Question

what are accounting standard ? explain its ​

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. ... In the United States, the Generally Accepted Accounting Principles form the set of accounting standards widely accepted for preparing financial statements.

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Answer 2

Explanation:

Financial statements prepared and presented by a company typically follow an external standard that specifically guides their preparation.