Question

What is the Main objective of setting "Accounting Standards"..


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Answer 1

Answer:

Accounting Standards (AS) are basic policy documents. Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements. They do so by standardizing accounting policies and principles of a nation/economy.

IV. Recognised revenue: (d) Accounting period

III. Basis for realisation in accounting: (c) Matching revenues

II. Expense recognition: (b) Revenue recognition

Answer 2

❀ Required Answer ➺

Accounting Standards (AS) are basic policy documents. Their main aim is to ensure transparency, reliability, consistency, and comparability of the financial statements. They do so by standardizing accounting policies and principles of a nation/economy.

IV. Recognised revenue: (d) Accounting period

III. Basis for realisation in accounting: (c) Matching revenues.

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