Question

what is the meaning of accounting standards
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Answer 1

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An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices.

Answer 2

Answer:

• ACCOUNTING STANDARDS

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.

• IMPORTANCE OF ACCOUNTING STANDARDS

The accounting standards help measure the performance of the management of an entity. It can help measure the management's ability to increase profitability, maintain the solvency of the firm, and other such important financial duties of the management. Management also must wisely choose their accounting policies.

⛔ NONEXISTENT ⛔