Question

win Accounting Standards must be:
(a) Simple
(b) clear
(c) Simple and clear
d)according to the nature
of the organisation​

Answer 1

Answer:

according to the nature of the organization

Answer 2

Correct question:

Accounting Standards must be:

Solution:

Correct answer is c) simple and clear.

• Accounting standards are the set of rules/practices followed by different organizations in order to maintain bookkeeping and other records over time.
• Accounting standards must provide the necessary details as the expenses, assets, liabilities and any other finance related aspect of the company.
• Thus, accounting standard must be simple and clear to be easily understandable.

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