Question

Write any three utility of accounting standards

Answer 1

Answer:

Explanation:

Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accountingprinciples (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.

Answer 2

Answer:

Explanation:

Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accountingprinciples (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.