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what is accounting standard?
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Answer / hussain
Accounting is the art of recording transactions in the best
manner possible, so as to enable the reader to arrive at
judgments/come to conclusions, and in this regard it is
utmost necessary that there are set guidelines.
Accounting helps to arrive at the financial position of an
organisation at any point of time. The organisation's
financial status, as on a particular date, is captured in
the balance sheet, while finanacial performance for the
year is summarised in a profit and loss statement.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / ketan singh
IN THE DAY TO DAY LIFE THERE ARE MANY KIND OF TRANSACTIONS TAKING PLACE AND EACH OF THESE TRANSACTIONS HAVE A DOUBLE ENTRY IN THE BOOKS OF ACCOUNTS.IN ACCOUNTS THERE ARE MANY WAYS THROUGH WHICH THESE CAN BE TREATED EG. SOME MAY CONSIDER THE VALUE OF A PARTICULAR MACHINE ON MARKET VALUE INSTEAD TAKING IT BOOK VALUE WHICH MAY SHOW THE PROFITS HIGHER ETC.THE ACCOUNTING STANDARDS ARE A SET OF GUIDELINES AND RULES FOLLOWED BY THE ACCOUNTANTS OF A COUNTRY TO BRING PARITY IN THE ACCOUNTS OF A FIRM TO BE ESTIMATED PROPERLY.
THESE ACCOUNTING STANDARDS VARY FROM A BIT FROM COUNTRY TO COUNTRY .
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / sonya
Acc standard are documents that set out acc method and/ or
disclosure requirements.they may be set by national
professional accounting bodies,government.or an
international acc committee
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / simon
accounting standards are policies and procedures or
guidelines that are used by accountants to prepare
financial statements for public use.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / sheshrao s dandge
Accounting standard means to follow the rules which are
managed by government body .In which given procedure how to
adopt the accounting principles.So that all the firms can
show the proper results for investors or other parties.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / raj bhattacharya
Accounting standards are written policy document issued by
expert accounting body or by government or other regulatory
body covering the aspect of
recognition,treatment,measurement,presentation and
disc;osure of accounting transaction and events in the
financial statements.
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / v.naga prasad
Accounting Standards are Standard procedures for accounting
principles who are related to accounting knowledge. All
the accounts related people should follow the guidelines of
te ICAI established standares of AS-29.
| Is This Answer Correct ? | 12 Yes | 12 No |
Answer / jagadish sahu
accounting standard is disclouser of accounting
policy,which is measure the position of company .
and he determine the rules of accounting daily transction .
he was shown the financial year,and his rules were apply
to all of accounting purposes.
some examples-
valution of inventory(as-2)
cash flow statement (as-3)
earning per share(as-20)
impairment of assets(as-28)
all the above example are shown accounting standard means
some disclouser of accounting rules which was related to
all accounting transction.
| Is This Answer Correct ? | 3 Yes | 3 No |
Answer / aditi
accounting standards are a set of guidelines issued by a
accounting body , that are to be followed for preparation
and presentation of financial statement.
They bring uniformity in accounting which makes
comparission between firms easy.
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / sanjeev
Accountig standerd are the guidelines which are given by
Institute of Chartered Accountant of india. These 32
principals are to be followed while generating the
financilal statemtnts and there shedules of.
| Is This Answer Correct ? | 1 Yes | 1 No |
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