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what is accounting standard?
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Answer Posted / hashim
In order for balance sheets and profit and loss accounts to
make sense users who rely on them for their decision making
purposes, there has to be consistency in the way items are
treated in the financial statements. Without this agreement
it would be impossible to use them to compare business
performence.Limited companies have a statutory duty to
comply with these rules and it is the job of the qualified
auditor to check this compliance.Partnerships and sole
traders are also often bound by these rules because of
professional or trade association standards or because of
the conditions attached to loans.
| Is This Answer Correct ? | 9 Yes | 24 No |
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