Advantages of setting accounting standards, Accounting Basics

Assignment Help:

Advantages of setting Accounting Standards:

1. Setting of Accounting Standards will decrease the variations in the preparation of financial statements significantly.

2. Setting of Accounting principles and their application may require the firms to give information further than what is required by the law, thus benefiting the a variety of interested parties considerably

3. Setting of Accounting Standards make easy the inter-firm and intra-firm comparison of the reporting of accounting information.


Related Discussions:- Advantages of setting accounting standards

Equity segment of a corporate balance sheet, Q. Equity segment of a corpora...

Q. Equity segment of a corporate balance sheet? The stockholders' equity segment of a corporate balance sheet can become more complex as you will see later in the text. But the

Prepare a source document, Q. Prepare a source document? A source docum...

Q. Prepare a source document? A source document typically supports the evidence of the transaction. A source document is any printed or written evidence of a business transacti

Establishing the change fund, Establishing the Change Fund Change Fu...

Establishing the Change Fund Change Fund (asset) is debited and Cash is credited. Only time this fund would be used is if the fund is established or increased, just like Pet

Accounting concepts, What is the implication of applying accounting concept...

What is the implication of applying accounting concepts wrongly

Accounting changes - significant accounting policies, The Company changed i...

The Company changed its process of accounting for pre-opening costs. These changes had no cash impact and the pro forma amounts accessible in the consolidated statement of income r

Why is it more difficult to account for the inventory, Why is it more diff...

Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?

What is intangible assets, Q. What is Intangible Assets? Intangible Ass...

Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha

Complicated type of business, Q. Complicated type of business? Your stu...

Q. Complicated type of business? Your study of accounting began with service companies as instance because they are the least complicated type of business. You are at present r

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd