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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.
Q. What do you mean by Overhead? Overhead -- a cost that doesn't vary with the level of production or sales and generally a costnot directly involved with sales or production.
Q. What is Variable cost? Variable cost -- a cost which changes as production or sales change. If a business is producingnothing and selling nothing, variable cost must be zero
AP2-2
Accounting Principles are the rules and guidelines that companies should follow when reporting and accounting financial data. The general set of accounting principles are the gener
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