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Criticisms against setting of Accounting Standards:
1. Setting of Standards may occasionally control the type of treatment of definite items.
2. They may generate inflexibility in reporting of accounting information.
3. They cannot dominate the statute, as they are set within the sample of the existing statutes.
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The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic
Any activity which you perform is assist if you comprise a set of rules to guide your efforts. Moreover, you determine that these rules are of more value to you if they are standar
Q. Example of Income statement? Income statement demonstrates the income statement Lyons prepared. The focal point in this income statement is on determining the cost of goods
what is the BRS
Importance of The bank statement Bank sends out bank statements each month. It's significant that this statement and checking account balance balances. There are certain items
Q. Show Timing of expense recognition? The timing of expense recognition The matching principle entail that a relationship exists between expenses and revenues. For definite ex
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Q. What do you mean by account? An account is a division of the accounting system used to classify and summarize the decreases, increases and balances of each liability, asset,
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