Advantages of setting accounting standards, Accounting Basics

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.

Posted Date: 10/15/2012 5:19:33 AM | Location : United States







Related Discussions:- Advantages of setting accounting standards, Assignment Help, Ask Question on Advantages of setting accounting standards, Get Answer, Expert's Help, Advantages of setting accounting standards Discussions

Write discussion on Advantages of setting accounting standards
Your posts are moderated
Related Questions
OBJECTIVES OF FINANCIAL STATEMENT ANALYSIS Financial Statements are analyzed by dissimilar users for dissimilar purposes. Some of the purposes are as under- 1. To recognize

Question Social accounting is a way of calculating and reporting on an organisation's ethical and social performance. It is principally concerned with offering a complementary

General rationale financial statements provide much of the information needed by external users of financial accounting. These financial statements are official reports providing i

The capital structure of Wild West Inc. is as follows: -            Debts: $5,000,000 (face value) bonds with coupon rate at 8.00% and current price at par -

A)Guerrero Company occupied in the following events during 2012: 1. Began operations by issuing common stock to investors for $40,000 cash 2. Given services to customers on a


XYZ Technology had $640,000 of retained earnings on December 31, 2010. The company paid common dividends of $50,000 in 2010 and had retained earnings of $500,000 on December 31, 20

Illustrate the cases of financial accounting ?Enron, an energy-trading business which is based in Texas, and was accused of entering into complicated financial arrangements in

While studying evolution, a student comes across a cladogram that includes clades like amphibia, reptilia, aves, and mammalia. What must be the basal clade?

If you can earn 4 percent, how much will you have to save each year if you want to retire in 35 years with $ 1 million?