Significance of accounting standards, Accounting Basics

Significance of Accounting Standards:

Setting of Standards is an effort to standardize the reporting of accounting information across the country and also transversely the globe. The increasing number of scams (ex : Enron) requires the subsistence of accounting standards.   The acceptance and application of accounting standards ensure consistency, comparability and qualitative development in the preparation and arrangement of financial statements.

Posted Date: 10/15/2012 5:18:43 AM | Location : United States







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

Write discussion on Significance of accounting standards
Your posts are moderated
Related Questions
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1.  Balance of the total R evenue to Income Summary 2.  Bal

Dogwood florist opened a business January 1st 2010. During 2010, they had the following transactions and economic events. For each of the transactions and economic events prepare

Hello, I'm having trouble understanding Direct Cost, Overhead Cost and Indirect Cost. ***Also Period cost and Product cost. please can anyone explain it and give examples for eac

My company has done a down payment on inventory ,then manufacturer will ship this order between 30 to 60 days after original payment and the balance is due 60 days once the order g

The 31st December 2009 trial balance of Anika Co. reported the following information. Dr. Cr. Allowance for Bad Debts........................... $2,300 During the year 2010 t

Case Study Labor standards Geeta & Company has experienced increased production costs. The primary area of concern identified by management is direct labor. The compa

list me all the asset in the world?

Explain the term - Overtime Pay This means a minimum of one and one-half times the regular rate of pay for all hours worked over 40 during the week. (Time and a half) A numbe

What is Beer direct materials and raw materials? Raw materials are the basic materials and parts that are to be used in the manufacturing process Raw materials that can be ph

What should companies not show as non-current assets in their balance sheets? A  plant bought on hire purchase B  plant fully depreciated C  plant held on finance leases D  pla