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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.
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
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Flying High Inc. plans to raise $5,000,000 external financing through issuing bonds, and is considering two options: regular bonds and zero couple bonds. The regular bonds will ha
Q. What is accounting system? Accrual basis, system, or method -- an accounting system which records revenues andexpenses at the time when transaction takes place,not at the ti
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"Periodic Review" is the suitable method of controlling stock in hotel bar.
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