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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting3 Marks
Question
What are Accounting Standards? Name any two Accounting Standards.
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Answer

Accounting Standards: Accounting Standards are a set of guidelines, i.e., Generally Accepted Account ng Principles, that are followed for preparation and presentation of Financial Statements. They are accounting rules and procedures relating to measurement, recognition, treatment, presentation and disclosure of accounting transactions in the financial statements issued by the Council of the Institute of Chartered Accountants of India.

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S.No
 
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