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Why Accounting standard are unnecessary for the purpose of regulating financial statements?
Wiki User
∙ 12y ago
Accounting standards may be unnecessary in the sense that preparing financial statements is seen as a legal requirement not one that should always be bound by the accounting principles. It isa priority to follow the rules stated by the law even if it may not agree with the known standard.
Maria Nambaziira
Maria Nambaziira
Wiki User
∙ 12y agoBecause all countries have different type of financial regulations.
Brenda Adongo
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The output of financial accounting is?
The output of the financial accounting is preparation of financial statements.
The purpose of Statements of Financial Accounting Concepts is to?
The purpose of Statements of Financial Accounting Concepts is to : A establish GAAP.
What is accounting estimate?
The accounting estimate is a financial approximation. This approximation is used for financial statements to make financial statements more accurate with their crediting and debiting.
Where can you get financial statements?
Apple inc published accounting statements
Of what must the accountant be cognizant in order to compile financial statements?
the form of its accounting records, the stated qualifications of its accounting personnel, the accounting basis on which the financial statements are to be presented
What has the author David Alexander written?
David Alexander has written: 'Financial accounting' -- subject(s): International business enterprises, Accounting, Finance, Financial statements 'Financial accounting' -- subject(s): International business enterprises, Accounting, Finance, Financial statements
What is accounting importance of that?
Who are users of financial statements
What has the author L Todd Johnson written?
L. Todd Johnson has written: 'Recognition in Financial Statements' -- subject(s): Financial statements, Realization (Accounting) 'Reporting financial performance' -- subject(s): Financial statements, Accounting, Standards
What si accounting standard?
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
Describe the uses of financial accounting?
describe various uses of financial statements
What is the purpose of an audit?
The purpose of an audit is to add credibility to the financial statements of a business organization.To give credence to the accounting records, accounting polices and financial statements of an audit client.
The accounting system that reveals the financial position of a business is?
The accounting system that reveals the financial position of a business is financial accounting. Financial accounting produces statements called the balance sheet, and profit statement. These two statements allow for further calculations to see how the business is handling cash flows, account receivables, financial leverage, etc.
