HSC Commerce Class

Question Bank Solutions Concept N

11th

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Short Note

Write a brief note on Accounting Standards.

SOLUTION

Accounting Standards provide the

framework and norms to be followed in
accounting so that the financial statements
of different enterprises become
comparable. It is necessary to standardize
the accounting principles to ensure
consistency, comparability, adequacy, and
reliability of financial reporting. Thus,
Accounting Standards are written policy
documents issued by the expert accounting
body or by government or other regulatory
bodies covering the aspects of recognition,
measurement, treatment, presentation, and
disclosure of accounting transactions and
events in the financial statements.

Concept: Accounting Standards in India

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Chapter 2: Conceptual Framework of Accounting - Short answer

questions [Page 25]

Q III 3. Q III 4.

APPEARS IN

Tamil Nadu Board Samacheer Kalvi Class 11th

Accountancy Answers Guide
Chapter 2 Conceptual Framework of Accounting
Short answer questions | Q III 4. | Page 25

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