Accounting Standards have been evolved to improve thr relability and credibility of Financial Statements . Accounting Standards provide the solution in case of conflicts among various groups' In the light of this statement, enumerate the objectives of Accounting Standards.

Accounting Standards have been evolved to improve thr relability and c

1.	Accounting Standards have been evolved to improve thr relability and credibility of Financial Statements . Accounting Standards provide the solution in case of conflicts among various groups' In the light of this statement, enumerate the objectives of Accounting Standards.
Answer» <html><body><p></p>Solution :Objectives of Accounting <a href="https://interviewquestions.tuteehub.com/tag/standards-1224505" style="font-weight:bold;" target="_blank" title="Click to know more about STANDARDS">STANDARDS</a> are:<br/>(i) Minimise the diverse accounting policies and practices with the aim to <a href="https://interviewquestions.tuteehub.com/tag/eliminate-450326" style="font-weight:bold;" target="_blank" title="Click to know more about ELIMINATE">ELIMINATE</a> them to the extent <a href="https://interviewquestions.tuteehub.com/tag/possible-592355" style="font-weight:bold;" target="_blank" title="Click to know more about POSSIBLE">POSSIBLE</a>.<br/>(ii) Promote better understanding of financial statements.<br/>(iii) Understand <a href="https://interviewquestions.tuteehub.com/tag/significant-1207363" style="font-weight:bold;" target="_blank" title="Click to know more about SIGNIFICANT">SIGNIFICANT</a> Accounting Policies <a href="https://interviewquestions.tuteehub.com/tag/adopted-7291144" style="font-weight:bold;" target="_blank" title="Click to know more about ADOPTED">ADOPTED</a> and applied.<br/>(iv) Facilitating meaningful comparison of financial statements of two or more entities.<br/>(v) Enhancing reliabilityof financial statements.</body></html>

Discussion

No Comment Found

Related InterviewSolutions

X started a businesss on 1st April , 2018 witha capitalof â‚¹50,000 anda loanof â‚¹25,000 takenfrom Y. During2018-19, hehad introduced additional capital â‚¹25,000 andhad withdrawn15,000 for personal use. On 31st March , 2019 his assets were â‚¹1,50,000. Findhis capital as on 31st March, 2019 and profitmadeor lossincurred duringtheyear 2018-19.
X started a businesss on 1st April , 2018 witha capitalof ₹50,000 anda loanof ₹25,000 takenfrom Y. During2018-19, hehad introduced additional capital ₹25,000 andhad withdrawn15,000 for personal use. On 31st March , 2019 his assets were ₹1,50,000. Findhis capital as on 31st March, 2019 and profitmadeor lossincurred duringtheyear 2018-19.
X Ltd. Gets a contract of ₹ 100 crore to build a Shopping-Mal to be completed in 3 years. The management of the company wants to ascertain profit or loss on this contract only when the contract is completed. Is the management justified?
X Ltd. Follows the Written Down Value Method of depreciating machinery year after year due to
X Ltd . Follows the Written Down value Method of depreciating machinery year after year due to
X hasfollowingassetsand liabilities as on 31st March, 2019. Determinehis capital. Cash â‚¹25,000,Bankâ‚¹ 47,500, Debtors â‚¹ 18,000, Creditors â‚¹ 22,000, Pant and Machiney â‚¹ 80,000, Bulidingâ‚¹2,00,000, Furniture â‚¹ 24,000, Bills Receivableâ‚¹ 56,500, Bills Payable â‚¹23,500.
X hasfollowingassetsand liabilities as on 31st March, 2019. Determinehis capital. Cash ₹25,000,Bank₹ 47,500, Debtors ₹ 18,000, Creditors ₹ 22,000, Pant and Machiney ₹ 80,000, Buliding₹2,00,000, Furniture ₹ 24,000, Bills Receivable₹ 56,500, Bills Payable ₹23,500.
X' commenced business on 1st April, 2013 with a capital of 6,00,000. On 31st March, 2014 his assets were worth 8,00,000 and liabilities 50,000. Find out his closing capital.
Write two adventages of accrual basis of accounting.
Write the following transactions in Debtor's Account , Creditor's Account and Cash Account : {:(,,,"₹"),(1., "Cash sales" ,, 50","000), (3., "Cash received from X" ,, 56","000), (5.,"Paid to Y" ,, 30","000):}:| {:(,,,"₹") , (2., "Sold goods to X on credit" ,, 80","000), (4., "Purchase goods from Y on credit" ,, 44","000), (6., "Cash purchases from Y" ,, 16","000):}

Accounting Standards have been evolved to improve thr relability and credibility of Financial Statements . Accounting Standards provide the solution in case of conflicts among various groups' In the light of this statement, enumerate the objectives of Accounting Standards.

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment