Tag: OBJECTIVES OF ACCOUNTING

NATURE AND SCOPE OF FINANCIAL ACCOUNTING

July 16, 2022February 20, 2025 commerceiets

Question: Discuss the nature and scope of Financial Accounting? Accounting is art of recording, classifying, summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character and interpreting the results thereof. The Nature of Accounting can be defined in two ways: Quantitative Attributes of…

UNIVERSITY STUDENT NOTES

ACCOUNTING STANDARDS

August 1, 2019 commerceiets No Comments

ACCOUNTING STANDARDS Accounting standards may be defined as written statements, issued from time to time by institutions of accounting professionals, specifying uniform rules or practices for drawing the financial statements. ACCORDING TO KOHLER “Accounting standards are code of conduct imposed on accountants by custom, law or professional body.” Accounting standards mainly deal with four major…