Accounting standards are issued for the purpose of :
(a) Improving dependability of financial statements
(b) Auditing work becomes easy task for the auditor
(c) Elimination of non-comparability between financial statements
The correct answer is :-

(a) only

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(b) only

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All of the above

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Solution

The correct option is C (c) only
Accounting standards are issued for the purpose of elimination of non-comparability between financial statements

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The financial data will be comparative only when same accounting principles are used in preparing these statements.

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