Question

In reference to the accounting standards, choose the correct statement _______________________.

• A. Accounting standards codify the generally accepted accounting principles.
• B. They lay down the norms of accounting policies and practices by way of codes or guideline.
• C. The main purpose of accounting standards is to provide information to the used as to the basis on which the accounts have been prepared.
• D. All of the above.

Answer 1

The correct option is D All of the above.

1. Accounting standards codify the generally accepted accounting principles.

2. They lay down the norms of accounting policies and practices by way of codes or guideline.

3. The main purpose of accounting standards is to provide information to the used as to the basis on which the accounts have been prepared.