Question

It is an essential requirement to standardize accounting principles and policies to ensure _________.

• A. Transparency
• B. Consistency
• C. Comparability
• D. All of the above.

Answer 1

The correct option is D All of the above.

Accounting standards set to make financial statement more meaningful and comparable. Accounting standards provides a standard set of accounting policies, procedures, valuation methods and disclosure requirements so that transparency, consistency and comparability will be followed while preparing the financial statements.