Question

Objective of Accounting Standards is __________________.

• A. To help the Government in raising the taxes
• B. To standardize the diverse accounting policies and practices
• C. To make the account simple
• D. None of the above

Answer 1

The correct option is B To standardize the diverse accounting policies and practices

Main objective of accounting standards is to make financial statement more meaningful and comparable. Accounting standards provides a standards set of accounting policies, procedures, valuation methods and disclosure requirements on the basis of which financial statements are prepared.