What is followed while preparing the financial statements?

Accounting conventions

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Accounting principles

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Accounting concepts

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All of these

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Solution

The correct option is D
All of these

Following things are followed while preparing financial statements :
Accounting conventions
Accounting principles
Accounting concepts

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Similar questions

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

Which of the following statement is true?

Statement A: Financial statements are prepared on the basis of accounting principles.

Statement B: Any changes in the accounting principles or method will affect the utility of the financial statements.

"The accounting concepts and accounting standards are generally referred to as the essence of financial accounting." Comment.

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