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Questions and Answers
What does an accounting standard primarily provide?
What does an accounting standard primarily provide?
- Guidelines for ethical behavior in accounting
- Requirements for financial reporting (correct)
- Rules for employee payroll management
- Strategies for marketing accounting services
Why is it important for companies to adhere to accounting standards?
Why is it important for companies to adhere to accounting standards?
- To reduce competition in the market
- To attract more investors (correct)
- To increase employee salaries
- To minimize tax payments
What is the main purpose of establishing accounting standards?
What is the main purpose of establishing accounting standards?
- To promote aggressive financial practices
- To create complex financial statements
- To provide consistency and comparability in financial reporting (correct)
- To limit the information available to stakeholders
