TheWhich of the following is not the purpose served by accounting standards?a) To make the accounting very static and objective.b) To bring uniformity and consistency in Accounting Process.c) To see the performance and compare to other firms and years.d) To make the accounting information meaningful to both internal and external users.?

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TheWhich of the following is not the purpose served by accounting standards?
a) To make the accounting very static and objective.
b) To bring uniformity and consistency in Accounting Process.
c) To see the performance and compare to other firms and years.
d) To make the accounting information meaningful to both internal and external users.?

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TheWhich of the following is not the purpose served by accounting stan...

Not the purpose served by accounting standards:

Static and Objective Accounting:
Accounting standards are not meant to make accounting very static and objective. In fact, accounting standards are designed to provide a framework that allows for flexibility and judgment in certain accounting treatments, while still ensuring comparability and reliability of financial information.

Uniformity and Consistency:
One of the primary purposes of accounting standards is to bring uniformity and consistency in the accounting process. By setting common rules and guidelines, accounting standards help ensure that financial statements are prepared in a consistent manner, making it easier for users to compare the financial performance of different entities.

Performance Comparison:
Accounting standards also facilitate the evaluation of an entity's performance and allow for comparison with other firms and across different time periods. By providing a common language for financial reporting, accounting standards enable stakeholders to make informed decisions based on reliable and comparable information.

Meaningful Information for Users:
Another key purpose of accounting standards is to make the accounting information meaningful to both internal and external users. By setting rules for the recognition, measurement, presentation, and disclosure of financial information, accounting standards ensure that users can rely on the financial statements to make decisions.

In conclusion, accounting standards serve various important purposes, including promoting uniformity and consistency, facilitating performance comparison, and providing meaningful information to users. However, their main goal is not to make accounting very static and objective, but rather to strike a balance between flexibility and reliability in financial reporting.

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TheWhich of the following is not the purpose served by accounting standards?a) To make the accounting very static and objective.b) To bring uniformity and consistency in Accounting Process.c) To see the performance and compare to other firms and years.d) To make the accounting information meaningful to both internal and external users.?

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