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 Accounting Standards ________ the statue:
  • a)
    Can over-ride 
  • b)
    Cannot over-ride
  • c)
    May over-ride 
  • d)
    None
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Accounting Standards ________ the statue:a)Can over-rideb)Cannot over-...
Explanation:

Accounting Standards are guidelines and principles that are used to prepare financial statements. They are issued by regulatory bodies such as the Institute of Chartered Accountants of India (ICAI) and the Ministry of Corporate Affairs (MCA). These standards aim to provide uniformity and consistency in the preparation and presentation of financial statements. However, they do not have the power to over-ride the statute.

Statute refers to the law enacted by the legislative body of a country. It is a set of rules that govern the actions and conduct of individuals and organizations. In the context of accounting, statute refers to the laws that are applicable to the preparation and presentation of financial statements. These laws have the force of the law and cannot be over-ridden by Accounting Standards.

Therefore, the correct answer to the question is option B - Accounting Standards cannot over-ride the statute.

Importance of Compliance with Accounting Standards and Statutes:

It is important for companies to comply with both accounting standards and statutes. Non-compliance can result in legal and financial consequences such as fines, penalties, and legal action. Compliance with accounting standards and statutes also helps to ensure that financial statements are prepared accurately and fairly, and provide reliable information to stakeholders.

Conclusion:

Accounting Standards provide guidelines and principles for the preparation and presentation of financial statements. However, they cannot over-ride the statute. Compliance with both accounting standards and statutes is important to ensure accuracy and reliability of financial statements and to avoid legal and financial consequences.
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Community Answer
Accounting Standards ________ the statue:a)Can over-rideb)Cannot over-...
its right no one can go against the as as it gas to be followed by the accountant
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Accounting Standards ________ the statue:a)Can over-rideb)Cannot over-ridec)May over-rided)NoneCorrect answer is option 'B'. Can you explain this answer?
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