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What role do accounting standards play as a service provider in the field of accounting?
  • a)
    They offer legal advice to companies
  • b)
    They define accounting terms, present issues, specify standards, and explain disclosures
  • c)
    They prepare financial statements for companies
  • d)
    They audit financial statements
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
What role do accounting standards play as a service provider in the fi...
As service providers, accounting standards define accounting terms, present accounting issues, specify standards, and explain disclosures. This comprehensive role helps ensure clarity and consistency in the accounting process.
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What role do accounting standards play as a service provider in the field of accounting?a)They offer legal advice to companiesb)They define accounting terms, present issues, specify standards, and explain disclosuresc)They prepare financial statements for companiesd)They audit financial statementsCorrect answer is option 'B'. Can you explain this answer?
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