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Accounting policies refer to specific accounting
- a)Principles.
- b)Methods of applying those principles.
- c)Both (a) and (b).
- d)None of the above.
Correct answer is option 'C'. Can you explain this answer?
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Accounting policies refer to specific accountinga)Principles.b)Methods...
Accounting policies are the specific principles and procedures implemented by a company's management team and are used to prepare its financial statements. These include any methods, measurement systems and procedures for presenting disclosures.
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Accounting policies refer to specific accountinga)Principles.b)Methods...
Accounting Policies
Accounting policies are the specific principles and methods that a company adopts to prepare and present its financial statements. These policies guide how transactions are recorded, measured, and reported in the financial statements.
Accounting Principles
- Accounting policies are based on accounting principles, such as the accrual concept, consistency, materiality, and prudence. These principles provide a framework for companies to follow when preparing their financial statements.
Methods of Applying Principles
- While accounting principles provide the foundation for accounting policies, the methods of applying those principles differ from company to company. For example, one company may choose to use the FIFO method for inventory valuation, while another may prefer the weighted average method.
Both (a) and (b)
- Accounting policies encompass both accounting principles and the methods of applying those principles. Companies must disclose their accounting policies in the notes to the financial statements to ensure transparency and comparability.
By following consistent and appropriate accounting policies, companies can ensure that their financial statements are reliable, relevant, and comparable. These policies help stakeholders make informed decisions based on the financial information presented by the company.
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Accounting policies refer to specific accountinga)Principles.b)Methods of applying those principles.c)Both (a) and (b).d)None of the above.Correct answer is option 'C'. Can you explain this answer?
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