- 1 Marks
Question
The process to reduce or eliminate variations in accounting practice and to introduce a degree of uniformity into financial reporting is:
A. Accounting Standards
B. Accounting Concepts
C. Accounting Manuals
D. Accounting Statements
E. Accounting Records
Answer
A. Accounting Standards
Explanation:
Accounting standards help in eliminating variations and ensuring uniformity in financial reporting by setting out rules and principles to be followed by entities.
- Tags: Accounting Standards, Financial Reporting, Uniformity
- Level: Level 1
- Topic: Accounting Concepts
- Series: MAY 2013
- Uploader: Theophilus