- This topic has 3 replies, 2 voices, and was last updated 1 year ago by
.
Viewing 4 posts - 1 through 4 (of 4 total)
- Posts
This statement is considered false in one of the revision kits.
“Accounting standards provide guidance on accounting for all types of transactions.”
Confusion: I feel like this statement is not false because accounting standards do provide detailed and comprehensive guidance. Don’t they?
The reason it is false is that they do not provide guidance on every transaction. For example, there is no accounting standard detailing how to record a sale on credit 🙂
Viewing 4 posts - 1 through 4 (of 4 total)
- The topic ‘Accounting standards {theoretical}’ is closed to new replies.