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?
Ask the Tutor ACCA FA
Accounting standards {theoretical}
3y ago#1The 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 :-)
Thanks!!
3y ago#3You are welcome.
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