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“Accounting standards provide guidance on accounting for all types of transaction.”.
May i know why this statement is false?Because they do not provide guidance for all transactions. They only provide guidance on certain specific issues where guidance is needed. (They do not, for example, tell you how to do double entry 🙂 ).
(All the Accounting Standards that are relevant for Paper FA are explained in my free lectures. The lectures are a complete free course and cover everything needed to be able to pass the exam well.)
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