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P2 C7 Accounting Standards : Concept and Objectives — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C7 Accounting Standards : Concept and Objectives1 Mark
Question
What is the main objective of setting accounting standards?
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Answer

The main objective of setting accounting standards is to bring uniformity in accounting policies and practices and to ensure transparency, consistency and comparability.

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