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Conceptual Framework of Accounting — Accountancy STD 11 — Question

Tamilnadu BoardEnglish MediumSTD 11AccountancyConceptual Framework of Accounting2 Marks
Question
Write any two needs for accounting standards.
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Answer

The need for accounting standards is:
  1. To promote better understanding of financial statements.
  2. To help accountants to follow uniform procedures and practices.

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