Which of the following statements holds true for accounting standards?
A)It refers to a statement that contains details of all a country's economic transactions with the rest of the world, for a given time period, usually one year.
B)It refers to the sale of securities under a negotiated agreement between an issuer and the investing institution, as an alternative to a public issue.
C)It refers to the rate of interest charged by the Federal Reserve Bank on financial accommodation extended to banks and financial institutions.
D)It refers to a system of rules and principles that prescribe the format and content of financial statements.
E)It refers to government securities that have the highest degree of reliability.

Question

Quizplus · Accepted Answer

Accounting standards are essentially a system of rules and principles designed to govern the format and content of financial statements, ensuring consistency, reliability, and comparability of financial reporting across different entities.

Which of the Following Statements Holds True for Accounting Standards