All companies use the same standard set of accounts.

Name: All companies use the same standard set of accounts.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Companies can use different accounting systems and may have different needs for their financial reports, so they do not have to follow a uniform set of accounts. However, most companies follow generally accepted accounting principles (GAAP) or international financial reporting standards (IFRS) when preparing their financial statements.

All Companies Use the Same Standard Set of Accounts