Please give me some important Accounting Standards in the book partnership accounts..
Dear Student,
Accounting Standards are the set of general guidelines, principles which are the basis of Financial Accounting.
AS applies to Individual, partnership & companies too.
There are 32 Accounting Standards published by ICAI.(Institute of Chartered Accountants of India)
Some of the important AS are:
AS 1 Disclosure of Accounting Policies: This AS deals with the item, that how it s to be shown in the financial statements.
AS 2 Valuation of Inventories: This AS guides for the valuation of Inventories. For Example Cost Price or Market Price whichever is less
AS 4 Contingencies and Events Occurring After Balance Sheet Date: This Standard deals with the treatment of contingencies and events occurring after the balance sheet date.
AS 5 Net profit or Loss for the period, Prior Period Items and Changes in Accounting Policies: This Standard guides that how net profit of the period should be determined and disclosed in the books.
Regards.
Accounting Standards are the set of general guidelines, principles which are the basis of Financial Accounting.
AS applies to Individual, partnership & companies too.
There are 32 Accounting Standards published by ICAI.(Institute of Chartered Accountants of India)
Some of the important AS are:
AS 1 Disclosure of Accounting Policies: This AS deals with the item, that how it s to be shown in the financial statements.
AS 2 Valuation of Inventories: This AS guides for the valuation of Inventories. For Example Cost Price or Market Price whichever is less
AS 4 Contingencies and Events Occurring After Balance Sheet Date: This Standard deals with the treatment of contingencies and events occurring after the balance sheet date.
AS 5 Net profit or Loss for the period, Prior Period Items and Changes in Accounting Policies: This Standard guides that how net profit of the period should be determined and disclosed in the books.
Regards.