Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as --------...
Question 1 Report
Specific principles, bases, conventions, rules and practices adopted by an enterprise in preparing and presenting financial statements are known as ---------------------
Answer Details
Financial accounting is a systematic process of recording, analyzing and reporting financial transactions and events to provide information that is useful in making business decisions. The specific principles, bases, conventions, rules, and practices adopted by an enterprise in preparing and presenting financial statements are known as accounting policies. These policies help ensure that the financial statements are consistent, reliable, and comparable from one period to another, and are in accordance with applicable accounting standards and regulations. In a simple way, accounting policies set the guidelines for how financial information is recorded and presented in financial statements.
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