Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements? So that income taxes can be collected in a fair and equitable fashion To serve the competitive needs of companies working to uniquely serve specific customers in specific markets To provide standardized data used in computing government statistics So that outsiders can compare financial reports coming from many different companies

Accounting standards are authoritative sets of rules for financial reporting. They specify how…

Answered: accounting provide a common set of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Why is it important that FINANCIAL accounting provide a common set of standards that are used by all companies in preparing their financial statements?

So that income taxes can be collected in a fair and equitable fashion
To serve the competitive needs of companies working to uniquely serve specific customers in specific markets
To provide standardized data used in computing government statistics
So that outsiders can compare financial reports coming from many different companies

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