Sh16Please help meSolution Accounting standards approved by the Accounting Standards Review Board (ASRB) had:O a. no legal backing under the Companies Act, although almost all companies followed their guidance.O b. the force of law under the Companies Act, unless the companies could show that, by complying with any particular standard, the company's financial repoO c. no legal backing under the Companies Act, and their application was optional.O d. the force of law under the Companies Act, and their application was mandatory at all times.

Accounting norms are regulations that offer a structure for the generation and distribution of…

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Business

Accounting

Sh16 Please help me Solution

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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Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

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Sh16

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Solution

Accounting standards approved by the Accounting Standards Review Board (ASRB) had:
O a. no legal backing under the Companies Act, although almost all companies followed their guidance.
O b. the force of law under the Companies Act, unless the companies could show that, by complying with any particular standard, the company's financial repo
O c. no legal backing under the Companies Act, and their application was optional.
O d. the force of law under the Companies Act, and their application was mandatory at all times.

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