Which of the following are rules for preparing financial statements and define what useful accounting information is?

Question

Quizplus · Accepted Answer

Accounting standards are a set of rules and guidelines that are established by accounting organizations to ensure consistency and accuracy in financial reporting. These standards define what useful accounting information is by providing guidance on how to recognize, measure, and report financial transactions. The other options, financial standards, auditing standards, and operating standards, are related to financial reporting but do not specifically define what useful accounting information is.

Which of the Following Are Rules for Preparing Financial Statements