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Differentiate between accounting standards and accounting concepts.
The major differences between accounting standards and accounting concepts are as follows −
These are uniform rules which started in 1950s and are rigid in nature.
Individuals, business firms should follow these standards.
Its main objective is to correct measurements and disclosure.
It creates more responsibilities.
There are various accounting standards, some of them are AS 1 disclosure of accounting policies, AS 3 cash flow statements, AS 6 Depreciation accounting etc.
There are various accounting concepts and they are customary and flexible in nature.
It offers liberty to follow various methods.
It is less responsible as compared to accounting standards.
It is independent of evolving needs of investment community.
Relevance, reliability, materiality, comparability, understandability, constraints of timeliness fall under accounting concepts.
- Compare between accounting concepts and accounting convections.
- Differentiate between cost accounting and financial accounting.
- Differentiate between finance and accounting.
- Differentiate cash accounting and accrual accounting.
- Differentiate between accounting profit and taxable profit
- Differentiate between accounting breakeven point and financial breakeven point.
- Write the differences between financial accounting and management accounting.
- Write the difference between cost accounting and management accounting.
- Compare between accounting and bookkeeping.
- Explain accounting period in finance and accounting.
- What is accounting and derive accounting equation?
- What is payroll accounting in finance and accounting?
- Explain the difference between accrual base accounting vs cash based accounting.
- What is Accounting? Different Types of Accounting
- What are the difference between accounting and auditing?