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What is accounting standards? And revenue?

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What is accounting standards? And revenue?

Posted by Sita Kadian 7 years, 1 month ago

CBSE > Class 11 > Accountancy

1 answers

Naveen Sharma 7 years, 1 month ago

Ans. Accounting standards are authoritative standards for financial reporting and are the primary source of generally accepted accounting principles (GAAP). Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements.

Revenues are the assets earned by a company's operations and business activities. In other words, revenues include the cash or receivables received by a company for the sale of its goods or services. The revenue account is an equity account with a credit balance.

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