Answer to Question #196536 in Accounting for joshua muendo

Question

1.Discuss the four reasons why accountants should observe international Accounting standards.

2.Identify the main approaches in preparing final accounts where there are incomplete records.

Answer 1

1.To promote :

i) transparency

ii) accountability

iii) Efficiency in financial markets around the world.

2.

a)Estimating income from the net assets.

b)Estimating income from the use of ratios.

c)Use of a simple cashbook and bank statement.