Day 7 of 50 Days Accounting Challenge – Accounting Standards Accounting is often called the language of business, but just like any language needs grammar to make sense, accounting also needs rules to ensure clarity, fairness, and comparability. These rules are known as Accounting Standards. Imagine if every company prepared its accounts in its own unique way – one values inventory using FIFO, another using LIFO, and another using a random method. It would be impossible for investors, lenders, o

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