Question: Q1 Why do Corporations need financial reporting Standards? Explain the two major standard Setters ? Q2. . What do you understand by deferrals and accruals

Q1 Why do Corporations need financial reporting Standards? Explain the two major standard Setters ?

Q2. . What do you understand by deferrals and accruals in adjusting entries? Give numerical examples on how such adjusting entries are made? Answers to be judged by Instructor.

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