What would be the consequences if every organization used different rules and definitions for how it...
What would be the consequences if every organization used different rules and definitions for how it kept its books and reported its finances?
Homework Answers
The main consequence of different rules and ways of maintaining books of accounts will be that the results of different companies will not be comparable. It will be impossible to measure the financials of the companies since they will be prepared in different ways with no uniformity in accounting rules. There will be no way to understand its standing in the industry or market that it operates. The management will not be able to assess the company performance against competitors. From the user point of view, there will be no way to assess the level of window dressing done by the company and the honesty of recorded transactions.
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What would be the consequences if every organization used
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