Accounting for IGCSE & O level - Advanced Principles (Section 1 - No. 28)

What is the relationship between accounting standards and different methods for similar items?

Accounting standards allow for different methods for similar items.

Accounting standards only allow a single method to be used.

Accounting standards don't have any relationship with methods.

Accounting standards are only about how to calculate values, not the methods.

Accounting standards are about methods, and allow for different methods. For example, there are several ways to calculate the depreciation.