In order to satisfy the common information needs of the various stakeholders, Technical Guide is issued to recommend uniform accounting principles in accordance with the Accounting Standards and other generally accepted

In order to satisfy the common information needs of the various stakeholders, Technical Guide is issued to recommend uniform accounting principles in accordance with the Accounting Standards and other generally accepted accounting principles in India for the preparation and presentation of NPO financial statements. This involves applying good accounting practices to the recognition, measurement, presentation, and disclosure of various income and expense items, assets, and liabilities in NPO financial statements while taking into account the unique characteristics of their operations. Answer the following questions: What set of financial statements do technical guidance notes include ? Identify the fundamentals to be followed while preparing financial statements.