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Categories  >>  Accounting  >>  Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions
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 Accounting AllOther interview questions  Accounting AllOther Interview Questions
Question 
ACCOUNTING CONCEPTS AND CONVENTIONS
 Question Submitted By :: Dr. R.srinivasan
I also faced this Question!!     Rank Answer Posted By  
 
  Re: ACCOUNTING CONCEPTS AND CONVENTIONS
Answer
# 1		 
As said earlier, concepts are the basic assumptions or 
conditions upon which the science of
accounting is based. There are five basic concepts of 
accounting, namely – business entity
concept, which is also termed as separate entity concept, 
going concern concept, money
measurement concept, periodicity concept and accrual 
concept. Each concept is discussed
below.

In what manner we implement these concepts in our daily 
life are the conventions.
 
Is This Answer Correct ?    1 Yes 1 No
Kspatwal
 
  Re: ACCOUNTING CONCEPTS AND CONVENTIONS
Answer
# 2		 
accounting concepts are actually 6. but some authors are 
wrote 10

1. business entity concept
2. money measure concept
3. cost concept
4. duel concept
5. going concern concept
6. accounting period concept

          concepts are reffered  "ASSUMPTIONS"

conventions:

1. consistence
2. disclosure
3. materiality
4. conservatism

          conventions are reffered  "GUIDENCE"
 
Is This Answer Correct ?    2 Yes 0 No
Arjunanag@rocketmail.com
 
 
 
  Re: ACCOUNTING CONCEPTS AND CONVENTIONS
Answer
# 3		 
ACCOUNTING CONCEPTS
business entity concept
money measurement concept
going concern concept
relaisation concept
cost concept
dual entry concept
CONVENTIONS
consistency
disclore
relevance
feasibility
conservation
 
Is This Answer Correct ?    0 Yes 0 No
B.t.mallikarjunarao
 

 
 
 
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