what are concepts and conventions of accounting
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Answer Posted / bharat bhushan sachdeva
Accounting concepts are the assumptions on which the
accounting is based and these assumptions are as follow:
1. Separate Entity Concept
2. Money Measurement concept
3. Cost Concept
4. Money measurement concept
5. Going concern concept
6. Accounting Year concept
7. Dual Aspect
8. Revenue recognition concept
9. Matching concept
and we have 4 conventions
1. Convention of full disclosure
2. Convention of conservatism or prudence
3. Convention of materiality
4. Convention of objectivity
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