what are the concepts & conventions of accounting?
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Answer Posted / abhi3774
Accounting concepts are basic assumption the science of accounting is based.
concepts:
separate entity concept
going concern concept
money measurement concept
dual aspect concept
cost concept
retaliation concept
Accounting period concept.
Periodic matching cost and revenue concept
accounting conventions:
these are the traditions and customs, it will help to accountant while preparing financial statements honestly.
convention of consevatisiam
convention of fulldiscloser
convention of Materiality
convention of consistency
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