Difference between Accounting Concepts and Conventions
- 1 Answers
- 3880 Views
- Genpact, I also Faced
- E-Mail Answers
Answer Posted / prasanth jenjuluri
Concepts tend to be written in the accounting standards whereas conventions are not and are assumed.
Examples of concepts would be: Accruals concept, Prudence concept.
Examples of conventions would be: double entry, accounting equation (assets - liabilities = capital)
| Is This Answer Correct ? | 1 Yes | 0 No |
Post New Answer View All Answers
Explain what is bad debt expense?
What are the characteristic features of financial accounting?
What is the diffrent job&project accounting?
What is fair value accounting definition?
What's the accounting entry when an Invoice is created in AR?
Tell me what is tally accounting?
Explain me what is general ledger account?
What was the most difficult deal you had to close?
How to make deductions of the employees from salary against the loan in AP module oracle R12
Is it compulsary to give TOEFL for applying US visa.
Tell me what a deferred asset is and give an example?
What are premises in accounting sense? What is vat adjustment?
if cheque bounced what we received from customers and payed to bank what entry should we create in single entry system
Account for letter of credit in the books?
What is difference between Cash Flow and fund flow
