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Difference between Accounting Concepts and Conventions

Question Posted / jazz


Difference between Accounting Concepts and Conventions..

Answer / 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)

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