Difference between Accounting Concepts and Conventions
- 1 Answers
- 3872 Views
- Genpact, I also Faced
- E-Mail Answers
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)
| Is This Answer Correct ? | 1 Yes | 0 No |
A computer purchased for the use of Branch & payment would be made by company. What would be the entry in the books of Branch ?
What is meant by Deferred Asset?
What is RETURN OF ROC
I had this interview in 09. The interviewer kept on asking this question. Why do you want to join JP Morgan chase? can any1 give me a good answer...???
2 Answers IBM, JPMorgan Chase,
What is the difference for calculation Depreciation as pert Companies Act and Income Tax
A has to pay to B Rs. 10000 but C pay pay Rs. 10000 to B on behalf of A. What will be the journal entry in all the three persons.
what is the difference between trial balance and ledger account
What is a Special Calendar and its types
what is the minimum & maximum amount paid by company per day
how to geting finished goods cost with included it's all BOM and all production order cost in sap?
what is tds? how this tds deducted? what is percentage? how to calculate? what is the procesure?
Give Any three special cases of computation of capital Gain U/s 45(1A) to 45(6)?
Audit 
