ACCOUNTING CONCEPTS AND CONVENTIONS
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Answer / jimoh sikiru abolaji
discuss in detial accounting concepts and convention and
stating clearly limitation of each of them
| Is This Answer Correct ? | 14 Yes | 3 No |
Answer / b.t.mallikarjunarao
ACCOUNTING CONCEPTS
business entity concept
money measurement concept
going concern concept
relaisation concept
cost concept
dual entry concept
CONVENTIONS
consistency
disclore
relevance
feasibility
conservation
| Is This Answer Correct ? | 7 Yes | 2 No |
Answer / kspatwal
As said earlier, concepts are the basic assumptions or
conditions upon which the science of
accounting is based. There are five basic concepts of
accounting, namely – business entity
concept, which is also termed as separate entity concept,
going concern concept, money
measurement concept, periodicity concept and accrual
concept. Each concept is discussed
below.
In what manner we implement these concepts in our daily
life are the conventions.
| Is This Answer Correct ? | 4 Yes | 2 No |
Answer / arjunanag@rocketmail.com
accounting concepts are actually 6. but some authors are
wrote 10
1. business entity concept
2. money measure concept
3. cost concept
4. duel concept
5. going concern concept
6. accounting period concept
concepts are reffered "ASSUMPTIONS"
conventions:
1. consistence
2. disclosure
3. materiality
4. conservatism
conventions are reffered "GUIDENCE"
| Is This Answer Correct ? | 4 Yes | 2 No |
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