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Whats the difference between accounting concepts and
conventions?

Question Posted / guest


Whats the difference between accounting concepts and conventions?..

Answer / srikanth

accounting concepts are the terms which are commonly used in
accounting and they are defined in accounting standards

whereas the accounting conventions are not defined in the
accounting standards and they are assumed to be followed in
the preparation of final statements of accounts.

Is This Answer Correct ?    40 Yes 17 No

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