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what are concepts and conventions of accounting
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Answer Posted / vikash kr. sharma.
CONCEPTS::
::just as it is necessary to have good knowledge of grammar
in order to have sufficient control over language, in the
same way one must know the grammar of accounting. this is
way knowledge of accounting principles, concept, convention
and assumption is required. utility of accounting
principles is related with nature of accounting..
ACCOUNTING CONVENTION::
Accountancy is based on usages and custom. Custum or usages
is a practice which is in use since long. Naturally
accountants have to adopt that usage or custom. these are
termed as convention in accounting.
CONVENTION are also known as DOCTRINES.
Mjor convention are used in preparation of final accounts.
types of accounting convention:
1: CONSERVATION: provide for future losses but Anticipate
no profit..
2: DICLOSER : disclose all material information.
3: CONSISTENCY : continuance of accounting practices
regularly.
4: MATERIALITY : all material facts recorded..
| Is This Answer Correct ? | 4 Yes | 12 No |
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