Interested to Buy Any Domain ? << Click Here >> for more details...
what are concepts and conventions of accounting
- 25 Answers
- 130494 Views
- CDLE, Infosys, Netco, TCS, I also Faced
- E-Mail Answers
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 |
Post New Answer View All Answers
Why in a cash book receipts are debited while the same if received in our books recepits are credited. Why does cash book have a rule to debit receipts and credit payments. For example if am paying the cash that i owe the company or firm i debit in my books(cash) on the debit side and should credit in the cash book but i cant do that cash book take receipts on the debit side as per the general . please clarify many thanx in advance
what is absorbtion coasting?
What is the content of purchase order? n content of voucher? what is the main use of voucher.
Expand---------MNOP
what are responsibilities of an accountant in a company?
whether financing to Bulk Milk Coolers comes under CMA under Agriculture or Non Farm Sector
im preparing for the sbi clerical post please send me the solved questions.
what is the procedure for issuing th C form
why did rbi hiked repo and reverse ratio and how it will effect the market
What type of questions are asked for Interview of Manager Finance in Airport Authority of India ?
what is OTC derivatives and Depository Trust & Clearing Corporation (DTCC) ?
is indian bank or canara bank CBS brach?
Expand-----RTD
How exchange rates are maintained in sap
A----------involves transfer of money or moneys worth from one person to another
