Difference between Accounting Concepts and Conventions
- 1 Answers
- 3885 Views
- Genpact, I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
What are the elements of the accounting equation?
is goods in transit will be liable for entry tax ?
My question is.. I Received the amount from party through the bank. example. 1. Actual received from party $1000 @ 32.70 = 32,700 baht(service charge included ) 2. Bank Charge 500 baht 3. Given the credit to pary $ 1000 @ 32.50 = 32,500 baht 4. and bank charge 500 debit on party account also. .... For the First three transacion on account bank account dr 32200 bank charge dr 500 party cr 32,500 ex. fluxation cr 200 how can treate the 4th transaction. thanks in advance
i WANT TO KNOW WHAT IS THE INTEREST RATE IF WE CAN NOT PAY THE DEPOSIT SALE TAX AMOUNT WITH IN PERIOD
Tell me under the accrual basis of accounting, when revenues are reported in the accounting period?
Define retail banking?
Was there a time when you lost the chance to engage a prospect? What happened and what did you learn?
we have a bill for billing software modification, i want to know that which head post this entry in tally & also tds applicable or not.
Do you know any other accounting application?
Plz Ask from me New Accounting Questions.
In which term & condition excise invoice raises & for what excise invoice raise?
what is journal entries for Vehicle loan settled with bank after Sale of the vehicle on profit or loss in case the party paid check direct to Bank .......???
List out some of the accrued expenses and the accounts in which you would record them?
How calculate holding company account?
Mention the types of ledgers?
