Question

1. Discuss the principles of Financial
Accounting. Also write the conventions used in
accounting​

Answer 1

Answer:

There are four widely recognized accounting conventions: conservatism, consistency, full disclosure, and materiality

Answer 2

Answer:

There are four main conventions in practice in accounting: conservatism; consistency; full disclosure; and materiality. Consistency prescribes the use of the same accounting principles from one period of an accounting cycle to the next, so that the same standards are applied to calculate profit and loss.