Question

1. Explain the advantages and disadvantages of book keeping

2. Explain briefly accounting conventions

PLEASE ANSWER CORRECTLY ​

Answer 1

2.Accounting conventions are guidelines used to help companies determine how to record certain business transactions that have not yet been fully addressed by accounting standards. These procedures and principles are not legally binding but are generally accepted by accounting bodies. Basically, they are designed to promote consistency and help accountants overcome practical problems that can arise when preparing financial statements.