Question

13. According to convention the policy once adopted should not generally be changed.
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Answer 1

Answer:

They are generally accepted by accounting bodies but are not legally binding. Once it chooses a method it is urged to stick with it int the future.

Answer 2

Answer:

The given statement is absolutely true.

Explanation:

Accounting conventions are generally accepted but are not legally binding. Once you have chosen the path you are urged to stick to it in the future, unless you have something good.