Question

Accounting concept and convention

Answer 1

Answer:

The accounting concepts are 9 and accounting conventions are 4

Explanation:

The accounting concept include like

1.business entity concept

2.dual aspect concept

3.going concern concept

4.accounting period concept

5.money measurement concept

6.cost concept

7.realization concept

8.accural concept

9.matching concept

The accounting conventions include like

1.convention of full disclosure

2.convention of materality

3.convention of consistency

4.convention of convertism

hope it will help you

Answer 2

Answer:

These basic accounting concepts are as follows: Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed. ... Economic entity concept. The transactions of a business are to be kept separate from those of its owners.

....hope it helps you ....