Question

accounting concept ang conversation are foundation of accounting principles.explain​

Answer 1

Answer:

Accounting Concepts principles and conventions

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.

Explanation:

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Answer 2

Answer:

There are four main conventions in practice in accounting: conservatism; consistency; full disclosure; and materiality. Conservatism is the convention by which, when two values of a transaction are available, the lower-value transaction is recorded.

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