Accountancy, asked by kashishmalik328, 4 months ago

Accounting conventions ​

Answers

Answered by MANISHNAIDU0135
27

Answer:

Accounting conventions are guidelines used to help companies determine how to record business transactions.

It is used when there is no definitive guidance in the accounting standards that govern a specific situation. Thus, accounting conventions serve to fill in the gaps not yet addressed by accounting standards.

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