Question

Briefly explain fundamental Accounting Concepts and Conventions with suitable examples'.​

Answer 1

Explanation:

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.

Answer 2

Answer:

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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