Question

define accounting convention and accounting concept


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Answer 1

Accounting concepts are the basic assumptions or fundamental propositions within which accounting operates. ... Accounting conventions are the outcome of accounting practices or principles being followed by the enterprises over a period of time .

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Answer 2

Answer:

Accounting convention :

Accounting conventions are guidelines used to help companies determine how to record certain business transactions that have not yet been fully addressed by accounting standards. These procedures and principles are not legally binding but are generally accepted by accounting bodies.

Accounting concept:

Accounting concept refers to the basic assumptions and rules and principles which work as the basis of recording of business transactions and preparing accounts. This concept assumes that, for accounting purposes, the business enterprise and its owners are two separate independent entities.