Question

define the following conventions.

1. principle of
2. principle of conservatism
​

Answer 1

Answer:

First one is not complete questions

for second your answer is

The conservatism principle is the general concept of recognizing expenses and liabilities as soon as possible when there is uncertainty about the outcome, but to only recognize revenues and assets when they are assured of being received.

hope it helps you

if you want definition for principal in first one

fundamental truth or proposition that serves as the foundation for a system of belief or behaviour or for a chain of re

Answer 2

Answer:

1. principle

a general scientific theorem or law that has numerous special applications across a wide field.

2. principle of conservatism

In accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains.  In accounting, it states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected.