Question

Discuss the accounting concepts and conventions in befa

Answer 1

accounting statements or externally known as financial accounts. financial accounts focused a clear objective has to be that the accounts fairly reflect the true  financial statements of the business and the result of its operation. accounting conventions:- the most commonly accounting conventions is historical cost convention.This requires transactions to be recorded at the price ruling at the time, and for assets to be valued at their original cost. some other accounting conventions are as follows:1) monetary measurement 2) separate entity3) realisation