Question

distinguish between concept and conventions​

Answer 1

Answer:

The key difference between Accounting Concept and Convention lies in the fact that accounting concepts refer to the rules and regulations of accounting, while accounting convention refers to the set of practices discussed by the accounting bodies before preparing final accounts.

Answer 2

Explanation:

The key difference between Accounting Concept and Convention lies in the fact that accounting concepts refer to the rules and regulations of accounting, while accounting convention refers to the set of practices discussed by the accounting bodies before preparing final accounts.