Question

enumerate the account ing consept and conventions​

Answer 1

Accounting Conventions

There are four main conventions in practice in accounting: conservatism; consistency; full disclosure; and materiality. Conservatism is the convention by which, when two values of a transaction are available, the lower-value transaction is recorded.

Answer 2

Accounting concept is nothing but a theoretical notion that is applied while preparing financial statements. On the contrary, accounting conventions are the methods and procedure which are followed to give a true and fair view of the financial statement.

Following are the important accounting conventions in use:

1. Convention of Disclosure: ADVERTISEMENTS: ...
2. Convention of Consistency: Rules and practices of accounting should be continuously observed and applied. ...
3. Convention of Conservatism: ...
4. Convention of Materiality: