Explain the meaning of concepts, conventions and postulates
Answers
Answer:
An accounting postulate is an assumption in the field of accounting based on historical practice. Accounting postulates form the basis of the accounting standards that govern how transactions are treated and recorded.
Answer:
1. Concepts- Concepts are defined as abstract ideas or general notions that occur in the mind, in speech, or in thought. They are understood to be the fundamental building blocks of thoughts and beliefs. They play an important role in all aspects of cognition.
2. Conventions- A way in which something is usually done.
"to attract the best patrons the movie houses had to ape the conventions and the standards of theatres".
3. Postulates- postulate 1 : demand, claim 2 a : to assume or claim as true, existent, or necessary b : to assume as an axiom or as a hypothesis advanced as an essential presupposition, condition, or premise of a train of reasoning (as in logic or mathematics).
Explanation:
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