Question

how accounting concepts and conventions do work in current business scenario?

Answer 1

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Answer 2

Working of accounting concepts and conventions in current business scenario

Explanation:

Accounting concepts are the basic assumptions on which books of accounts are maintained and business transactions recorded where as Accounting conventions are the universally acceptable methods for preparing books of accounts.for eg. money measurement concept , business entity concept etc. they are important for current business scenario because of the following reasons-

• They provide a systematic method for recording books of accounts and hence makes the work easy.
• since different companies record books of accounts in similar way then this makes comparison of books of account easy.
• companies at present can attract more investors as they can compare books of account of different companies.

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Accounting concepts and conventions in current business scenario

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