Question

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Accouting crocup s financial Accounting
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Explain the different types of Accounting Concepts
and conventions​

Answer 1

Answer:

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.

Explanation:

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