Question

Q.1 Difference between concept and convention?

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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.

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Answer 2

Explanation:

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Major difference between two is that accounting concepts :

• officially recognized and written in guidelines by accountants whereas accounting conventions are not officially recognized and written in guidelines by accountants but have been developed over time.

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