Question

The term____
denotes
customs and traditions​

Answer 1

Answer:

Conventions denote customs or traditions or usages which are in use since long. To be clear, these are nothing but unwritten laws. The accountants have to adopt the usage or customs, which are used as a guide in the preparation of accounting reports and statements.

Answer 2

Complete question

The customs (or) traditions used in preparation of financial statements is called ______ .

A. Conventions

B. Consistency

C. Concepts

D. Plans

Answer:

The customs (or) traditions used in preparation of financial statements is called A. Conventions.

Conventions:

• In accounting, Conventions have been evolved and developed to bring about uniformity in the maintenance of books of accounts.
• Conventions indicates or denotes customs or traditions or usages that are in use since long.
• Simply, these are nothing but the unwritten laws.
• The accountants have to adopt the usage or customs that are used as a guide in the preparing accounting reports and statements.
• Hence, the correct answer among all the options A. Conventions.