Type of Accounting Convention with explanation of discloser point
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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.
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Accounting Convention Type # 2. Convention of Materiality:
Accounting Convention Type # 3. Convention of Consistency:
Accounting Convention Type # 4. Convention of Conservatism:
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