Question

what are the accounting conventions explain them in brief​

Answer 1

Answer:

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Step-by-step explanation:

Accounting conventions are guidelines used to help companies determine how to record certain business transactions that have not yet been fully addressed by accounting standards. These procedures and principles are not legally binding but are generally accepted by accounting bodies.

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Answer 2

Step-by-step explanation:

An accounting convention is a common practice used as a guideline when recording a business transaction. It is used when there is not definitive guidance in the accounting standards that govern a specific situation. Thus, accounting conventions serve to fill in the gaps not yet addressed by accounting standards....