Question

What Are the basic of accounting concept and convention mention five each

Answer 1

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ᴛʜᴇʀᴇ ᴀʀᴇ ғᴏᴜʀ ᴍᴀɪɴ ᴄᴏɴᴠᴇɴᴛɪᴏɴs ɪɴ ᴘʀᴀᴄᴛɪᴄᴇ ɪɴ ᴀᴄᴄᴏᴜɴᴛɪɴɢ: ᴄᴏɴsᴇʀᴠᴀᴛɪsᴍ; ᴄᴏɴsɪsᴛᴇɴᴄʏ; ғᴜʟʟ ᴅɪsᴄʟᴏsᴜʀᴇ; ᴀɴᴅ ᴍᴀᴛᴇʀɪᴀʟɪᴛʏ. ᴄᴏɴsᴇʀᴠᴀᴛɪsᴍ ɪs ᴛʜᴇ ᴄᴏɴᴠᴇɴᴛɪᴏɴ ʙʏ ᴡʜɪᴄʜ, ᴡʜᴇɴ ᴛᴡᴏ ᴠᴀʟᴜᴇs ᴏғ ᴀ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ᴀʀᴇ ᴀᴠᴀɪʟᴀʙʟᴇ, ᴛʜᴇ ʟᴏᴡᴇʀ-ᴠᴀʟᴜᴇ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ɪs ʀᴇᴄᴏʀᴅᴇᴅ.

Answer 2

ᴛʜᴇʀᴇ ᴀʀᴇ ғᴏᴜʀ ᴍᴀɪɴ ᴄᴏɴᴠᴇɴᴛɪᴏɴs ɪɴ ᴘʀᴀᴄᴛɪᴄᴇ ɪɴ ᴀᴄᴄᴏᴜɴᴛɪɴɢ: ᴄᴏɴsᴇʀᴠᴀᴛɪsᴍ; ᴄᴏɴsɪsᴛᴇɴᴄʏ; ғᴜʟʟ ᴅɪsᴄʟᴏsᴜʀᴇ; ᴀɴᴅ ᴍᴀᴛᴇʀɪᴀʟɪᴛʏ. ᴄᴏɴsᴇʀᴠᴀᴛɪsᴍ ɪs ᴛʜᴇ ᴄᴏɴᴠᴇɴᴛɪᴏɴ ʙʏ ᴡʜɪᴄʜ, ᴡʜᴇɴ ᴛᴡᴏ ᴠᴀʟᴜᴇs ᴏғ ᴀ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ᴀʀᴇ ᴀᴠᴀɪʟᴀʙʟᴇ, ᴛʜᴇ ʟᴏᴡᴇʀ-ᴠᴀʟᴜᴇ ᴛʀᴀɴsᴀᴄᴛɪᴏɴ ɪs ʀᴇᴄᴏʀᴅᴇᴅ.