Question

What is meaning of accounting and explain the conventions of accounting

Answer 1

An accounting convention is a common practice used as a guideline when recording a business transaction. It is used when there is not a definitive guideline in the accounting standards that govern a specific situation. Thus, accounting conventions serve to fill in the gaps not yet addressed by accounting standards.
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Answer 2

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ᴀᴄᴄᴏᴜɴᴛɪɴɢ ᴄᴏɴᴠᴇɴᴛɪᴏɴs ᴀʀᴇ ɢᴜɪᴅᴇʟɪɴᴇs ᴜsᴇᴅ ᴛᴏ ʜᴇʟᴘ ᴄᴏᴍᴘᴀɴɪᴇs ᴅᴇᴛᴇʀᴍɪɴᴇ ʜᴏᴡ ᴛᴏ ʀᴇᴄᴏʀᴅ ᴄᴇʀᴛᴀɪɴ ʙᴜsɪɴᴇss ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴛʜᴀᴛ ʜᴀᴠᴇ ɴᴏᴛ ʏᴇᴛ ʙᴇᴇɴ ғᴜʟʟʏ ᴀᴅᴅʀᴇssᴇᴅ ʙʏ ᴀᴄᴄᴏᴜɴᴛɪɴɢsᴛᴀɴᴅᴀʀᴅs. ᴛʜᴇsᴇ ᴘʀᴏᴄᴇᴅᴜʀᴇs ᴀɴᴅ ᴘʀɪɴᴄɪᴘʟᴇs ᴀʀᴇ ɴᴏᴛ ʟᴇɢᴀʟʟʏ ʙɪɴᴅɪɴɢ ʙᴜᴛ ᴀʀᴇ ɢᴇɴᴇʀᴀʟʟʏ ᴀᴄᴄᴇᴘᴛᴇᴅ ʙʏ ᴀᴄᴄᴏᴜɴᴛɪɴɢʙᴏᴅɪᴇs.