Question

what is the terms of concepts and conventions of accounting

Answer 1

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Concepts :-

• Revenue is recognized when earned, and expenses are recognized when assets are consumed. ...
• Auditors will only certify the financial statements of a business that have been prepared under the accruals concept. Conservatism concept.

Conventions :-

• 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.

Answer 2

Answer:

There are four main conventions in practice in accounting: conservatism; consistency; full disclosure; and materiality.

Explanation:

And there are seven concepts

1. Business entity concept
2. Money measurement concept
3. Dual aspect concept
4. Going concern concept
5. Cost concept
6. Accounting year concept
7. Matching concept..

Hope this helps you.❤️