ACCOUNTING CONCEPTS AND CONVENTIONS
Answers were Sorted based on User's Feedback
Answer / jimoh sikiru abolaji
discuss in detial accounting concepts and convention and
stating clearly limitation of each of them
Is This Answer Correct ? | 14 Yes | 3 No |
Answer / b.t.mallikarjunarao
ACCOUNTING CONCEPTS
business entity concept
money measurement concept
going concern concept
relaisation concept
cost concept
dual entry concept
CONVENTIONS
consistency
disclore
relevance
feasibility
conservation
Is This Answer Correct ? | 7 Yes | 2 No |
Answer / kspatwal
As said earlier, concepts are the basic assumptions or
conditions upon which the science of
accounting is based. There are five basic concepts of
accounting, namely – business entity
concept, which is also termed as separate entity concept,
going concern concept, money
measurement concept, periodicity concept and accrual
concept. Each concept is discussed
below.
In what manner we implement these concepts in our daily
life are the conventions.
Is This Answer Correct ? | 4 Yes | 2 No |
Answer / arjunanag@rocketmail.com
accounting concepts are actually 6. but some authors are
wrote 10
1. business entity concept
2. money measure concept
3. cost concept
4. duel concept
5. going concern concept
6. accounting period concept
concepts are reffered "ASSUMPTIONS"
conventions:
1. consistence
2. disclosure
3. materiality
4. conservatism
conventions are reffered "GUIDENCE"
Is This Answer Correct ? | 4 Yes | 2 No |
What is intra Company transactions? With an example
Hi guys, Could anybod tell the what is journal entry when the internal order(rea) is settled?
From the following find out a. Profit Volume ratio b. Break even point c. Sales for 40% P/V Ratio d. Margin of safety from the sales Rs 3,00,000 e. Net profit from the sales of Rs 3,00,000 f. Required sales for the new profit of Rs 70,000 g. Required sales for the net profit of Rs 70,,000 after tax, the corporate income tax being 40% h. Additional sales required to convert an increase of Rs 3000 p.a. in the sales manager salary Sale 2,00,000 Variable Overheads 1,50,000 Profit 50000 Fixed overheads 15000 Net profit 35000 Sl No Heads of Account Debit Rs Credit Rs 1 Drawing and Capital 750 15,000 2 Stock as on 01.01.2009 69720 3 Bills Receivable and bills payable 1000 1180 4 Returns 300 320 5 Purchases and Sales 4500 8300 6 Wages 70 7 Discount 30 8 Salaries 200 9 Canara Bank Shares 3000 10 Insurance 120 11 Building 3000 12 Furniture 700 13 Debtors and Creditors 600 1300 14 Cash in Hand 470 15 Overdraft at bank 900
Is closing stock will recorded in Trail balance?
HI i have been shortlisted for the Syndicate bank PO post. Can any one guide me about the interview questions..and answers?
Difference between a Fund manager, Investment manager, Portfolio manager, Custodian manager?
1 Answers Mellon, Tech Mahindra,
What is smallest 4 digit number?
what is Accrual ?
Differents between Equity Share and Preference Share Capital?
What is Debenture ?
where do you enter a closing stock
what is Journal Entries?