Difference between Accounting Concepts and Conventions
Answer / prasanth jenjuluri
Concepts tend to be written in the accounting standards whereas conventions are not and are assumed.
Examples of concepts would be: Accruals concept, Prudence concept.
Examples of conventions would be: double entry, accounting equation (assets - liabilities = capital)
| Is This Answer Correct ? | 1 Yes | 0 No |
What are the functions of a General Ledger? What accounts are usually maintained in it and from what subsidiary books are they derived?
what is reccission?how it is started
What are document required by the bank to make payment for debit memo (Import). if we have allready made payment for orignal bill.
please tell me what is journal entry for salary: Gross Salary 10000 and net salary 75000.
Sums on Finalization of Accounts give exaple?
How to cancel an invoice and what is the accounting entries
what is the difference between a company balance sheet and that of a bank?
Purchased 10 pcs Mouse @ 230 from TC Ltd and get another 2 pieces as free sample.
I am working in govt. sec. How to make journal entry in books for Fix Deposit
what is tds,pf and vat?
What is vat adjustment?
I m entering much more than 500-700 sales vouchers per month. But I m getting a problem while entering sale voucher is that If I have entered a sale voucher in the middle of a date then the voucher no is being changed. So how can enter a sale voucher in the middle of a date so that i can adjust the voucher nos from changing.