Interested to Buy Any Domain ? << Click Here >> for more details...
what are concepts and conventions of accounting
- 25 Answers
- 131473 Views
- CDLE, Infosys, Netco, TCS, I also Faced
- E-Mail Answers
Answer Posted / bharat bhushan sachdeva
Accounting concepts are the assumptions on which the
accounting is based and these assumptions are as follow:
1. Separate Entity Concept
2. Money Measurement concept
3. Cost Concept
4. Money measurement concept
5. Going concern concept
6. Accounting Year concept
7. Dual Aspect
8. Revenue recognition concept
9. Matching concept
and we have 4 conventions
1. Convention of full disclosure
2. Convention of conservatism or prudence
3. Convention of materiality
4. Convention of objectivity
| Is This Answer Correct ? | 62 Yes | 24 No |
Post New Answer View All Answers
what do u mean by comparative budget?
Assets are held in the Business for the purpose of____________________
What is Accounting on Computers
Sir i am working in 3 star hotel as a senior accountant i need some general letter drafts pleas do the need ful
KINDLY PROVIDE ME RBI OFFICER SCALE B QUESTION PAPER (PREVIOUS)
what is a meaning of track record in tally software when we maintain the inventory entry what is role of track record
Expand---------PED
how history is helpful for banking?
Expand-------URM
Ledger Is The Principle Book Of Accounts In Business. Do You Agree For It. Comment On Your Confirmation?
What is EBITDA
What Is The Limitation Of Remuneration Allowed If Book Profit Is 375850 In A Business Firm And In A Professional Firm?
what are valuation accounts?
We have a registered dealer under APVAT Act. Our company is manufacturing & marketing of seeds. seeds exempted under vat. recently we have purchased machinery for our new plant construction, against c form. now sales tax dept.not giving the c forms, because our final product is exempted, we are not eligible for c forms. kindly clarify.
Q5 Prepare a Balance sheet from the following particulars: Gross profit =Rs.80,000 Gross profit to cost of goods sold =1/3 Stock velocity =6 times Opening stock =Rs.36,000 Accounts receivable velocity =72 days (year=360 days) Current assets=Rs.1,50,000 Account payable velocity=90 days Bills receivable =Rs.20,000 Bills payable=Rs.5,000 Fixed assets turnover ratio (on cost of goods sod)=8 times
