what are concepts and conventions of accounting
- 25 Answers
- 124466 Views
- CDLE, Infosys, Netco, TCS, I also Faced
- E-Mail Answers
Answer Posted / vikash kr. sharma.
CONCEPTS::
::just as it is necessary to have good knowledge of grammar
in order to have sufficient control over language, in the
same way one must know the grammar of accounting. this is
way knowledge of accounting principles, concept, convention
and assumption is required. utility of accounting
principles is related with nature of accounting..
ACCOUNTING CONVENTION::
Accountancy is based on usages and custom. Custum or usages
is a practice which is in use since long. Naturally
accountants have to adopt that usage or custom. these are
termed as convention in accounting.
CONVENTION are also known as DOCTRINES.
Mjor convention are used in preparation of final accounts.
types of accounting convention:
1: CONSERVATION: provide for future losses but Anticipate
no profit..
2: DICLOSER : disclose all material information.
3: CONSISTENCY : continuance of accounting practices
regularly.
4: MATERIALITY : all material facts recorded..
| Is This Answer Correct ? | 4 Yes | 12 No |
Post New Answer View All Answers
what is audit mean? what is vouching? how to finalize the account? what is the meaning of + cast < as per last year auditor’s a/c ^ as per ledger JV journal voucher PV payment voucher AJV authorised journal voucher APV authorised journal voucher RV receiving voucher PCV petty cash voucher CPV cash payment voucher DN debit note DO delivery order PO purchases order CN credit note PS policy schedule RPS renewal policy schedule B bill Cx cross check nCx cannot cross check CB cash bill L list/letter SRF stock requisition form R report OR office report INV invoice DS deposit slip AB assessment bill Re receipt ECF entertainment claim form ATRF air ticket requisition form
what is Functional Specification in SAP FICO?
Is advance paid wages has credit balance?
how to entry of hra
sir i am working consruction company.we have 4 projects in varrious places.i enter attendance in payroll by project wise.if enter autofill salaries combained all projects.i want individual salaries base on attendance feeding method.because staff are changing in one project to another project offenly.please explain method
I customized the tax procedures, after posting normal g&l (f-02), i got an error, error is complete lineitem display, its popup error message num, how can i find the message error, whats the t-code
Tell me about how you have left a position better than you found it
what is the subprime?explain it.
how to pass journal entry or where to show forein transaction reserv in Bal sheet. pls explain basic
What do we mean by the term "Securities" when we say that "Govt injecting/sucking liquidity in/out of the system by buying/selling securities?
please tell me questions asked in NICMAR for the post of accounts executive
How good are you at Finance?
What do you mean by Green-shoe option?
where we use the convetion of conservatisam in real life??
What is the Assets & Liabilities?
