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what are concepts and conventions of accounting
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Answer Posted / muhammed l hydara
In preparing accounts and financial statements, accountants
follow certain fundamental assumptions, rules, principles or
conventions. These rules or principles are more commonly
known as accounting concepts. and they include the following:
1. business entity concept
2. money measurement concept
3. prudence concept
4. accrual concept
5. matching concept
7. realization concept
8. consistency concept
10.Business Entity Concept
11.periodicity concept
12.materiality concept
13.Dual aspect concept
14.separate legal entity concept
15.historical cost convention
16.substance over form
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