Distinguish Between Accounting Convention And Aoncept

Accounting means the systematic recording,reporting and analysis of financial transactions of a business.While accounting convention means legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements.

Accounting concepts and conventions are a list of standard practices. These develop a framework for accounting and are used by accountants and students for learning.

Accounting rule that states the owner is regarded as being separate and distinct from the business.

for guidance the accountants in a significant practises with using what should be utility as GAAP.