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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.
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What is Distinguish Between Accounting Convention And Aoncept?
Distinguish Between Accounting Convention And Aoncept
Internal and External Reporting Requirements?
differentiate between financial Accounting and management accounting
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
What is difference between accounting concept and convention?
I think it is concept means subget.
The differentiate between the economics and accounting?
There is a huge difference between the 2. Accounting is the process of managing money while making analytical decisions about money. Economics is the study of incentives i.e. how and why things are produced and to whom it is produced
Differentiate between cost accounting and financial accounting?
Cost accounting is usually involved with management accounting. Financial accounting tends to deal with the past and presents information like statements for public and private use. Management.the question am asking have not been answered .because financial accounting and cost accounting is not the same nor even having the same answer .
Differentiate public accounting from managerial accounting?
In public accounting you take a different board exam (CPA board exam in Philippines). In Managerial accounting (which is i am into) you don't get to study auditing, which CPA's does.
Differentiate bookepping from accounting?
Book Keeping is a art of maintaining the books of account where as accounting is a set of principle i.e Rules
What accounting entity convention means?
Accounting rule that states the owner is regarded as being separate and distinct from the business.
Why accounting theory in accounting convention usefull?
for guidance the accountants in a significant practises with using what should be utility as GAAP.
Differentiate between bookkeeping and accounting?
The differences between bookkeeping and accounting are not many, as both fields are fairly similar. Bookkeeping focuses on general business activities such as payables, receivables, billing, and sometimes payroll. Whereas accounting, depending on the focus, usually is focused on the financial side; general ledger entries, account reconciliations, and financial reporting.
Which accounting convention or doctrine is being used when a business preapres financial statements each year?
period convention
