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Q: What are the Problems associated with the implementation of accounting entity convention?
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Differentiate between accounting and accounting convention?

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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The problems associated with management accounting vary greatly, but the more commonly known problems within it would be the cost involved, the constrains or strict guidelines involved, and the inaccuracy that results from it.


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