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Distinguish Between Accounting Convention And Aoncept
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.
the profit from the sale of trucks was shown deperately from the cost of maintenance of the trucks that is called doctrine of diclosure.
Accounting rule that states the owner is regarded as being separate and distinct from the business.
I think it is concept means subget.
period convention
1000
Business entity convention because owner’s assets must not be included with business assets
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.
the profit from the sale of trucks was shown deperately from the cost of maintenance of the trucks that is called doctrine of diclosure.
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.
I think it is concept means subget.
accounting is a very basic function of buisness .it show a financal position of buisness without accounting no buisness con run properly.
Business entity convention The business and the owner must remain separate