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What is difference between accounting concept and convention?

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2013-01-07 17:39:02
2013-01-07 17:39:02

I think it is concept means subget.

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Accounting concepts are essentially theories. Accounting principles are measures and processes that have proven to be successful when used. Conventions are beliefs within the discipline that help make things efficient.


Accounting conventions are not strict rules, but merely generally accepted practices. An accounting concept is a hard rule that must be followed.


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.


These are the rules and regulation that are intended to resolve the conflied which aries from the application of accounting concept


Concepts tend to be written in the accounting standards whereas conventions are not and are assumed. Examples of concepts would be: Accruals concept, Prudence concept. Examples of conventions would be: double entry, accounting equation (assets - liabilities = capital)


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Importance of accounting concept. To explain their significance in the preparations of accounting statements


accounting concept are the basic knowledge of accounting on which basis monetry transation are made in accounting book.


There are eight accounting concepts: Business entity concept, cost concept, going concern concept, matching concept, objectivity concept, unit of measure concept, adequate disclosure concept, and accounting period concept


accounting income is the financial figure that we get after deduction of all business expenses from sales.while making these deductions we follow some accounting assumptions.e.g matching concept, going concern assumption, materiality concept, etc. cash flow is the mechanism by which we see net cash generated or absorbed in business from different activities.


GAAP Stands for Generally Accepted Accounting Principles. Accounting Standardards are issued by the Institute of Chartered Accountants of India (ICAI). This is the largest accounting body in the country. Now the Accounting Standards are 29.Accounting Standards are prepared by expert persons.Generally Accepted Accounting Principles means just like Accounting Concept which means every person can accept this principles.


Accounting concept are customs and tradition which are used as a guide for preparation of financial statements.




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the fundamental principles of accounting are as follows:a. the going concern conceptb. the consistency conceptc. the separate valuation conceptd. accruals and matching concepte. the concept of prudence


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idea is more basic to accounting than the accounting unit or entity, a term used to identify the organization for which the accounting service is to be provided and whose accounting or other information is to be analyzed, accumulated, and reported.


what is the difference between concept selling and product selling?


SUBSTANCE OVER FORM is an accounting concept where the entity is accounting for items according to their substance and economic reality and not merely their legal form.


Differential cost is the difference between the cost of two alternative decisions, or of a change in output levels. The concept is used to reach decisions about which alternatives to pursue, and which to drop.


The main difference between the typological species concept and the morphological species concept is that the typological species concept classifies organisms that share characteristics that set them apart from others, whereas the morphological species concept classifies them as the same species if they appear identical.



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