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What is difference between accounting concept and accounting principles and convention?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
Wiki User
∙ 15y agoStandards are the rules and provide guidance as to how to handle specific accounting issues. Concepts are the underlying principles, e.g. the reason why the standards were written.
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