Please what are accounting concepts and conventions

Accounting
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Please what are accounting concepts and conventions

Jul 13th, 2015

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Accounting concepts and conventions come in to play when the information needed by the user become conflicting over the decades because the change of methodology and procedures

concepts of accounting are

1) Going concern concept 

2) Matching concept

3) Entity concept

4) Historical Cost concept

5) Realization concept 

6) money measurement concept

7) Dual aspect concept

the conventions of accounting are

1) consistency

2)Conservatism

3) Materiality

4) Objectivity

5)Disclosure

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Jul 13th, 2015

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Jul 13th, 2015
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Jul 13th, 2015
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