Description
Please what are accounting concepts and conventions
Explanation & Answer
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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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