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Accounting Test Time - Principles & Conventions 1 Video Lecture - Commerce
FAQs on Accounting Test Time - Principles & Conventions 1 Video Lecture - Commerce
| 1. What are accounting principles and conventions? |  |
Ans. Accounting principles and conventions are a set of guidelines and rules that govern the preparation and presentation of financial statements. These principles help ensure consistency, comparability, and accuracy in financial reporting.
| 2. What is the difference between accounting principles and accounting conventions? | |
Ans. Accounting principles are fundamental concepts that guide the recording and reporting of financial transactions, while accounting conventions are generally accepted practices that help in the interpretation and application of accounting principles.
| 3. How are accounting principles and conventions relevant in financial statement preparation? | |
Ans. Accounting principles and conventions provide a framework for preparing financial statements that are reliable, relevant, and useful to decision-makers. They ensure consistency in reporting and help users understand and compare financial information across different entities.
| 4. Can accounting principles and conventions change over time? | |
Ans. Yes, accounting principles and conventions can change over time, especially in response to new business practices, technological advancements, and regulatory updates. Organizations need to stay updated with these changes to ensure compliance and relevancy in financial reporting.
| 5. What are some examples of accounting principles and conventions? | |
Ans. Examples of accounting principles include the revenue recognition principle, matching principle, and the historical cost principle. Accounting conventions include the consistency convention, materiality convention, and conservatism convention. These principles and conventions collectively form the basis for accurate and reliable financial reporting.
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Nov 08, 2024 Last updated |
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