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Accounting Test Time - Principles and Conventions 2 Video Lecture - Commerce
FAQs on Accounting Test Time - Principles and Conventions 2 Video Lecture - Commerce
| 1. What are accounting principles and conventions? |  |
Accounting principles are the fundamental concepts and guidelines that govern the preparation and presentation of financial statements. They provide a framework for the recording, measurement, and reporting of financial transactions. On the other hand, accounting conventions are the customs or practices followed by accountants in the application of accounting principles.
| 2. What is the difference between accounting principles and accounting conventions? | |
The main difference between accounting principles and accounting conventions is that principles are fundamental concepts that guide the overall preparation and presentation of financial statements, while conventions are specific practices or customs that are followed by accountants in applying those principles.
| 3. What are some commonly used accounting principles? | |
Some commonly used accounting principles include the revenue recognition principle, matching principle, historical cost principle, and full disclosure principle. The revenue recognition principle states that revenue should be recognized when it is earned and realizable, regardless of when the cash is received. The matching principle requires that expenses be recognized in the same period as the related revenues. The historical cost principle states that assets should be recorded at their original cost. The full disclosure principle requires that all significant information related to a company's financial statements be disclosed.
| 4. Can accounting conventions be overridden by accounting principles? | |
Yes, accounting conventions can be overridden by accounting principles. Accounting principles take precedence over conventions when there is a conflict between the two. Principles provide the foundation for financial reporting, and if a convention contradicts a principle, the principle should be followed.
| 5. How do accounting principles and conventions contribute to the reliability of financial statements? | |
Accounting principles and conventions contribute to the reliability of financial statements by ensuring that financial information is recorded, measured, and reported consistently and accurately. They provide a common framework for accountants to follow, which helps in the comparability and reliability of financial information. By adhering to these principles and conventions, financial statements are more likely to provide users with reliable and meaningful information for decision-making.
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Dec 23, 2024 Last updated |
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