Doubt
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JINESH MEHTA
(Querist)
05 August 2015
what is the difference between accounting conventions and accounting concepts?
Arpit Shah
(Expert)
05 August 2015
Definition of accounting concepts: Rules of accounting that should be followed in preparation of all accounts and financial statements
Arpit Shah
(Expert)
05 August 2015
An accounting convention is not a legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements.
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