Accounting Conventions

Accounting Conventions are the basic guidelines for the implementation of accounting rules & regulations. Accounting conventions are very important which provide guidance to accountants to report everything which is necessary, use similar methods of calculations for same events, disclose completely before company. Accounting conventions guides the companies and accountant while preparing financial statements.

History of Accounting

The history of accounting relates back to the 14th century when Luca Picioli describes the concepts of debt, credit and bookkeeping for the very first time. No doubt people from different civilizations were using different methods for recording their transactions however it was Luca

Accounting Conventions

Accounting Conventions Learning Objectives: What are accounting conventions? Explain important accounting conventions. The term “conventions” includes those customs or traditions which guide the accountants while preparing the accounting statements. The following are the important accounting conventions. Convention of Disclosure Convention of Materiality Convention of
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