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(60)-ACCOUNTING CONVENTIONS

Thursday, December 24, 2009

Accounting Conventions

Accounting Practice has developed gradually over a matter of centuries. Many of its procedures are operated automatically by people who have never questioned whether alternative methods exits which are just as valid.

However, the procedures in common use imply the acceptance of certain concepts which are by no means self evident; nor are they the only possible concepts. These concepts could be used to build up an accounting framework.
  • The going concern concept
  • The accruals or matching concept
  • The prudent concept
  • The consistency concept
  • The entity concept
  • The money measurement concept
  • The separate valuation principle
  • The materiality concept
  • The historical cost concept
  • The stable monetary unit
  • The objectivity concept
  • The realization concept
  • The duality concept
  • Substance over from
  • The time interval concept

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