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Compare between accounting concepts and accounting convections.
The major differences between accounting concepts and accounting convections are as follows −
Accounting concepts
These are rules that should be followed while recording transactions and preparing final accounts.
It’s a theoretical notion.
These rules are set by accounting bodies.
Its main concern is the maintenance of accounts.
Biasness is not possible here.
It is legally recognised.
There is no role of personal judgement.
Accounting convections
These are customs/practices which are accepted by accounting bodies, adopted by firms and act as guide in preparation of final accounts.
These are methods/procedure.
These are set by common accounting practices.
Its main concern is preparation of financial statement.
Biasness is possible here.
There is no legal recognition.
Personal judgment plays an important role.
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