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Compare between accounting concepts and accounting convections.
The major differences between accounting concepts and accounting convections are as follows −
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.
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.
- Differentiate between accounting standards and accounting concepts.
- Compare between accounting and bookkeeping.
- Compare accounting and financial management.
- Compare costing and cost accounting
- Differentiate between cost accounting and financial accounting.
- Compare accounting depreciation and tax depreciation.
- Compare economic cost and accounting cost.
- Write the differences between financial accounting and management accounting.
- Write the difference between cost accounting and management accounting.
- Differentiate cash accounting and accrual accounting.
- Differentiate between finance and accounting.
- Explain accounting period in finance and accounting.
- What is accounting and derive accounting equation?
- What is payroll accounting in finance and accounting?
- Differentiate between accounting profit and taxable profit