1. ACCOUNTING CONCEPTS AND CONVENTIONS

3. CONTENTS-: Accounting Concepts…………… Meaning……… Types………… Accounting Conventions………. Meaning……… Types…………. Difference B/w Accounting Concepts & Conventions…………………..

4. ACCOUNTING CONCEPTS -: In order to make the accounting language convey the same meaning to all people & to make it more meaningful, most of the accountants have agreed on a number of concepts which are usually followed for preparing the financial statements. These concepts provide a foundation for accounting process. No enterprise can prepare its financial statements without considering these concepts.

26. DIFFERENCE B/W CONCEPTS & CONVENTIONS BASIS ACCOUNTING CONCEPTS ACCOUNTING CONVENTIONS Established By law Guidelines based upon customs or usage Biasness No space for personal biasness in the adoption Biasness in adoption Uniformity Uniform adoption No uniform adoption

27. THE END