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Username: PrettyWoman

Rating:
Guru Stars

Asked to: Heng Kim

Date Created: 31 Aug 2015
Category 28
Tag Financial
Question What is accounting convention?
Advice from Guru
Hello Pretty Woman,

Guidelines that arise from the practical application of accounting principles. An accounting convention is not a legally-binding practice; rather, it is a generally-accepted convention based on customs, and is designed to help accountants overcome practical problems that arise out of the preparation of financial statements. As customs change, so to will accounting conventions.

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