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In a simple word a concepts implies the basic understanding of a particular subject matter or having a basic knowledge about that subject matter, which can help in formulating the solution in that area lack of basic knowledge can indulge in improper solutions.
When we talk about convention, it’s a basic rule or protocol which an organization follows to build the basic accounting statements. An Accounting conventions, by the name we can predict it’s a practice adopted or followed by a firm during a specific time period. Convention basically are the formal or informal agreed terms whether spoken or written depends on how we used it.
What is a Concept Convention?
An accounting convention totally follows the agreement between the general bodies and accounting bodies which is the base or which helps the accountant to prepare any type of statement.It’sa statement which replicates the rules to be followed for preparing the financial reports of the company. The convention was decided by a group of people in a formal board of meetings.The accounting assumption basics is that the accounting concepts will act as a pillar for capturing commercial transaction and making final accounts.
Difference between Concepts and Convention
1. Accounting concepts are the basic rules of accounting which are followed overall for preparing any type of accounting reports, where as accounting conventions rules are customized way or practice of handling the business adopted by large firms which literally used as the guide for preparation of financial reports.
2. Accounting concepts is based on theoretical approach, where as convention is a method or procedure followed after customization.
3. The basic of accounting concepts in general relates to the posting of day to day transactions and also maintaining it, in contrast to this conventions are presentations of Income and financial statements.
4. No personal choices or biasness can be involved in accounting concepts where as there is a high chance of this in concepts.
5. Accounting Concepts are defined by the accounting bodies, where as accounting conventions are outcome of accounting practices which later accepted by general agreement.
6. Types of accounting concepts are business entity concept, costconcepts, money measurement concepts, realisation concepts, accrualconcepts, matching concepts etc.
Whereas accounting convention focused on consistency, disclosure- principle that every financial statement should be prepared of so that it help in taking a rational decision. It also focus on conservatism and materiality.
In whole if we summarized, accounting concepts and accounting conventions highlights the important points is the way in which the preparation of financial accounting is prepared. Accounting concepts does not rely on accounting convention whereas conventions is being prepared with the help of accounting concepts.
Benefits of Concepts Convention Homework Help
• It helps in maintaining the proper records of day to day transactions or events which helps in checking or verifying purposes, which ultimately helps in preparation of final accounts.
• Helps in meeting the legal requirements.
• Rational decision making makes easy.
• Helps in communicating and reporting.
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