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CONVENTIONS OF ACCOUNTING

CONVENTIONS OF ACCOUNTING

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CONVENTIONS OF ACCOUNTING

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  1. PRESENTED TO:- MRS. PREETI DIXIT PRESENTED BY:- Ankit munjal CONVENTIONS OF ACCOUNTING

  2. Conservatism is concept of “ PLAY SAFE”. In this concept of conventions profits are ignored but losses are Considered. CONSERVATISM

  3. Conservatism is anti–dote for over optimism. Conservatism reduce risk & uncertainty. ADVANTAGES OF CONSERVATISM

  4. FULL DISCLOSER According to Company Act 1956 information should be fully disclose and honestly prepared.

  5. ADVANTAGES OF FULL DISCLOSER Convention of fully disclose is very important for Joint Stock companies. It helps for investments in firm.

  6. CONSISTENCY Accounting practices should remain unchange from one period to another. The methods of accounting should not be modified periodically .

  7. ADVANTAGES OF CONSISTENCY • Helps in comparison of statements. • No need of trained our employees for new methods which can save our time and cost.

  8. Materiality means attachment of important account details and ignore insignificant details MATERIALITY

  9. ADVANTAGE OF MATERIALITY • Full discloser of information. • It helps in collecting the proper details of specific transaction.

  10. THANKYOU