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Q. Explain about Modifying conventions?
In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying conventions are customs emerging as of accounting practice that modify the results obtained from a strict application of accounting principles. Three modifying conventions are materiality, cost-benefit and conservatism.
what are the basics of accounting
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Compensation for the uncertainties inherent in supply and demand
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what is the accounting concepts and conventions? and what is the procedure to follow the accounting formats
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