Explain about modifying conventions, Accounting Basics

Assignment Help:

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.


Related Discussions:- Explain about modifying conventions

Limitations of funds flow statement, Limitations of Funds Flow Statement : ...

Limitations of Funds Flow Statement : despite the a variety of uses of the announcement, it has convinced problems also.  They consist of the subsequent i) It cannot substitute

What is the auto invoice?, A great tool to import and certify transaction d...

A great tool to import and certify transaction data from other financial systems and make invoices debit memos credit memos and on-account credits Setup steps: 1. Describe th

How to manage barter income?, How to create account for barter transactions...

How to create account for barter transactions? As My Company is providing a service to another company and that company is reimbursing us with his service.

Management accounting, The advent of management accounting was the subseque...

The advent of management accounting was the subsequently logical step in the developmental method. The practice of utilizing accounting information like a direct aid to management

A firm has $200, A firm has $200,000 in total assets and $120,000 in owner'...

A firm has $200,000 in total assets and $120,000 in owner's equity. What are the total liabilities? A. $80,000 B. $200,000 C. $320,000 D. Cannot be determined from the info

Taxation 1, How are gains from the sale of § 1244 stock treated? Gains on ...

How are gains from the sale of § 1244 stock treated? Gains on the sale of § 1244 stock is treated as

Uses of accounting, uses of accounting as a software enginner

uses of accounting as a software enginner

How to figure the discount using calculator, How To figure the discount usi...

How To figure the discount using calculator 1.  Be sure that decimal selector is on 2 decimal places 2.  Key in amount of the sale 3.  Multiply by percent (use the percent key)

Film and television costs - accounting policies, Q. Film and television cos...

Q. Film and television costs- accounting policies? Film as well as television production and participation costs are expensed based on the ratio of the current period's gross r

Given a net income of $90, Given a net income of $90,000, what is the retur...

Given a net income of $90,000, what is the return on investment for 2000? A. 7.9% B. 22.22% C. 22.78% D. 24.8%

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd