Accounting Conventions and Standards
NIOS · Class 12 · Accountancy
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What is an accounting convention?
Answer
An accounting convention refers to common practices and customs that are universally followed in recording and presenting accounting information of a business entity. These conventions have evolved th…
Define the Convention of Consistency and explain its significance.
Answer
The Convention of Consistency means that the same accounting principles and methods should be used for preparing financial statements year after year. This ensures that meaningful comparisons can be m…
What are the three types of consistency in accounting?
Answer
The three types of consistency are: (1) Vertical Consistency (Same organisation): Found within the group of inter-related financial statements of an organisation on the same date. Example: Fixed asset…
Explain the Convention of Full Disclosure with an example.
Answer
The Convention of Full Disclosure requires that all material and relevant facts concerning financial statements should be fully, fairly, and adequately disclosed. Full means complete and detailed pres…
What is the significance of the Convention of Full Disclosure?
Answer
The significance of the Convention of Full Disclosure includes: (1) Helps in meaningful comparison of financial statements of different business units; (2) Enables comparison of financial statements o…
Define the Convention of Materiality and distinguish between material and immaterial facts.
Answer
The Convention of Materiality states that to make financial statements meaningful, only material facts (important and relevant information) should be supplied to users of accounting information. Mater…
What are the benefits of applying the Convention of Materiality?
Answer
The benefits of applying the Convention of Materiality include: (1) Helps in minimizing errors of calculation by focusing on significant items; (2) Makes financial statements more meaningful and under…
Explain the Convention of Conservatism and state its fundamental principle.
Answer
The Convention of Conservatism is based on the principle that 'Anticipate no profit, but provide for all possible losses.' It provides guidance for recording transactions to show the minimum profit ra…
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