Accounting for IGCSE & O level - Advanced Principles (Section 2 - No. 22)
The term ‘accounting convention’ is best described as...
A basic assumption, which underlies the preparation of financial statements
A way of dealing with a specific accounting problem
A framework for the preparation and presentation of financial statements
A custom or generally accepted practice
Explanation
An accounting convention is a custom or generally accepted practice.
Comments (0)
