Class 11 Accountancy - Accounting Conventions Video by Let's Tute
An accounting convention is a common practice used when there is not a definitive guideline in the accounting standards that govern a specific situation. It therefore fills in the gaps not yet addressed by accounting standards. In this video we will learn what is the difference between accounting principles and accounting conventions. The 4 conventions Materiality, consistency, conservatism and full disclosure are explained with examples.
Audience of the Video:
This video Useful for Class XI students.