Q154
Accounting principles are divided into two types. These are
A.
Accounting concepts
B.
Accounting conventions
C.
Accounting standard
D.
Both A and B
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
Accounting principles are divided into two categories: 1. Accounting Concepts: Accounting Concepts are basic assumptions or conditions upon which science of accounting is based.
2. Accounting Conventions: Accounting Conventions include those customs and traditions which are followed up by an accountant while preparing a financial statement.