Question
Download Solution PDFWhich of the following is not an accounting convention?
This question was previously asked in
UP TGT Commerce 2021 Official Paper
Answer (Detailed Solution Below)
Option 3 : Convention of accrual accounting
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UP TGT Hindi FT 1
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125 Questions
500 Marks
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Detailed Solution
Download Solution PDFThe incorrect Answer is Convention of accrual accounting
Key Points
- Accounting conventions are rules followed by business organisation as a practice worldwide.
- There is no binding on such organisations to strictly follow those conventions, but same type of industries in the market follows the practices, thats why other organisations follows the same.
- There are four major accounting conventions namely
- Convention of full disclosure
- Convention of materiality
- Convention of Conservatism
- Convention of consistency
Hence, Convention of accrual accounting is not an accounting convention
Last updated on May 6, 2025
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