Which of the following is not an accounting convention?

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UP TGT Commerce 2021 Official Paper
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  1. Convention of full disclosure
  2. Convention of conservatism
  3. Convention of accrual accounting
  4. Convention of consistency

Answer (Detailed Solution Below)

Option 3 : Convention of accrual accounting
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Detailed Solution

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The 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

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