Difference between accounting conventions and concepts
There are
two exceptions that permit companies to modify basic accounting principles
(e.g., cost, full disclosure, matching):
- Materiality
- Conservatism
Materiality
and conservatism could also be considered accounting conventions.
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Assume an insurance company provides a quote for an annual coverage for business interruption insurance to Company ABC. The quote indicates the annual premium is $120,000 with $10,000 payable monthly on the 15th of each month. ricerca commercialista
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