Accounting principles are divided into two types. These are

A. Accounting concepts

B. Accounting conventions

C. Accounting standard

D. Both A and B

Answer: Option D

Solution(By Examveda Team)

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.