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.
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