Question

Accounting principles are divided into two types. These are _________.

• A. Accounting Concepts
• B. Accounting Conventions
• C. Accounting Standards
• D. Accounting Concepts & Accounting Conventions

Answer 1

The correct option is D Accounting Concepts & Accounting Conventions

Accounting principles can be defined as rule of conduct. These are general laws used with the theory and practices of accounting. These are the broad guidelines, and adaptability of the same depends on the nature of the firm or business.

These principles can be classified into two parts:

1) Accounting Concepts

2) Accounting Conventions