Accounting Concept vs. Accounting Convention

The main difference between Accounting Concept and Accounting Convention is that Accounting concepts are the essential accounting assumptions that act as a ground for recording business transactions and preparation of final accounts and Accounting conventions are the techniques and procedures which have universal acceptance, these are followed by the firm while recording transactions and preparation […]

Debit vs. Credit

Debit and Credit are two terms used mostly in Banks and are associated to money and dealings. These are entries in double entry bookkeeping made in account ledgers in order to keep records of variation occurs as the business transactions take place. Generally, the source account for the transaction is termed as Credit and the […]