Acounting Packages are developed on the basis of
A)Accounting concepts
B)Accounting conventions
C)Both Accounting concepts and Conventions
D)None of the above

Question

Quizplus · Accepted Answer

Accounting packages are developed based on both accounting concepts and conventions. Accounting concepts are the basic ideas and principles that underpin the preparation and presentation of financial statements, while accounting conventions are the guidelines that arise from the practical application of accounting principles. Together, they ensure that accounting software is standardized, understandable, and useful for financial reporting and analysis.

Acounting Packages Are Developed on the Basis of