CONVENTION Definition

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CONVENTION is an agreement, principle or statement expressed or implied that is used to solve given types of problems. Conventions allow a standardized approach to problem solving and behavior in certain situations. For example, placing debits on the right and credits on the left of an account is termed an accounting convention.

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SIMPLE JOURNAL ENTRY is a journal entry that involves only one debit and one credit in the transaction.

OPTIMISM is a general disposition to expect the best in all things.

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