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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RELEVANT RANGE is the range of activity over which changes in cost are of interest to management

AD HOC is being concerned with a particular end or purpose, e.g., a ad hoc committee established to handle a specific subject.

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