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QuickBooks Pro Edition 2010 makes accounting easy with tools to organize your finances all in one place. Save time completing routine tasks, so you can spend more time on business.
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Financial Accounting and Business Management of all kinds of business, industry and services is now possible with HiTech Accounting Software made for specific business segments. Click the following links for more details and free 60 days full featured evaluation download.
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Accounting Conventions

(1) Relevance

The convention of relevance emphasizes the fact that only such information should be made available by accounting as is relevant and useful for achieving its objectives. For example, business is interested in knowing as to what has been total labor cost? It is not interested in knowing how much employees spend and what they save.
 

(2) Objectivity

The convention of objectivity emphasizes that accounting information should be measured and expressed by the standards which are commonly acceptable. For example, stock of goods lying unsold at the end of the year should be valued as its cost price not at a higher price even if it is likely to be sold at higher price in future. Reason is that no one can be sure about the price which will prevail in future.
 

(3) Feasibility

The convention of feasibility emphasizes that the time, labor and cost of analyzing accounting information should be compared vis-à-vis benefit arising out of it. For example, the cost of 'oiling and greasing' the machinery is so small that its break-up per unit produced will be meaningless and will amount to wastage of labor and time of the accounting staff.


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