Confliction among Accounting Concept

Confliction among accounting concept

confliction among the accounting concept is found in terms of Materiality, Prudence and accrual.

Basically Materiality concept does not apply when transaction is records. Thus the amount that is basically material can not be omited from the book. Thus every cash transaction is recorded in cash book regardless of materiality is involved.

The concept of materiality is not good when the errors of principle is detected that should br correction. 

Another things is that accrual concept need future income to be accrued. Prudence concept dictates that caution must have to be in practice or excersised， Hence with the simple doubt about the subsequent receipt no accrual should be made.

Again another condition can make confliction between consistency concwpt and prudence concept. If the circumstance is changes then the consistency concept will conflict to prudence concept.