Define the Two Principal Types of Innovation

question 89

Essay

Define the two principal types of innovation. What is the main difference between them?

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Definitions:

Accounting Principles

Established guidelines and standards for financial reporting and accounting practices.

Conventions

Agreed-upon principles or practices that guide actions and decisions in specific contexts, such as accounting conventions which guide financial reporting.

Guidelines

General rules, principles, or pieces of advice that aim to streamline processes, ensure compliance, or guide behaviors and decisions.