Answer / Rashmi Meena

Accounting concepts and conventions include:n
1. Business Entity Concept:n- Separation of personal and business transactionsn- Recognition of business as a separate entity
2. Money Measurement Concept:n- Transactions are recorded in monetary terms only
3. Time Period Convention:n- Financial statements are prepared for specific periods such as years or quarters
4. Going Concern Assumption:n- Accounting is based on the assumption that the business will continue operations for the foreseeable future
5. Matching Principle:n- Revenues and expenses are matched in the same period they are incurred
6. Cost Principle:n- Assets are recorded at their original cost or replacement cost, whichever is lower
7. Historical Cost Convention:n- Financial statements record transactions at their historical costs rather than current values

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