Explain accounting concepts and conventions.

Accounting Concepts:

Accounting concepts, also known as accounting principles or fundamental accounting assumptions, are the foundational ideas and guidelines that form the basis for the preparation and interpretation of financial statements and reports. These concepts ensure consistency, reliability, and uniformity in accounting practices. Here are some key accounting concepts:

1. Going Concern Concept:
   • Assumes that the organization will continue to operate indefinitely. Financial statements are prepared with the expectation that the business will remain operational for the foreseeable future.
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