Explain accounting concepts and conventions.

Accounting concepts and conventions are fundamental principles that guide the practice of accounting within the field of retail management. These principles help ensure that financial transactions are accurately recorded, reported, and analyzed, ultimately aiding retailers in making informed business decisions and demonstrating transparency to stakeholders. In the context of retail management perspectives and communication, understanding these concepts and conventions is crucial for effective financial management and reporting.

1. Accrual Concept:
   The accrual concept is a fundamental accounting principle that recognizes revenue and expenses when they are earned or incurred, rather than when cash is received or paid. In a retail management perspective, this concept allows retailers to accurately match revenues with the costs associated with generating those revenues. For example, if a retailer sells goods on credit, the ______ _______ _________ ______ _______ ___ __________ ____.
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