Please what are accounting concepts and conventions

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Please what are accounting concepts and conventions

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Accounting concepts and conventions come in to play when the information needed by the user become conflicting over the decades because the change of methodology and procedures

concepts of accounting are

1) Going concern concept 

2) Matching concept

3) Entity concept

4) Historical Cost concept

5) Realization concept 

6) money measurement concept

7) Dual aspect concept

the conventions of accounting are

1) consistency

2)Conservatism

3) Materiality

4) Objectivity

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