The eight main types of accounting concepts noted in figure 1 are the business entity concept , money measurement concept , dual aspect concept , going concept , accounting period concept , cost concept , the matching concept , and accrual concept . Accounting concepts are the basic assumptions or ideas upon which the science of accounting is based. These are the fundamentals of accounting practice. These include: separate entity concept , going concern concept , money measurement concept , cost concept , dual aspect concept , accounting period concept , matching principle realization principle. Find the right instructor for you. Choose from many topics, skill levels, and languages. Join millions of learners from around the world already learning on Udemy. Accounting concepts and conventions are both important aspects of accounting , but they have different purposes. Accounting concepts are the fundamental ideas, assumptions, and conditions that underpin the accounting process. Accounting conventions are the established practices and procedures that are commonly accepted and followed in accounting .
