Accounting Concepts and Conventions

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 23, 2023

Accounting Concepts

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
  • Money Measurement Concept

Accounting Conventions

Accounting conventions are the customs and traditions that guide accountants when preparing accounting statements. Some important accounting conventions are:

Accounting Concepts and Conventions FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.