The accounting concepts include:

1. Accrual Concept
   • Ensures revenue and expenses are recognized in the relevant accounting periods, promoting truth and fairness in reporting.
2. Going Concern
   • Indicates the financial position of an entity, enabling users to make economic decisions regarding the entity.
3. Entity Concept
   • Distinguishes between the business entity and the owners, ensuring resources are applied in the management of the entity.
4. Consistency
   • Encourages the adoption and consistent use of appropriate accounting policies.
5. Comparability
   • Facilitates measurement of performance over time and promotes trend analysis.
6. Materiality and Aggregation
   • Ensures that items of significant value are given separate recognition, helping users assess associated risks.