(a) A number of accounting concepts and conventions have been used by the accountant as a guide in preparing the accounts. These concepts and conventions have been derived over the years from the general accounting practices.

Critically discuss the purpose of accounting concepts and conventions and its importance and contribution towards preparing the accounting reports.

Purpose of Accounting Concepts
The main aim for accounting concept is to maintain the uniformity and consistency in accounting records. These concepts constitute the very basic and premise of accounting. All the concepts have been created and developed throughout the years from experience and consequently they are all around acknowledged tenets.
Accounting supposition and concept offer the bases in preparing, presenting and displaying even in interpreting general-purpose financial statements.
There are some important accounting concepts that support the readiness and preparation of any accounting arrangement or financial statements such as Going Concern Concept, Consistency Concept, Prudence Concept, and Accruals Concepts.
For example, Going Concern Concept is a company or organizations will not be going to bankrupt unless there have a confirmation and evidence to the contrary and this is supported by accountants.

Purpose of Accounting Conventions
An accounting convention refer to regular and common practices which are all around followed in recording and exhibiting accounting data and information of the business entity. They are taken after like traditions, convention, and so forth in a general public. Accounting conventions are evolved through the normal and consistent practice throughout the years to encourage uniform recording in the books of accounts. Accounting conventions help in contrasting accounting information of various specialty units or of the same unit for various