Ms$.$ Shravani $,$ our accounts manager, is responsible for overseeing financial activities

at Mogra Enterprises. She ensures accurate bookkeeping and compliance with accounting

assumptions. Her junior executive is confused about how the various accounting

assumptions plays a vital role in accounting. Further she wants Ms Shravani to help her in

understanding the difference between the accounting period assumption and separate entity

assumption, Discuss how $($you being$)$ Ms$.$ Shravani would like to explain all these in

simple terms.