Review and research each of the accounting concepts/assumptions (4 in total) and principles (9 in total) that are mentioned above. Summarize your findings in a table chart in Google Docs Organize this information using the following headings Name of Concept / Assumption / Principle Brief Description of Item Why You Feel It is important Concepts/Assumptions (4) Concepts are the assumptions accountants agree to use when preparing financial statements. Four significant concepts or assumptions that are central to accounting practice in Canada are: The Business Entity Concept, Going Concern Assumption, Time Period Concept, and Monetary Unit Assumption Principles (9) Essential accounting principles for Canadian accountants include: Principle of Conservatism, Objectivity Principle, Revenue Recognition Convention, Expense Recognition Convention, Matching Principle, Cost Principle Consistency Principle, Materiality Principle, and Full Disclosure Principle