Task 1: The importance of accounting concepts and conventions can be seen in preparing the financial statements in assessing the financial viability of the company, where accountants prepare the financial statement and provides the appropriate financial report for the management of any company. However, accounting concepts and conventions are rarely disclosed in the financial statements because they are generally recognized as being the activity of the periodic preparation and presentation of the financial statements; but if the basic concepts and conventions are not followed when preparing and presenting the financial statement, difficulties will be faced during the analysis, interpretation, and reporting of financial statements. Therefore, it is necessary to understand that the earnest interpretation and analysis of financial statements must be considered constantly these concepts, assumptions, principles and conventions used in the preparation. You are required: (3 marks X 4 = 12 marks) 1. To define how the accounting concepts and conventions assist as a guidance in preparing financial statement. 2. To determine whether accounting concepts and conventions assist in providing useful information for economic decision-making. 3. To ascertain if accounting concepts and conventions contribute to recognize how accounting transactions are investigated. 4. To define if accounting concepts and conventions lead in producing more meaningful and reliable financial reports