The accounting profession has for a long time relied on certain accounting conventions to guide accounting practice. Yet the application of the same conventions has been the source of criticism of the quality and relevance of information contained in financial reports. Some of these conventions-include: a) 1) The business entity principle. 2)The historical cost principle. 3)The monetary principle. 4)The matching principle. 5)The conservatism principle.
Required:For each of the principles listed above: i) Explain its meaning ii) Justify its use. iii) Explain any weaknesses associated with its use.