going concern concept - this just states that the business makes all decisions thinking they are never going t **** down the business...simple it says that the business will keep running forever
prudence concept - as we know in accounts we can't say the values of some stuff exactly and so we have to make assumptions this is because we don't want to over state our net profit however understating the profit is okay that's why we depreciate our fixed assets and create a provision for doubtful debts...it basically states that the net profit should not be over stated and can be understated.
accrual (matching) concept - many people think that the net profit is just cash received - cash paid but this concept says NO!!! netproft is revenues - expenses.....people will this they are the same thing but you can have an expense which u haven't paid meaning that if you think net profit is cash received - cash paid then you will over stated your profit which we don't want.
materiality concept - as you know in a business we will always have very small expenses.....like buying stapler pins or markers or stamps......now imagine if u had to make account for all these expenses SEPARATELY. ...yeah too many accounts to handle that's why this concept tells us that its okay to generalise these small expenses as sundry expenses or general expenses in which you record all this small expenses.
consistency concept - this just states that if a business has selected a particular method for preparing its financial accounts then the business just keeps using this method...the business shouldn't use one method for one year and a different one for another e.g. depreciation methods.
moment measurement concept - this is very simple...it just says that you only record transactions which can be measured using money.
business entity concept - this states that the accounts of the owner must be treated separately from the accounts of the businessm..that's why we have a capital account.
hope I've made you understand these concepts....ask me more questions so i can help you ...any topic and any account