Difference between Accounting Concepts

and Conventions?
Accounting concepts are the tools that must be followed and used
while preparing of Accounting statements and stuff.
While Accounting conventions are the general rules and guidelines
set by regulatory body or authority to aid you while preparing
statements.

There are certain rules and procedures that we follow when

we draw up accounts. These are rules that are not stated
visibly, but are there to guide us in deciding whether
something is or is not allowed. Accounting concepts and
conventions are the guidelines that we should follow when
drawing up our accounts. These are there to guide us in time
when we have a number of alternative options available.

Some of the concepts are stated in Accounting standards -

which are the actual formal guidelines (these are not legal
requirements - but nearly all companies will follow the
standards, this is explored in 6.4) governing how accounts are
to be drawn. However, some of these concepts are just simple
guidelines which are there to assist us when making decisions.
The accounting concepts and conventions are as follows:

Concepts tend to be written in the accounting standards whereas conventions are not and are
assumed.

Examples of concepts would be: Accruals concept, Prudence concept.

Examples of conventions would be: double entry, accounting equation (assets - liabilities = capital)

accounting concepts are the terms which are commonly used in

accounting and they are defined in accounting standards
whereas the accounting conventions are not defined in the
accounting standards and they are assumed to be followed in
the preparation of final statements of accounts