What are 3 accounting concepts used when preparing a set of accounts?

Accruals concept. The accruals concept is a concept used in the preparation of accounts. The accruals concept states that revenue (sales) should be recorded when the revenue is earned, not when the cash is received. Expenses should be recorded when the expense is incurred, not when the cash is paid. Going Concern. The concept of going concern states that accounts should be prepared under the assumption that the business will continue operating into the foreseeable future. Money Measurement. The money measurement concept states that a firm should only record and recognise a transaction if a monetary value can be assigned to it.