Introduction Accounting conventions represent the principlesassumptions and rule

Introduction Accounting conventions represent the principlesassumptions and rules that guide an accountant as he or sheanalyzes the effects of business events on the accounting cycle andapplies them to various cycle procedures. This assignment requiresyou to identify which of these conventions apply to a givenbusiness scenario to enhance your understanding of the foundationof accounting procedures and processes. Instructions For thisassignment use worksheet u01a3 on the BUS3061 Unit 1 ExcelWorkbook Template (listed under Resources). Identify the applicableaccounting convention for each of the following business scenarios.More than one convention may apply to each scenario. Please explainyour choices for each scenario.