Basic Concepts and Conventions according to GAAP include the Entity Concept, the Reliability Concept, the Going Concern Convention, the Materiality

Basic Concepts and Conventions according to GAAP include the Entity Concept, the Reliability Concept, the Going Concern Convention, the Materiality Convention, the Cost Benefit Criterion, and the Stable monetary unit Concept. Briefly describe or define two of these concepts in terms of how financial statements are prepared or used