A few candidates attempted this question and performed poorly.
The expected answer are:

(a) Accounting conventions. It is the generally accepted approaches to the application of concepts in accounting. They provide guide lines for the interpretation of the accounting concepts.

(b) (i) Materiality: This principle states that only items of significant values are recorded as assets but insignificant items are recorded as expenses. It requires that only significant amounts be spread among different accounting periods even though what is significant to a small firm may be insignificant to a bigger firm.

(ii) Consistency: This principle emphasizes that once a particular method has been chosen it is expected to be used continuously from year to year until there is a good reason for a change. This makes results of one period comparable with those of another.

(iii) Conservatism: The principle emphasizes caution in the recognition, recording and implementation of financial transactions. This requires that decision taken should understate rather than overstate income/profit and overstate rather than understated expenses/loses