Explanation:

- Accounting Concepts: These are broad principles that underlie the preparation of financial statements, like the going concern, matching, and accrual concepts.

- Accounting Conventions: These are traditional practices that guide the consistent application of accounting principles, such as conservatism and materiality.

- Accounting Standards: These are specific guidelines issued by governing bodies to ensure uniformity and comparability in financial reporting.

- Option four: Both 1 & 2 are correct since accounting principles are typically divided into accounting concepts and conventions.