While preparing financial statements on certain basic assumptions such as going concern, money measurement, and realization etc, they are known as:

The basic assumptions like going concern, money measurement, and realization that underlie the preparation of financial statements are called Accounting Postulates.

Accounting postulates are fundamental assumptions or self-evident truths that form the foundation of accounting. They are accepted without proof and serve as the starting point for developing accounting principles and practices.

Key characteristics of postulates:

• They are basic assumptions about the business environment
• They are universally accepted in accounting
• They need no verification or proof
• They provide the foundation for accounting framework

Examples mentioned in the question:

Going Concern Postulate → Assumes the business will continue operations indefinitely

Money Measurement Postulate → Only transactions that can be expressed in monetary terms are recorded

Realization Postulate → Revenue is recognized when it is earned, not necessarily when cash is received

Why not the other options?

Conventions are customary practices that have evolved over time (like conservatism, consistency, materiality) - these are different from fundamental assumptions.

Judgements are decisions made by accountants in specific situations based on their professional expertise.

Facts are actual events or transactions that have occurred, not assumptions.