Application of accounting concepts

There is an indirect application of the accounting concepts in real life. Logically , they are applied even if you don't know the name of the concept. E.g matching cost concept.- You account all expenses incurred to earn the revenue. Here you have applied the concept , but you don't recognise it in real life. However , this extraorinary theory will really take you a long way in the profession. All the best.

yes there is vast application of accounting concepts. you just need to be in the right place to have the opportunity to apply such concepts.