Query embedding approaches answer complex logical queries over incomplete knowledge graphs (KGs) by computing and operating on low-dimensional vector representations of entities, relations, and queries. However, current query embedding models heavily rely on excessively parameterized neural networks and cannot explain the knowledge learned from the graph. We propose a novel query embedding method, AConE, which explains the knowledge learned from the graph in the form of SROI⁻ description logic axioms while being more parameter-efficient than most existing approaches. AConE associates queries to SROI⁻ description logic concepts. Every SROI⁻ concept is embedded as a cone in complex vector space, and each SROI⁻ relation is embedded as a transformation that rotates and scales cones. We show theoretically that AConE can learn SROI⁻ axioms, and defines an algebra whose operations correspond one-to-one to SROI⁻ description logic concept constructs. Our empirical study on multiple query datasets shows that AConE achieves superior results over previous baselines with fewer parameters. Notably on the WN18RR dataset, AConE achieves significant improvement over baseline models. We provide comprehensive analyses showing that the capability to represent axioms positively impacts the results of query answering.