THE IMPORTANCE OF ACCOUNTING CONCEPTS AND CONVENTIONS IN THE PREPARATION OF FINANCIAL STATEMENT
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- NGN 5000
ABSTRACT
This study was carried out to examine the importance of accounting concepts and conventions in the preparation of financial statement using Nigerian Breweries Plc, Surulere, Lagos State as a case study. Specifically, the study aimed at determining whether accounting concepts and conventions serve as a guide in the preparation of financial statement; ascertain if accounting concepts and conventions assist the provision of useful information for making economic decision; determine whether accounting concepts and convention help in the understanding of how transactions are accounted for; determine whether accounting concepts and conventions make financial reports more meaningful and reliable. The study employed the survey descriptive research design. A total of 100 responses were validated from the survey. From the responses obtained and analysed, the findings revealed that tAccounting concepts and conventions provide framework for constructing financial report; Accounting concepts and conventions allow for consistency in the preparation of financial report; Accounting concept and convention make financial report useful for decision making. The study recommend Since Accounting concepts and conventions have been seen as a very vital tool that provide framework for constructing financial report, allow for consistency in the preparation of financial report, and as well make financial report useful for decision making, organizations accounting departments should always apply the principles of accounting concepts and conventions in order to grow their organization higher.
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