ROLE OF ACCOUNTING CONCEPTS AND CONVENTION IN FINANCIAL REPORTING
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- 1-5 Chapters
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- NGN 5000
STATEMENT OF THE PROBLEMS
The following problems are encountered in the process of communicating information.
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They will be problem of having more meaningful and reliable financial report.
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It will lead to misunderstanding of how transactions are accounted for.
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There will be problem of having useful information for making economic decision.
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It can lead to conflict of interest among the various users of financial statements, if their information needs do not tally.
To this end, the problem of the study is that most accountants do not use accounting concepts and conventions properly in the preparation of financial statement.
1.3 THE OBJECTIVE OF THE STUDY
The importance of accounting concepts and conventions in the preparation of financial statement could be seen in the assessment of financial viability of an organization. The accountant prepares the financial statement of most organization. Accounting concepts and conventions help the accountant in giving relevant financial report to the management of any organization as regards financial report to the management of any organization. In order to demonstrate the role of accounting concepts and convention producing a viable financial report of any going concern, the following objectives are set out in this study:-
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To determine whether accounting concepts and conventions serve as a guide in the preparation of financial statement.
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To ascertain if accounting concepts and conventions assist the provision of useful information for making economic decision.
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To determine whether accounting concepts and convention help in the understanding of how transactions are accounted for.
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To determine whether accounting concepts and conventions make financial reports more meaningful and reliable.
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