THE ROLE OF ACCOUNTING CONCEPTS AND CONVENTION IN FINANCIAL REPORTING (#4423)

ABSTRACT Every business organization whether in the public or private sector is established to achieve certain objectives. This could be profit maximization as in the case of the private sector or efficient and timely provision of essential services at a reduced price, as in the case of the public sector.  The performance of such business organization has to be reported in monetary terms to the owners of the business. The project is on the “The Role of Accounting concepts and convention in financial Reporting”.  This project was divided into five chapter. In the course of this research, the researcher made use of  both primary and secondary data, structured questionnaires were the methods used for the collection of primary data, and secondary data were also collected from textbook and various research materials.  The researcher used population of 120 selected randomly. But using Taro Yamani, a sample size of 40 was used.  In chapter four table and Chi-square was used as a statistical tool for analyzing the data.  In which he recommended that, they ensure a high degree of standardization in financial reporting by narrowing down in limits within which the accounts can exercise judgment thus achieving objectivity in financial reporting. And recommended the organization should follow the same method of accounting concepts and convention always and this could help in providing a framework in constructing financial report.


TABE OF CONTENTS Cover Pagei Title pageii Approval pageiii Dedicationiv Acknowledgementv Abstractvi Table of Contentsvii
CHAPTER ONE 1.0Introduction1 1.1Background of the study1 1.2Statement of the problem5 1.3Objectives of the Study 6 1.4Research Questions       8 1.5Significance of the Study8 1.6Scope of the Study10 1.7Limitation of the study 11
CHAPTER TWO 2.0Review of Related Literature 2.1Overview of Financial Reporting 13 2.2Definition of Accounting 14 2.3Accounting Concepts and Convention 16 2.4The Meaning of Financial Statement 28 2.5Classification of Financial Statement  30 2.6Objectives of Financial Statement 31 2.7Characteristics of Financial Information 34 2.8Types of Financial Statement 39 2.9The use of Financial Statement 48 2.10 The Role of Accounting Concept and Convention in the Preparation of Profit and Loss Account and the Balance Sheet 2.11The Profit and Loss Account 53
CHAPTER THREE 3.0Research Design and Methodology 3.1Research Design 57 3.2Area of the Study58 3.3Population of the Study58 3.4Sampling Method 58 3.5Research Instrumentation 61 3.6Source of Data61 3.7Methods of Investigation 63
CHAPTER FOUR 4.0Presentation of Analysis of Data64 4.1Analysis and Interpretation of data65 4.2Testing of Research Questions 94
CHAPTER FIVE 5.0Summary of Findings97 5.1Conclusions99 5.2Recommendations100 Bibliography Appendix  1 Appendix II