Title: APPLICABILITY OF ACCOUNTING CONCEPTS AND CONVENTIONS
IN RECORDING OF BUSINESS TRANSACTIONS (A CONCEPTUAL
Authors: AHAKIRI, FRANCIS IDIEGE;
MBU - OGAR, G. B.;
1AHAKIRI, FRANCIS IDIEGE;
2MBU - OGAR, G. B.;
3OGAR.A. ANTHONY 1,2. DEPARTMENT OF ACCOUNTING, UNIVERSITY OF CALABAR 3. DEPARTMENT OF BANKING AND FINANCE, UNIVERSITY OF CALABAR
MLA 8 IDIEGE, AHAKIRI, FRANCIS, et al. "APPLICABILITY OF ACCOUNTING CONCEPTS AND CONVENTIONS IN RECORDING OF BUSINESS TRANSACTIONS (A CONCEPTUAL OVERVIEW)." Int. j. of Social Science and Economic Research, vol. 4, no. 12, Dec. 2019, pp. 7284-7299, ijsser.org/more2019.php?id=556. Accessed Dec. 2019.
APA IDIEGE, A., G. B., M., & ANTHONY, O. (2019, December). APPLICABILITY OF ACCOUNTING CONCEPTS AND CONVENTIONS IN RECORDING OF BUSINESS TRANSACTIONS (A CONCEPTUAL OVERVIEW). Int. j. of Social Science and Economic Research, 4(12), 7284-7299. Retrieved from ijsser.org/more2019.php?id=556
Chicago IDIEGE, AHAKIRI, FRANCIS, MBU - OGAR, G. B., and OGAR.A. ANTHONY. "APPLICABILITY OF ACCOUNTING CONCEPTS AND CONVENTIONS IN RECORDING OF BUSINESS TRANSACTIONS (A CONCEPTUAL OVERVIEW)." Int. j. of Social Science and Economic Research 4, no. 12 (December 2019), 7284-7299. Accessed December, 2019. ijsser.org/more2019.php?id=556.
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Abstract: The study presents a conceptual overview of the application of accounting concepts and
conventions in recording of business transactions and the treatment of accounting bases.
Literature in the field of accounting concept and conventions were sourced and reviewed
accordingly. This enabled the researcher gather information about the concepts under review.
Each of the accounting concepts and conventions was discussed alongside its applicability as it
relates to Generally Accepted Accounting Practice. (GAAP). The study further made an attempt
to define some key concepts in accounting especially as it relates to transaction recording, to
keep academics abreast with accounting terminologies and trend. The study found that
accounting concepts and conventions when adhered to in recording of business transactions
would aid the preparation of financial statements that are clear, concise and easily understood
thereby assisting users of accounting information to better understand and appreciate financial
statement. This assists users of financial information to form, confirm, and review financial
reports to ensure that accounts do indeed portray accurately the business operations and
performance. The study therefore recommended that businesses should maintain a particular way
which it chooses to treat items or transactions year by year. When it is necessary for change,
explanations should be given and its effect shown in the note to the account, all cash transactions
should be recorded in the cash book regardless of the amount involved, and finally prevent
inadvertent omission of some adjustments.
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