International Journal of Social Science & Economic Research
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Title:
APPLICABILITY OF ACCOUNTING CONCEPTS AND CONVENTIONS IN RECORDING OF BUSINESS TRANSACTIONS (A CONCEPTUAL OVERVIEW)

Authors:
AHAKIRI, FRANCIS IDIEGE; MBU - OGAR, G. B.; OGAR.A. ANTHONY

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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.

References
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[3]. Canadian Institute of Chartered Accountants (n.d). Accounting Concepts, Conventions and principles (Online). Available from: http:www.cica.ca/index.aspx. (Accessed 18thMarch, 2019).
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[5]. Matthews, M. Perara. M. (1991) Accounting Theory and Development London: Chapman and Hall.
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[7]. Wikipedia (2014) Definition of Theories [Online]. Available from: http://en.wikipedia.org. (Accessed: 18th March, 2014).

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.