DETERMINING THE ROLE OF ACCOUNTING CONCEPTS AND CONVENTION IN FINANCIAL REPORTING

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DETERMINING THE ROLE OF ACCOUNTING CONCEPTS AND CONVENTION IN FINANCIAL REPORTING (A CASE STUDY OF NIGERIA BREWERIES PLC)

CHAPTER ONE

1.0 INTRODUCTION

1.1BACKGROUND OF THE STUDY

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. (For example, shareholders in the case of private organization or the government as in the case of public)

Accountancy plays a vital role in the stewardship of an organization. Accounting has been defined as the process of recording, classifying, reporting and interpreting the financial data of an organization. While it is important for the accountant to have a sound knowledge of this phase of accounting process, it is often a relatively minor part of his total attention to the management reporting