Application Of Accounting Principles And Standard In Modern Accounting Practice

INTRODUCTION Accounting Principles as a term is said to be a set of rules that govern accounting practices. They are rules that companies must follow when preparing and reporting financial statements. These principles are meant to be followed and adhered to in the determination and measurement of assets, liabilities, income and expenses for financial reporting. Accounting standards on its own are pronouncements or statement issued by accounting regulatory bodies such as Financial Accounting Standard Board (FASB) equivalent to Nigeria Accounting Standard Board (NSB) which serve as a guideline …