THE APPLICATION OF ACCOUNTING PRINCIPLES IN INSURANCE COMPANIES
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF PROBLEM
1.3 PURPOSE OF THE STUDY
1.4 SIGNIFICANCE OF STUDY
CHAPTER TWO
2.0 REVIEW LITERATURE
2.1 ACCOUNTING ASPECT
2.2 ACCOUNTING PRINCIPLES
2.3 INSURANCE ASPECT
2.4 TYPES OF INSURANCE
CHAPTER THREE
3.0 SUMMARY
3.1 FINDINGS
3.2 RECOMMENDATION
REFERENCES
CHAPTER ONE
INTRODUCTION
Accounting is very essential in every profit making organization that has economic resource such as money, machinery and building, while it has bee called the language of business. It has serves as a language to provides financial information about non profit oriental businesses organization such as churches, government, charities, hospital, club etc. In addition once role or objectives in life as a manager. Politician, investor, student he wile find the knowledge of accounting as one of his needs. Many people have try to answer two importance questions about organization such lie:
Now will if it doing a given period and where does the organization stand one a given day. Nevertheless accounting ads in answering these question by showing where and when money has been spent and how committed it has been made by evaluating performance and indicating the financial implication fractions of choosing once plan verse another. The accounting fractions are govern by money concepts and principles on accounting.
BACKGROUND OF STUDY
The background of the study implies on the rules that govern how accountant measure process and communicate financial information fall under the heading “General Accepted Accounting Principles (GAAP). Managers and accountants of difference insurance companies like National Insurance Corporation of Nigeria (NICON) Niger Insurance Company, African Prudent Insurance Company etc. Share the same view as regard to this problem study. All the rules and ethics that are used in accounting are applied by insurance companies and they equally keep receipt and payment accounts, cash book, bank reconciliation statement, balance sheet etc. Although some companies that don’t keep their accounts with the Central bank of Nigeria (CBN), meaning that they have and registered with the registrar of companies and not recognized to be in existence yet they operate. Ikoku defines insurance business as an investment that protects the insured from national and man made disaster for which the essence is to be place the insured on the position he was immediately before the less”,
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