Back in 1990’s, accounting system started to have uniformity in term of the reporting standard. This is due to the establishment of accounting standard that act as guidelines for in preparing financial report. These standards form from the accounting conceptual framework. The basis of the conceptual framework is made from the generally accepted accounting principe (GAAP). The general principles will make sure that accounting information will have true and fair view.

As for this assignment, you will choose an industry (ie: Manufacturing, Airline, Tourism, Agriculture) and you need to prepare situation related to any five (5) accounting principles.

Example: Realisation in recording accounting information for tourism industry. Hotel Sani should realise or record revenue when the customer check-in to the hotel instead of when the payment receivied.