Description
Abstract
This statistical research is on the statistical analysis of the application of accounting principles in an insurance company. A study of National Insurance Company. Accounting principles are basic standards that an accountant must adhere to when preparing financial statements or reports for any organization. In carrying out this work the research financial records are records with the following objectives in mind to achieve, to ascertain the level of compliance to the generally accepted accounting principle by accountants working for insurance firms also to ascertain if by any means these GAAP does not adhere to if it will lead to the collapse of the insurance firm. The nature of the literature reviewed appraise the GAAP and other works corporate governance, financial reporting etc and other materials related to the topic. While the method of data collection was through the primary source. The judgemental sampling technique was used while chi-square (x2) was used in testing the hypothesis. The findings by the researcher were that the adherence to the GAAP and that of international accounting standards can prevent any organization including insurance companies form failure thereby boosting the confidence of all stakeholders in the industry. Also, the statistical application principle will ensure adequate disclosure of relevant information. The research recommended that the statistical professional bodies should come together and deliberate on how they will help in protecting their members from the direct control of their employees, so the can apply the GAAP at all time.
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