In recent times, private and public organizations, in Nigeria have been faced with cases of financial crisis, which have resulted in most of the organization going into extension. Those who are able to survive more are in gunil pace. Obviously, the causes of financial crisis in our private and public sector have been attributed to be unrecognized in nature and total negligence of the role accounting in our private and public organizations. This research work will look the role of accounting in the central of private and public sectors in Nigeria. It will try to analyzes the implication of applying the accounting principles in our private and public organizations and then look at how these principles confirmed the operation of the private and public sectors of the organization in Nigeria.