An Evaluation Of Accounting System In A Media Organization (A Case Study Of NTA Ilorin)
1.1 Background of the Study
Accounting is said to be the method of communicating and interpreting transactions in any business- organization. Accounting is used to qualify the transaction involved.
From whatever angle accounting extends beyond the actual recording of transaction. It includes the use of these records their analysis and interpretation.
Accounting facts are used by accountants and business owners to determine the performance of their business.
Furthermore, it is used to know whether the firm is making profit or otherwise, it could be used as well as to know whether or not the firm will be able to meet it future undertakings as they come and so not have a cause to windup for lack of fund.
Insufficient financial management is one of the major causes of business failure especially of this period of economic depression.
At any rate, proper recording of transaction are very vital to the survival of any business organization for the recording of its financial involvement cannot be over emphasized.
Furthermore, adequate accounting system in any organization also contributes greatly to it financial stand. More so, government both at the state and federal level is concerned with the financial system that operates in any organization. This is because accounting records makes it possible for government to measure whether an organization has compiled with the stipulated procedures or hot.
Finally, the management at any firm should be made to understand that there is no substitution for standard financial system that is for efficiency the best economy should be adopted.
1.2 Statement of the Research Problem
The focus of this study is to identify the impact of accounting system in a media organization.
Hence, in the course of the study, effort has been made to find remedy to the following research problems.
- What are the various services provided by accounting system to the authority?
- What is the historical background of accounting system to the media organization?
- What are the roles of accounting system when receiving money on behalf of the authority?
- What are the accounting procedures Involved when making payment in the case office and filling to the payment voucher?
- Does the regulatory authority have role and impact on the accounting system directly to media organization?
- What are the effects of accounting system in a media organization on Nigeria economy?
1.3 The Objectives of the Study
The objective of this case study is to examine the importance of a good accounting system in a media Organization and also established it.
- The programmes and activities of the authority are conducted and expenditure are made in accordance with what is stipulated in the accounting rules and regulations
- The authorities assets are safely kept and judiciously dispose the liabilities are truly incurred and expenditures are made in the authority.
- All revenues and receipts are collected and properly accounted for.
- To know whether authority accounting procedures comply with the, generally accepted accounting principles.
1.4 Research Hypothesis
The general hypothesis that will be tested in this course of the research is as follow;
- HO: Accounting system has no positive impact in a media organization
HA: Accounting system has positive impact in a media organization
- HO: Accounting system is not the source of preparing final accounting of media organization.
HA: Accounting system is the major source of preparing final accounting of media organization
1.5 Significance Of the Study
The study is carried out mainly td know whether the good accounting system is used in Nigeria television authority.
The study is very important because many corporate organization, government agencies and individual rely on this study for decision making.
And also, it is through this, study, they will know whether the accounting system of Nigeria Television Authority, Ilorin is good in accordance with the provision of law. Therefore, this study will solve a lot of problems for the users and bring about improvement and development of the society.
Accounting therefore is concerned with the -recording analysis and forecasting of income and wealth of a business and other entities.
1.6 Scope and Limitations of the Study
This case study is only a comprehensive study into the kinds of accounting system existing in the finance Department of the Nigeria Television Authority, llorin. It is intended to be investigations into any alleged fraud in the organization to make this project were based on primary and secondary sources of data. The scope of the research is limited to accounting system of Nigeria Television Authority and therefore does not cover all other system of the authority However, the cost of this study makes us limit our research to Nigeria Television Authority nation wide. Also, the time available for me to carry out the study is short that I cannot finish my research within stipulated time; we are to cover all branches of Nigeria television Authority nation wide.
5.0 Summary, Conclusion and Recommendation
The study of evaluation of accounting system in a media organization, on the basis of findings and conclusion drawn from the study, the following observation are made and summarized below:
Firstly, the authority should consider a better system in generating revenue because with adequate fund. It is difficult to adopt on effective accounting system. The method adopted for debt servicing is not adequate. The station should pursue on aggressive advertising strategy of the sales of its air time to prospective and regular customers.
Secondly, the retirement of advances (purchase, touring and personal) has not been monitored affectively by the concerned officers before an approval is given to advance; the head of finance or his delegates should ensure that the previous advances of the staff has been retired, this has not been followed.
Thirdly, the paying cashier should separated from the receiving cashier and the paying cashier should not allowed to handle payment lodgment of revenue collected need to be balance daily by the receiving cashier but arrangement has irregular due to lack of a stand by means for the lodgment.
Fourthly, the precaution of salaries should be checked, thoroughly and reconciliation should be made before payment. Those that prepare salaries should not be allowed to participate in the payment process. Adequate arrangement should always ye made to have he required denominations during the period of salaries payment.
Furthermore, daily cash report should always be made available at the right time in order to avoid unnecessary embarrassment of budgeting. Control system should be adopted in order not to run into problem of over spending of the budget.
The current prevailing economic depression is testimony to the need for conscious and judicious allocation of scale resources.
The Nigeria Television Authority has over the years been relying heavily on government subvention to carryout its activities. Following the prevailing economic depression, there is sample need for the Nigeria Television Authority, Ilorin to adopt an effective accounting system that .ill enable the organization to perform effectively and satisfactory. There us the need to pay an increasing attention to the method of accounting and record keeping in organization in recent years.
The Nigeria Television Authority units of modern business techniques and also the increased size of business units have encouraged the adoption of efficient organization and also act as safeguard against errors and fraud.
Furthermore, business activities under an efficient accounting procedure may obligate necessities of practical detailed work by which beneficial result for all parties concerned. Form the discussion in the previous chapter, it can be seen that there is no substitute to effective accounting procedure and its contribution too can positively prevent and detect fraud. Without proper accounting system it will be difficult to prevent misappropriation of fraud
On the basis of findings made and conclusion drawn form the study, certain measure were considered which if adopted will enable Nigeria Television Authority, Ilorin to improve on its financial system.
Accounting officer incharge of commercial sales and debtors should be allowed to participate in the debts servicing along with the commercial department. This should not be left in the hands of the commercial department alone. This will enable the authority to generate more funds on which the efficient accounting system could be attained.
The head of finance should endeavours to personally monitor the issue of advances. All touring and purchase advances should be retired within seven days after expenditure of the journey has been incurred.
An officer that fails to account for such advances with the stipulated period should be made to face the panel. The head of finance should order for deduction from staff salaries. This is s policy statement and should be strictly followed.
No new purchase or touring advice should be approved to any staff who has retired completely from his/her previous advances.
Emphasis should be made to the cashier should not be allowed to handle payment voucher until the fund is available to cause the payment lodgment should be on daily basis.
Preparation of salaries should be through before payment. Those that prepared salaries should be exempted from the payment of the same. Retire denomination should be take care of during the payment of salaries.
Trial balance which is an instrument that could not be sued to measure the effectiveness of an accounting system should be made available before 10th of the following month latest. This is very important, more emphasis should be placed on the provision of daily cash financial embarrassment for the authority.
If these recommendations are given trial, we are optimistic that there will be an improvement in the accounting system of Nigeria Television Authority, Ilorin, Kwara State.
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