The Nature Of Public Sector Accounting (A Case Study Of Enugu North Local Government Account)

Project and Seminar Material for Accountancy / Accounting

The Nature Of Public Sector Accounting (A Case Study Of Enugu North Local Government Account)


Abstract


This study is in partial fulfillment of the requirement for the award of Higher National Diploma in Accountancy (H.N.D) in Institute of Management and Technology Enugu.

The topic is the Nature of Public Sector Accounting in (A case study of Enugu North Local Government Accounts).

The purpose of the study is to established areas of importance of the account of local government currently being neglected by the treasury department of the various local government which will assist in reducing or minimizing enormous fund that are lost annually from misappropriation, negligence and errors of commission. It is also intended to evaluate and highlight some of the various constraints inhibiting efficient financial management in local government.

In view of this, this researcher work is discussed under five chapters, with chapter one focusing on the general introduction and historical background of the topic under review. Chapter two deals with review of the related literatures as well as accounting procedures and books of the account. The source of the revenue and expenditure of the council and the financial control of local government were all treated under this. Chapter three is on the research design and methodology which analysis of the material for the study was obtained through the relevant literature.

Chapter four deals with the analysis of data interpretation and evaluation of the major findings. Chapter five focused on the summary of findings and conclusion, recommendation. It is hoped that the contribution of this study will be useful to student studying under financial studies, treasury departments of various local government.


Chapter One


Introduction

One of the things that were handed over to Nigeria by her colonial master is public sector. This is because during colonial era, investment activities were largely in the hands of the government. However, public sector can be defined as publicly owned companies or industries.

According to Mr. Ani .W. Uchenna in his textbook titled. “Government and Public Sectors Accounting” as that sector of the economy established and operated by government and its agencies, this distinguishes public sector from the private sector and it is organized on behalf of the citizen. They are expected to make minimum profit from their operations. The Nigerian public sectors consist of three separate levels of government whose stations, powers and relationship are defined by the constitution of the Federal Republic of Nigeria. These are the federal government, the state government and local government, the state government currently 36 in numbers and the local government presenting 774 council. Due to the fact that government has the primary duties of maintaining law and order, providing the basic infrastructural facilities as well as the guidelines for the performance of economic activities, it therefore becomes difficult to justify the scope and nature of government activity in Nigeria. This also makes the Nigerians public sectors expensive. It is on the record that the parastatal gobble up as much as 30 percent of the federal government’s capital budget and 40 percent of the government’s non-salary recurrent expenditure budget.

Normally, accounting has been defined as a process of recording, classifying, summarizing and report business transaction. Accountability is furnishing some one with satisfactory reliable, verifiable accessible records, reasons and expectations for actions of those having custody of power, human resources, public money and other resources, public-sector accounting is the preparation and analysis of final accounts of government ministries and parastatals in model and advanced accounting standard.

This researcher has chosen to research to focus on the nature of the accounts of the local government. It is the third level of government in Nigeria. Administration in Nigeria was in the beginning a colonial creation through which the ‘natives’ were involved in modern system. Between the 1800’s and the 1930’s, the colonial natives authorized were established in their rudiment farm in the country. They have undergone several changes since Nigeria become independent almost 40 years ago.


The Nature Of Public Sector Accounting (A Case Study Of Enugu North Local Government Account)


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