The Role Of Good Accounting System In The Management Of Deviate Enterprises In Nigeria (A Case Study Of Nwaoku Pam Paper Mill Ihitte Uboma Local Government)
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This work is dedicated to the God Almighty God the foundation of life author and finisher of my life who made this dream to come true, my entire family and also to the memory of my beloved father Mr. Michael O. Chukwu (To God be the Glory Amen).
Firstly, acknowledge the presences of God with me. I wish to express my gratitude to those whose efforts assisted me in carrying out this research work, ideas and information have been obtained from many books journals and reports, I am greatly indebted to the authors of all the publications I used.
My profound gratitude goes to the my elder brother Mr. Chukwuemeka Odil for his moral and financial support towards the successful completion of my National Diploma (ND) programme. Also my thanks go to my sweet mother and all members of my family Mrs. Celina checking for typesetting it and their prayers.
The advice acknowledge .F. Ekweike, Chief C.N Oparaeke )Dean of Study School of Business and Management Technology Mr. C.C Chimee and cost of other lecturers, also the supports of the following relations and Mr. Johnpaul Asiki. Chukwudi P. Odi and host other thanks and God bless you all Amen.
This research work is designed to show that the ‘companion’ in the management of any business is a good accounting system that works effectively and efficiency and a special emphasis is laid on Nwaoku pam Paper Mills ltd, a medium scale manufacturing private company.
Regrettably, good accounting system is laclingg in most privately owned business enterprises in Nigeria, Only a few among the whole of them are having good accounting system
Hence, this project stives to explore some of the reasons for the lack good accounting system in most prociate enterprise in Nigeria.
The discussion in this project as down in three chapters which chapter one covers the introduction the scope, nature, purpose and objectives off the study including in the chapter are some definition of terms and imitation of the study while chapter two covers the literature review which revenged the main intact of the subject matter such as the overview off the meaning of good accounting system including it’s nature and other components, then chapter three covers research methodology and design which reviews introduction theoretical frameworks, Rationale for choice variable, the methodology and data selection and analysis.
Chapter Four coers presentation and analysis of data which reviews introduction, Data presentation, classification and calculation analysis of data accounting to research question and interpretation of result while the last chapter covers (chapter five emphasis on the summary, conclusion and recommendations.
The recommendations made after the work are product of the desire of the researcher to cheek the high rate of the liquidating business enterprises.
Private enterprises are necessary in the economic development of any country it development or developing country. In developing country like Nigeria the roles attached are much. They put development and other socio-economic activities on the wheel. They provide other services that are peculiar to its development especially now that the establishment of industries and other socio-economic infrastructure are over politicized.
Challenged by government social and development neglect of Uboma, but surrred up by economic desires Nwoku Pam paper Mill Limited, like many other privately owned enterprise was established for the following purposes.
- The need for quick economic through industrialization to remove or reduce economic stagnation and raise the living standards of the Nigeria population.
- To carry Industrialization to rural area neglected by the government.
- To promote employment to school graduate in moral areas and check the exodus into urban area.
- To compliment government industrial efforts
- To consequently and subsequently provide socio-economic infrastructures like electricity (power) water motorable roads to the rural areas.
Disappointedly, most of those privately owned enterprise disappeared shortly from the book of life after they are established without achieving their set goals. Today, the incessant occurrence of these industries delegates have become an issue of worries to people, ridicule to government, researchers/ academicians and industrialist as well. The problems become most regrettable when reflect on how hard and time it takes accumulate.
The money for such investment through short period of time it takes such investment to collapse. To most cases, such industrial failures are attributes to bad accounting system and many or non-application of accounting concept and convention. Today this has become industrial cankerworm eating deep into business in Nigeria.
1.1 Statement Of The Problem:
That they help poor returns on investments and consequently, constant factory shut-down which is a functions of poor management and bad accounting system. It is common accounting practices, concepts and conventions. Mostly private owned enterprise are characteristics with the following
- Inadequate financial planning and implementation of recommended facts.
- Employment of unqualified or non-professionals and as a result accounting books kept are incomplete and inadequate to aid management in formulating policies and making decisions.
- Inadequate or non-installation of a good accounting system and good internal control system
- Inability t divorce ownership from management
- Lack of understanding the width of the input and the advantages of accounting.
Emphasis’s therefore directed in search of what is adequate control, check and balances as a tool for advertising industrial and business failures. The study therefore seeks to provide a sound accounting system hat will afford management of resources and decision making that will aid the growth of the enterprises.
1.2 Objectives Of The Study:
The objectives of the study is to enable the researcher to have an insight into the role of good accounting system in the management of a private enterprises by
- Designing adequate books of accounts and analyze the information content with a view of aiding management in decision making.
- Examine the nature and method of accounting information and management control operating in Nwoku Pam paper mills Limited, ascertain it’s strength and weakness and if possible make recommendations where necessary.
- Reviewing, evaluating, qualifying the extent of the application of a good accounting system in the management of private enterprises.
1.3 The Need For The Study:
The establishment of the enterprises call for expanded technical and management services of which accounting is a vital one. Consequently, there have been several literatures on private enterprises. Many have effectively appraised the management and control problems of related enterprises while others dealt with the technical aspect of it.
Despite these appreciated efforts, the researcher feels that much has not been written on the accounting aspect and it’s effectiveness in provide enterprises. Where there is such an attempt, it has been a theoretical overview only. To help bridge the gap this study has to be carried out, as it is believed that it would such as:
- Highlight the accounting and financial control problem plaguing the enterprise.
- Install of good accounting system that would help the enterprise and private business to stand the test of time.
- Arouse further research into other financial areas of the organization.
- Suggest better financial structure necessary for optical operational and financial result of the enterprise.
1.4 Assumptions Of The Study:
- Keeping accurate and completely comprehensive record of all transactions that will lead to the development/management of private enterprises.
- The failure to keep accurate an completely comprehensive records of all transaction will lead to financial disaster for private business.
1.5 Scope Of The Study:
In view of the time and characteristics difficulty of obtaining data in private enterprises, a case study approach of enterprise Nwoku Pam Paper Mill Limited is made. The study would examine the accounting and financial problem of the enterprise and hence determine the necessary control measures for revenue and income reporting budgeting, systems of control and financial practices of the enterprise most of the comments, especially on the essence apply equally to non-profit and public organization.
1.6 Research Questions:
In pursuance of the purpose of this study, some research questions became pertinent. These questions invariably will help to sharpen the researcher’s focus. These include
- Is the company implementing the use of good accounting system
- Of what effect is the practice of good accounting system to private companies.
- How does the company (Nwaoku Pam Paper Milt Limited) Implement the accounting system.
1.7 Limitation Of The Study:
Willingness is a good accounting system in the management of private enterprise to disclose some vital information especially when it pertains to financial performance despite assurance of confidentiality by the researcher has reduced the depth of this study.
Time research efforts, unco-openiting nature of the nature of the management secrecy and financial constrains made an elaborate study to care for the whole country’s difficulty.
1.8 Definition Of Terms:
For the case of understanding, some terms and concepts used should be defined, as this is not assumed by expects in the field alone, such terms and concepts include
It is special concern with the design and implementation of procedures for the accumulation and reporting off financial data. This is a “check and balare” devised to safeguard business assets and provides for information flow that will be efficient and hopeful to the business owners.
Is a formal written statement of managements plans for the future, expressed in financial terms. A budget that is the course of further action it should contain an attainable objectives.
This is the shareholder’s fund, loan, capital and any other long-term sources of funds.
This is the use of charge sources of funds such as debt and preference share capital along with the owner’s equity in the capital structures.
Net Working Capital:
This is the owner’s equity in the business. It is the residual claim against the assets of the business after total liabilities are deducted.
This is a business organization that is wholly owned by individual person, immediately member of the family, who effectively controls them neither the government nor the public has had in the ownership and management in spite of the size.
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How to nail it on the head during your project defence
You are through with writing that project. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
- How am I going to start?
- I hope I will do well enough to get an A.
You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.