The Role Of Modern Accounting In Mass Media: A Case Study Of Federal Radio Corporation Nigeria (FRCN) Kaduna

Project and Seminar Material for Accountancy / Accounting

The Role Of Modern Accounting In Mass Media: A Case Study Of Federal Radio Corporation Nigeria (FRCN) Kaduna


Abstract


The objective of this study is to effectiveness of public corporation and identifies its problems to over view of the historical background and organization chart of the case study. Review of the related literature research methodology is discussed. The chapters of this project are written in a simple form and language that will make it easy for a lay man to understand. It is hoped that this project will open the eyes of many public corporations for efficient management of resources available and will enhance development through adherence to the recommendation and suggestion offered in this work.


Chapter One


1.0 Introduction

Accounting can be defined as an act recording classifying, summarizing and reporting of business transaction for preparation periodic statement of performance and caused to provide information to management for decision making.

It’s an act of controlling a business by keeping records, preparing form those records certain statistics called ‘ accounting ration” and using those rations to detect financial difficulties before they become serious and uncontrolled so that certain measures may be taken.

One of the objectives of a business is to make a profit and we defined a profit as a function of how the resources of the business in terms of manpower, raw material, capital are employed. One of the chief aims of accounting is to reveal whether or not a business is been conducted profitably.

Accounts, collects from those which relates to past performance and termed is historic accounts and prepared for stewardship purposes that is satisfy in the shareholders, government, creditors as well as the public as large, that the business has been conducted honestly and efficiently over the period of which the account is related.

This aspect is called financial accounting.

Management of an organization rely on a sound accounting system to achieve the following:

  1. Preserve and control the operation of the organization.
  2. To prepare a reliable financial statement.
  3. To ensure proper, firmly and desirable allocation of funds to its’ different sections etc.

Allocation of fund to it’s different sections, accounting system enables for orderly preparation and preservation of accounting data and appropriate analysis for the preparation of a reliable financial statement. Any organization without an accounting system is on the verge of collapse. The importance of accounting system cannot be over emphasized.


1.1 Historical Background

The motive that underlined this project is to probe into modern rules of accounting system of the federal radio cooperation of Nigeria (FRCN) with the aim of finding out whether it is efficient and effective as planned working out the system compared to the size of the organization.

Further more, the station has gone through different names before it finally attained it’s present name as the federal radio cooperation of Nigeria Kaduna. It was first known as the broad casting company of Northern Nigeria Limited (BCNN). It was established as a radio and television broadcasting state from which it’s formal name was radio, television Kaduna (RTK) was derived.

The cooperation has gone through a lot of various government changes since the station was formed, e.g. The nineteen Northern state of Nigeria as a linguist broad casting cooperation in which broadcasting was aimed in languages related to the state that owns it as at that period. Languages like, Hausa, Kanuri, Fulfulde and Nupe as well as English language, it was the same nineteen Northern state that financed the cooperation in a form of subventions as a means of revenue to the station. To keep it in operation and it in operation and it wan done annually.

In the year 1976, the federal military government took over the television aspect of the station, the present Nigerian television authority, as that part of incorporated into it and while northern states continues with the maintenance of the radio cooperation.

In addition, the corporation source its’ fund from the government under that act that established the existence of the cooperation the act state. If that corporation should establish a fund which shall be provided to it by government of the federation for smooth running of its activities that is all the expenses of the corporation and shall order assets form time to time that the corporation might need.

A methods was developed as how this fund should be accounted for and where and what the fund have been used for. The method introduced is the accounting code. This coding schedule helped and specified where and how expenditure have been incurred.

Each department is a budget centre and expected to prepare it’s budget and pass it to the budget control committee to it merger with the other sub budget for their flow of funds.

Currently, the cooperation has been allowed by the federal government to do commercial services which were stopped by the government some years back. It is to enable the cooperation raise money instead of depending solely on government subventions which usually come every month after the returns to the preview expenditure which has been sent to Abuja.

The fund raised is as a result of commercial bank account which makes the account to be accommodated without withdrawal of the account is to enable. The government know how much the corporation can generate a substantial amount which is reasonable, the government makes it policies that such a corporation will be expected to maintain itself and as such should not enjoy form government subventions. the cooperation will be expected to maintain itself with the money in the account to refuse the inflow from government and to concentrate partly on the commercial fund.

More so, the responsibility in the account department of the corporation being with the chief executive of the zone as the managing director and he reported to the director general at the headquarters. The deputy dissector assist the managing director closely followed by the assistant director who reports to the deputy director on their department policies and also reported to the managing director.

Assistant director for finance, he supervises and coordinates the whole activities of the department, proposes operational activities and development to suit the department. He makes reports on the activities of the department and individuals of the department to the managing dissector to a positive control and also on the prospect of their decision to the director general and the chief accountant.

  1. He is the head of account.
  2. He makes sure polices of the department are followed and he initiated some policies.
  3. He introduces the accounting procedure to be followed in times with accounting principles.
  4. He is the zonal adviser on financial maters funds in the corporation.
  5. He is in charge of the budget and budgetary control.

1.2 Statement of Problems

There is that basic fact that the present economic recession periods need proper accounting for every kobo that the government may spend likewise the inflow and outflow of funds for that reason, there is the need for a sound accounting policy or system has been emphasized and carefully followed up by the department concentrated with the control of finance of any organization whether public or private sector.

When the accounting procedure has been laid down and followed properly and effectively. It could cut out redundancy programmes or expenditure and there by creating some substantial amount of savings.

It is therefore, of a great concern that the reservations made which followed the general claims that the accounting system are not kept properly inmost of the public sections or corporations, where large sum of public funds are pumped. In a year.

Research should go some extent to find out why or what is the principal factors that courses these ineffectiveness in public corporations, improper keeping of accounting records. The contribution in this research is not to fetch the researcher but will be able to federal radio corporation Nigeria Kaduna federal and state government education circle and the public in general.


1.3 Statement of Hypothesis

  • Ho: Accounting does not help in the proper record keeping for a corporation.
  • Hi: Accounting helps to plying vital role in the keeping of proper records for the corporation.

In this case we say that Ho is accepted and hi is rejected.

As a result of guidance of this study, the writer will evaluate the problem so tested by using assumption and intelligent guess statement. This assumption are the variance in the accounting system.


1.4 Aims and Objectives of the Study

  1. To know the types of accounting system in operation and to be able to come out with a conclusion that will neither be negative or positive.
  2. To also aim at knowing the section where the account system is inadequate or not accountable at all then make likely possible recommendation that will be useful to be organization.
  3. To also find cut whether or not proper attention are paid towards financial transaction, maintenance or accounting records and internal control system use carried out in accordance with the laid down rules and regulations of accounting standard policies as stipulated in the system (SAS).
  4. To find out how the accounting information will be useful to the third pasty.
  5. To identify areas of ineffectiveness in the accounting system, with a view of recommending corrections.
  6. Analyzing the entire accounting system of the organization

1.5 Significance of the Study

The significance of this study is to high light the effectiveness or otherwise of the accounting system of public corporation.

This study would enable the department up date itself with accounting system.

  1. Procedures of keeping record and related information concerning the organization finances.
  2. The study would also highlight areas of weakness in the control system or otherwise.
  3. It would be of prime guide to the employers and the third party to have knowledge on the system of keeping and maintaining records of the account and to establish a relationship between the finance department and other departments in recording financial transactions.

Finally, the study will make useful suggestion on the accounting system of financial reporting and management information flow in the organization.


1.6 Scope of the Study

The project seeks to highlight the modern vales of accounting system in public corporations. In order to enable readers to under stand and benefit from the operations of public corporation.

Further more, it is the intention of this project to bring into lime light the problems faced by accounting system in public corporation (old system of accounting ) and to find the lasting solution to the problems.


1.7 Limitation of the Study

To undertake a research work is not an easy task, the researcher has to encounter one problem or the others, the researcher faced some problems in the cause of carrying out this exercise among the major problems faced include the following:-

Money

The cost uncovered for carrying out this project is not a small amount. As a result of this the student carrying out the research could afford money and so the. Study was narrowed down.

Time

The research is a very important aspect of academic programme of the polytechnic but still the researcher has to share the limited time available to meet some of their equally important academic work. The period to the project coupled with other academic exercise is not enough for the study of this type. The best use the available time was however made by the researcher.


1.8 Definition of Terms

i. Budget centre:

This refers to how the organizational department prepares it’s budgets.

ii. Accounting codes:

Is the method by which account are number.


Chapter Five


Summary, Conclusion and Recommendations

5.0 Summary

The title of this project is “the role of modern accounting system in media organization,” a case study of federal radio corporation of Nigeria Kaduna.

The basis problem is to find out how accounting system cooperates in the above named organization in terms of design, efficiency and control requirements expected from accounting system. In order to address some of those basic problems, the researcher undertook a complete study of the accounting system of the organization.

The significant result of this study, has highlighted the operation of the modern roles of accounting system in the real world of business. The effect of system design, is if documents are not designed and clearly seen. The necessary planning for an organization so as to allocate and design responsibilities for an effective and smooth running of an accounting system can be found form the result of the study.

The findings of this study has confirmed my first hypothesis mentioned in chapter one that there is no much difference between accounting theory and practice. All principles and procedure in keeping accounts build an objective for providing information to help management in decision making are the same.
The difference could be that of approach.

The findings have also confirmed by second hypothesis that to operate a system is not easy. For example, the problem of getting the right type of personnel could be these. Also management is interested in the research findings, this study, therefore is a great benefit for the fact that it is a clear evidence as regards accounting system operation. For a person to be in classroom learning from by pholthotical cause all the time no doubt to be contemplated on the realities of a lot of them, therefore the study could be said to have cleared doubt as to the realities of these hypothetical cases.


5.1 Conclusion

When the accounting system was ascertained that it is similar with that obtainable in many organizations.

In the researches opinions the receipts and payment of the Corporation is in-adequate in terms of approach of the standard requirement if the system is examined critically loop hold are evident for example; it is the requirement of the organization that all cash, cheques received should be carried to bank on daily basis except be delayed to the next day.

The lodgment into bank on daily basis is require by the system.

Fraudulent practices are made by either purchasing if not too good item or inflating the price of such item by the person.

Compliance With The Standard

In the researcher view f compliance with accounting standard is yet to be fully implemented which is not of the areas of weakness in the organization. In as much as an accounting manual is designed to account procedure. Involvement of government accounting is interference in the system.


5.2 Recommendation

Based on my observations ad findings on the accounting system in Federal Radio Corporation of Nigeria, Kaduna. I have the following recommendations to make so that maximum efficiency could be achieve in addition to the system in practice.

Since a lot of the responsibilities of the system is not on the account sections, these should be adequate employment of professionals in the areas of accounting to give professional fund should be set aside by the Corporation for contingencies requirement so that daily receipt of monies can be banked and to ensure full implementation of the system.

In areas of purchase and stock issue, the management must ensure that items most referenced not been observed by the organization, because of the pressure of management interference, instead monies made are spent as soon as adequate observation is revealed.

In a situation where monies requires prior to weekend for official sources, lodgments made as Fridays, cannot be withdrawn on Saturdays as such the management take monies as required without following the proper procedures.

In another instance, where items are required urgently because the Organization briefly a media organization cannot afford to be in affair for a time as a result of best down I any requirement, monies are taken without proper authorization and sometimes could be done fraudulently.

In the purchase of equipment, it is usually the corporation requirement that the supplier supplies the equipment before payment, but a system of giving the supplier money to purchase the items is observed in essence it is like giving the supplier a form to supply the form.

Stock

In the issuance of stock, requisition are to be made through paper procedure to ensure that every item of the organization goes through the store before issuance can be made. But for the researchers opinion was discovered that because of lack of availability of employment in the store, and urgent need of such items, purchases are directly made without following proper procedure as for transmission are in large supply and stock taking observed on such item, however, it is not possible to have them in large supply.

A responsible person should be assigned to do the purchase of urgent requirements.

Finally, the research is of option that there are many needs to review the system so as to simplify it, but it must be at the cost of an effective control of the system.


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