ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURES IN NIGERIA (A Study Of Central Bank Of Nigeria Enugu State)
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ROLE OF ACCOUNTING IN THE CONTROL OF
PUBLIC EXPENDITURES IN NIGERIA (A Study Of Central Bank Of Nigeria Enugu State)
ABSTRACT
This
research examines the role of accounting in the control of public expenditures
in Nigeria, a case study of control bank of Nigeria, Enugu State. The
researcher adopted descriptive survey design. The population of the study is
the combination of internal audit department staff and accounting department
staff making it a total of 41. The research used both primary and secondary
source of data. In view of this, three research questions were formulated to
generate expected answers. Literal works were reviewed for proper understanding
and guidance. Questionnaires, personal interview and observation were used for
collect of primary data. Secondary source of data were collect from text books,
periodical, articles and journals. Tables and simple percentage were used for
data analysis, hypothesis were tested using chi-square statistics. Based on the
findings, the researcher found out that few of the staff were not following due
accounting principles thereby causing inadequate and improper pursuit of the
accounting records Omission of certain book-keeping records, improper audit.
The staff and management of central bank of Nigeria has now adopted accounting
standard, and the balance of power on NASC, financial analyst government
agencies and others. Finally the researcher proffered among other use of
accounting principle and standard in the company.
Table Of
Contents
Title Page
Approval
Page
Dedication
Acknowledgement
Proposal
Table Of
Content
Chapter One
1.0
Introduction
1.1
Background Of The Study
1.2 Statement
Of Problem
1.3 Purpose
Of Study
1.4
Significance Of The Study
1.5 Research
Questions
1.6 Research
Hypothesis
1.7 Scope
And Limitation Of The Study
1.8
Definitions Of Terms
References
Chapter Two
2.1 Review
Of Related Literature
2.2
Historical Development Of CBN (A Public Company)
2.2.1
Ownership And Control Of CBN
2.2.2
Organization
2.3 Nature
Of Accounting Principles
2.4 Types Of
Accounting Principles
2.4.1
Factors Affecting Accounting Principles
2.5
Budgeting And Budgetary Control
2.6 Standard
Costing Of A Tool Of Control
2.7 Role Of
Accounting In Public Expenditure
2.8 Summary
References
Chapter
Three
3.1 Research
Methodology
3.2 Research
Design
3.3
Determination Of Sample Size
3.4 Area Of
Study
3.5
Population Of Study
3.6 Sample
Of Study
3.7 Method
Of Investigation
3.8 Method
Of Data Analysis
3.8.1
Sources Of Primary Data
3.8.2 Source
Of Secondary Data
3.9
Development Of Research Instrument
Chapter Four
4.1
Introductions
4.2
Presentations Of Data
4.3 Test Of
Hypothesis And Interpretation Of Result
4.3.1
Testing The First Hypothesis
Chapter Five
5.1 Summary
Of Findings
5.2
Conclusion
5.3
Recommendation
5.4
Recommendation For Further
Appendix 1
Questionnaire
Bibliography
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
In most
developing countries including Nigerian government
participation
in economic activity is usually significant. One of the ways
through
which government has intervened in Nigerian economy is
through the
establishment of public enterprises and statutory bodies
operating
service of an economic or social character on behalf of the
government.
Since the
colonial era, especially after independence 1960,
Nigerian
public enterprises have witnessed a steady growth unit
recently. Its
Olisa (1988-133) pet it. Beginning as a trickle in the period
between this
era of the second world war and Nigeria risen to flood
level since
independence the establishment of public enterprise in
Nigeria are
many add to available rational capital for the support of
development
and welfare programme, making to be controlled by a
few
individual, it possible for important profitable enterprise to be
controlled
by a few individual or group organization certain critical
activities
national survival and economic stability and providing
employment
opportunities (Ademolukun 1983). However, after a long
period of
growing starts intervention in the Nigeria economy through
public
enterprises, the 1980’s onwards had witnessed a reversed which
has
sometimes been dramatic in public opinion therefore public policy.
This has
been brought by the persistent losses which state
enterprises
that trivet been running over fears. Consequently, there
has been a
willingness to look at alternative policy strategies for the
achievement
of economic development. At the forefront of these
strategies
is the minimization privatization of public enterprises.
In Nigeria,
public enterprises are engaged in a while spectrum of
economic
activities including agriculture, mining, construction,
manufacturing,
commerce and services. The classification of public
enterprises
in Nigeria has been made according to varieties of criteria
by different
authorities. The public service review commission
(1975:101)
classified public sector int.
Public
utilities
Regulatory
of service body
Financial
institutions
Commercial
and industrial enterprises
Being a
mixed economy, individuals also own and operate private
enterprises.
A firm classified as private enterprises when it is founded
and managed
by an individual and or a group of individual. These firms
are expected
to be registered in the local government within which
they
operate.
The rational
for the establishment of private enterprises are
numerous
just like establishment of public enterprises. They
include
amongst others; provision of employment opportunities
generating
income for the owner of the enterprises government
interest in
profit growth of the enterprises which performance of
the public
sector through competition. Moreover, the general
public is
concerned with contribution which makes towards social
enlistment
which is exhibit to the environment in which the
business is
loaded and its willingness to contribute to the
development
of the environment.
The
activities of the public enterprises have been on the increase
in recent
times which necessitated the introduction of the accounting
practice to
check and monitor the financial activities of these
enterprises.
In this book, titled principles of accounting, by Bimage
(1985)
Accounting is defined as a process by which data relating to the
economic
activities of an organization are measured recorded and
communicated
to interested parties for analysis and interpretation. The
earliest
methods of accounting records were kept in physical
quantities.
These records came from the Eastern (early) civilization
which
involved in the countries around the Mediterranean Sea such as
Mesopotamia,
Egypt, Crete, Italy etc. Money was recorded as soon as
money took
the place of barter as a medium of exchange and unit of
accounting
practice has been closely related to the economic
development
of the country. If the business organizations grows in size
and
complexity management and outsiders groups which include
owners of
the firm (stock holder) creditor, government, employer and
the general
public.
The
differentiation necessitated the need to have accounting
department
in the enterprises to give accurate financial of the
management
and to satisfy the outside demands or the general public
who are
already interest on whether the enterprises in growing or not.
The role of
accounting in public enterprises in Nigeria is primarily to
ensure
accurate accountability in these sectors and present the time
and fair
financial position of the enterprises. The role is of utmost
importance
in any organization. An organization can only grow or profit
when the
resources can only be well managed if accounting
department
of the organization give accurate financial information to
know how
much the enterprises having. It only when this is done that
the firm
allocate its resources and knows what is to be done. The role
of
accounting seems to be more pounced in the public enterprises. In
recent
times, there are cases of mis appropriation of funds in the
public
enterprises and improper accountability. These factors have led
to a lot of
public enterprises go into Obiwon, if the government has
reorganization
the role of accounting, all these feeble should not have
risen. No enterprises
can more forward without having a well organized
financial
department to give accurate financial, information about the
firm. This
is because if improper accounting records are not minimized
or where
possible eradicated these is bound to be cases of public
enterprises
failure. Consequently, staff of such enterprises will force
out of their
job. This will result to economic and social activities in the
society.
1.2
STATEMENT OF PROBLEM
Obviously,
every privates and public entries in Nigeria has their
accounting
department and there are increase cases of financial
mismanagement
in virtually all the public and private organization in
Nigeria. The
problem of this study lies on how the manages of these
enterprises
are able to recognizes the role of accounting in their
enterprises
so that these cases of improper accountability will be
minimized or
if possible its total eradication in our society.
1.3 PURPOSE
OF STUDY
This study
aims at investigating the role of accounting in the control of
public
enterprises in Nigeria. The purpose of this study include among
others:
To
determine the extent to which accounting records has
controlled
the effect of expenditures in public enterprises.
To find
out factor that affects the accounting department
preventing
them from carryout their function as expected.
To
determine government policies which promote accountability in
public
enterprises in Nigeria.
1.4
SIGNIFICANCE OF THE STUDY
In this
study, the researchers have set out to examine the role of
accounting
in the public sector in this country. Nigeria with the aid of
highlighting
the inherent problem encountered in the account
department
of most organizations. It is expected that this work will be
of interest
to the owners of business enterprises, the government,
students and
the general public.
To
shareholders, owners of enterprise, interested persons and
the
government, this study is expected to en kindle their interest the
more and
they will take note of various recommendations mentioned
here and
help steer the management team towards forming a study
organizations
to present an accurate financial information of their firm.
This study
will also help to serve as literature to individual or corporate
bodies into
want to carry on further research on the role of accounting
in the
public sector in Nigeria.
1.5 RESEARCH
QUESTIONS
1. What
extent does accounting records has control in affecting the
expenditure
of public enterprise?
2. What are
the factors that affect accounting department of most
organization
which makes them not to function effectively as
expected?
3. What are
these governments polices which promote accountability in
Nigeria
public enterprises?
1.6 RESEARCH
HYPOTHESES
This
research hypothesis is to know the findings or result of this
research;
1. H0 - Good
accounting records budgeting has no control effect on
expenditure
of public enterprises.
H1- Good
accounting records budgeting has control effect on
expenditure
of public enterprises.
2. H0-
Corruption do not affects the quality of service rendered by
accountants
in public enterprises.
H1-
Corruption affects the quality of service rendered by accountants in
public
enterprises.
3. H0-
Government accounting policies do not aid in promoting
accountability
in Nigeria public Enterprise
H1-
Government accounting policies aid in promoting accountability in
Nigeria
Public Enterprises.
1.7 SCOPE
AND LIMITATION OF THE STUDY
Scope of the
study shows extent of coverage done in the study.
The research
topic suggests a study on the role of accounting in the
public
enterprises in Nigeria. The focus of the study is on Central Bank
of Nigeria
(CBN) Enugu State. I take this to be a fair representative of
Nigerian
Public Enterprise that is either avoidable or hard to come by.
There are
factors as constraints that normally follow this research
work, some
of them are;
1. TIME:
This which was a major problem was adequately not managed
by the
researcher. There is not enough time for the research to get the
project
time, get it approved and within a short time we will be talking
about our
exams assignment and quiz.
2. LACK OF
MATERALS: The un co-operative of most people working in
the library
other offices where the research needed to get materials
posed great
problem to the research. Some of the staff do not feel safe
letting have
access to some materials while other will change you more
than double
the cost of Photostat before one can get what he wants.
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