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THE IMPACT OF ACCOUNTANCY INFORMATION
ON DECISION MAKING PROCESS
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY.
At
independence, Nigeria joined the committee of nation with the hope for a better
tomorrow. We were able to feed ourselves and were of course almost
self-sufficient. Subsequently our hopes seemed unattainable. We seem to be going
deeper and deeper into the woods. The consensus is that it has been bad for
Nigeria.
Due to the
adverse economic condition prevailing in the country many businesses have
closed, shops and even financial institutions are being declared distressed at
alarming rate. Businesses that are yet to be submerged or that want to stay
afloat employ all kind of strategies. Some increase price, adopt promotional
tools, engage in aggressive marketing etc. whereas others goes for an odd
combination of activities and even undergo different kind of small business to
survive.
Any business
or individual that wants to survive must make the right decision. The era of
mile of thumb is gone; employing it is a sure way to fail absurdly.
The price of
any conceivable item from garri and bread to radio and book not to mention
petrol has been soaring in geometric proportions over the year. The economy is
truly in distress. These compounds and complicates intricate are the problem of
the organisation vis-à-vis effective planning and decision making processes.
Other factors such as stagflation, taxation, economic and political problem are
the major problem which affects information and decision making. The future
orientation is what most company and bank get from making accounting decision
.the computation and interpretation of analytical ratios from financial
statement enable bank to determine their operation trends and provide a basis
for management decision making. Other users of financial analysis are used in
making financial decision and achieving the goal of sustainability determines
compliance with regulatory requirements. Financial analysis is an investment
that has positive return in the future on how decision will be made, how to
manage the finances to achieve the strategic goals of the institution through
decision making.
Many people
think that accounting as a highly technical field which can be understood only
by professional accountants actually nearly everyone practices accounting in
one form or the other. In modern times, management require a wide variety of
information to successfully accomplish its aim and objectives. This information
is mainly determined by the element of uncertainty about the future and lack of
knowledge about the present. Some of these decisions are of strategic
importance having a large impact on the business, others are routine operating
decision. Therefore accounting information is based on laws and regulations
governing the handling of accounting report contained in the financial reports
of organisation.
Making the
right decision depends on the possession of appropriate, accurate and up to
date information provided and presented in a meaningful way. This study set out
to examine the contribution of sound accounting system in providing the
management with financial and other information basis for dealing with decision
problems that arises from their organisational operations.
1.2
STATEMENT OF THE PROBLEM
Basically,
the nature of manufacturing business compels it to carry out a great deal of
book-keeping records based on accounting principles and information provided
with the perpetual increase in the number of consumer of manufactured..
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