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ACCOUNTING AS AN
INEVITABLE TOOL FOR BUSINESS MANAGEMENT (A CASE STUDY OF GUINNESS PLC)
ABSTRACT
The important of accounting in business world can not be over
emphasized. They have becomes the foundation in which the whole fabric of
modern commerce rest.
This project therefore, studies the important of accounting
as an inevitable tools in profit organization with particular reference to
Guinness Nigeria plc. I discovered that Guinness Nigerian plc is a well organized
company it’s relevant to the industry from defining accounting and stating its
relevance to the industry today. The study discussed the fact that even large
organization prepared and present very high standards of accounting record of
her business.
Data analysis was by means of sample percentages and chi-
square method. Result of the analysis upheld the entire hypothesis put forward
by the research.
TABLE OF CONTENTS
CHAPTER ONE
Introduction
1.1
Background of study
1.2 Statement
of problem
1.3 Purpose
of study
1.4 Research
question
1.5 Research
hypothesis
1.6
Definition of terms
1.7
Significance of the problem
CHAPTER TWO
LITERATURE REVIEW
2.1 Historical
background of Guinness Nig Plc.
2.2 Accounting
Define
2.3 Objectives of
Business Management
2.4 The Theory of
profit Maximization
2.5 Relationship
between Accounting and profit Maximization
2.6 Limitation of
Accounting
2.7 Accounting
Profession
2.8 Double Entry
system
2.9 Summary
Reference
CHAPTER THREE
RESEARCH METHODOLOGY
3.1
Introduction
3.2
Statement of research questions& hypothesis
3.3 Research
design
3.4
Population of study
3.5 Sample
and sampling technique
3.6 Data
collection instrument
3.7 Validity
of the instrument
3.8
Reliability of the instruments
3.9
Limitation of methodology.
CHAPTER ONE
Introduction
Background of study
The accounting system can be regarded as a universal
phenomenon needs not only by individual but also by organization. For these
reason bookkeeping and accounting records need to be properly scrutinized and
analyzed. It can be truly said that the accounting system has become the
foundation on which the whole fabric of modern commerce rest.Business
transaction can only be carried out in the crudest forms and development for
the modern credit system.
With it obvious advantages of convenience would have been totally
impossible.
Accounting as a record keeping process has worked out
gradually over many countries to save the changing and economics needs of
society. As early as 300 B.C. clay table were used in Babylonian Empire to
record various fact. Many of these records contain list of events as they
occurred or list of good belonging to an individual or temple. Similar records
have also been discovered describing business activities in ancients Greece,
Egypt and Rome. While this early record contained most inventories of goods and
debt, later record began a concern for compiling profit and loss for different
ventures. Some addition advances in record keeping were made by church
officials and government during the middle ages. Although these early record
are interesting. They add little insight to the development of modern day
accounting, which is based on the double entry method.
Modern day accounting has its origin in the double entry
keeping method by Italian merchant during 12th and 13th century.Probably the
most condition giving rise to this development was the rise in trade between
medieval Italian cities and the east. The first complete description of the
double entry system included in a book
called Sumade Arithmetica, Geometria, proportion et protionalita (1494) by
Franciscan monk named Luca paciolo two
years after Columbia discover America.
Although, the Suma was essentially a treatise on mathematics,
it contained records that have developed gradually over the preceding 2 or 3
countries. Paciolo’s description of the double process was included in other
books and was used widely throughout Europe during the 15th, 16th and
17thcenturies. The double entry process becomes a basis for modern accounting
procedures.
The industrial revolution in Europe during the 18th and 19th
century produced many significant social and economic changes including a
change from the hand craft production system to the factory system.
The factory system was based on the use of machinery and
equipment to produce many identical products at low cost.
During the 19th and 20th century, corporations have become a
dormant factor in financing, producing and distributing goods and services.
These corporations are often large complex organization whose owners demand
accounting system that can provide relevant and reliable information for use in
evaluating the efficient of operations.
Government organization and income tax legislation have
resulted in increased demand on accounting system. In both their record keeping
communicating functions, The double entry system developed by the Italian
merchants is essentially the same system used today to satisfy the increased
demand for accounting information and the change of handicraft production
system to factory system, helps in producing many identical product at low cost
with the use of machineries which helps in Maximization profit.
1.2. STATEMENT OF PROBLEM
a)
Inefficient system of accounting, which leads an organization into
several financial difficulties.
b) Most organization
fails to install a sound accounting system which makes transactions not
properly recorded, thereby leading to deficiency and lack of progress in such
an organization.
c)
Organization find it difficult to
ascertain whether they are making
profit or loss since as they produce they sell and use up the money without
bothering to keep records.
d) Inability
of the organization to forecast, make decision about the future financial
position and potential outcomes of various alternatives that are considered.
e) Failure
to determine the economic effect of past decisions on the organization which is
actually communicated by means of periodic financial statement.
f)
Inability to keep track of a wide range of items to meet the financial
system requirement and safeguarding the assets of the business as part of responsibilities
of the company.
g) Laxity
or slackness on the record keeping process of the organization which definitely
leads to fraud.
1.3 PURPOSE OF
STUDY
a) To
ensure that there is an efficient system of accounting in place in the
organization so as not to get into serious financial difficulties.
b) To
ensure that sound accounting system is installed in the organization to ensure
proper recording of transactions thereby leading to visible progress in the organization.
c) To
ensure that the financial position of the organization can be determined at any
point in time.
d) To ensure
management determine the economic effects of past decision on the organization.
e) To ensure
that there is a reliable record keeping process, so as to eradicate fraud
completely in the organization.
f) To
ensure the organization keep track of
its wide range of items in other to meet the financial system requirement and
safe guard the assets of the organization as parts of the responsibilities of
the management of the company.
g) To
enable the management forecast and make decision about the future financial
position and potential outcome of various alternatives that are considered.
1.4. RESEARCH QUESTIONS
i)
Is there any relationship between accounting record and profit
Maximization?
ii)
Does the continuous use of accounting system tends to increase the
proper recoding of transactions?
iii)
Does a constant change in our economy increase the use of accounting
system?
iv)
Does the reliability of internal control lesson/ reduce the risk and
facilitates the detection of fraud?
v)
Does inadequate use of accounting system limit our ability to asses our
financial position.
RESEARCH
1.5. STATEMENT OF
HYPOTHESIS
i)
That the continues use of accounting records tends to increase the proper
recording of transaction.
ii)
That inadequate use of accounting system limits our ability to ascertain
our financial position.
iii)
That the more reliable the system of internal control the less the risk
and the more it facilitates detection of errors and frauds.
iv)
That constant changes in our economy facilitates increase in the use of
accounting system.
DEFINITION OF TERMS
i)
Accounting Bases:- These are the method
for applying fundamental accounting
concepts to financial transactions which are Accrual base, cash base
etc.
ii)
Revenue:- These are income benefit or resources earned or generated by
the organization from Itself. In other word, they are derived from business or
operational activities of the organization.
iii)
Expenses: Is the amount incurred or due for the benefit derived in
commercial transactions; it is also any amount paid out as a result of goods,
services or assets received, or amount exchanged for benefit received e.g.
rents, electricity and purchase of goods for resale etc.
iv) Bad
dept:- These are debt that are not
recoverable from the debtors. This is as a result of inability to pay debt or
disappearance of the debtors.
v) Long
term liabilities: - These are indebtedness of an organization that will take
more than one year before being repaid. E.g. Debenture, Long-term loan etc.
vi) Tangible
Assets:- They are assets that have physical identity and also have futuristic
benefit i.e. they are assets that can be seen, felt and touched e.g. Building,
plants etc.
vii) Waste
assets:- These are the long lived resources of a business which can be
exhausted or used up without replacement e.g. queries, oil well etc.
1.8. SIGNIFICANCE OF THE RESEARCH PROBLEM
a)
Accounting information helps the decision makers to make good decision
in the business management.
b) It
helps the business management to have a permanent records for all transaction
made.
c) It
helps organization to determine the profitability of a business concern.
d)
Accounting information helps in preventing the business management from
fraudulent practice.
e) It
helps business management to know the economic important with any past
decision.
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