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THE ROLE OF ACCOUNTING
IN NATIONAL DEVELOPMENT A FOCUS ON A DEVELOPING ECONOMY SUCH AS NIGERIA
1.1 Background of
the study.
The basic economic problem that confronts an under developed
or a developing country and especially
the new independent ones is how to attain within a relatively short period, a
notable increase in the rate of economic growth which is envisaged will bring
it to the level of perpetual real income comparable to those of more admired
economics of the world. In order to attain this oval, the country would have to
;
1.provide those basic government services especially in
education, public health and transport. These services will serve as fertile
soil to advancing the nation’s economy.
Stimulate a higher
rate of capital formation in production
facilities either in government or private sectors. The first accomplishment
requires transportation on needed factors or resources to the governmental
;sector of the economy for the production of those services or facilities
required by the entire populace.. The second accomplishment required transfer
of resources to capital formation either strictly in the private sector or
through the governmental sector.
These resources may come from
outside the control
present use for
consumption
present use in
production of capital of or types regarded as not contributing to economit
growth.
Idle or partially
idle resources primarily manpower. The above four sources off varying
opportunity growth and it actually does it only by transfer existing resources
to the appropriate quarter and profitable application of these to production
attains within that relatively short period a level of standard of living
comparable to those of other more
advanced countries of the world.
Accounting come in as the tool that measures the
profitability/viability a project with an economic system.
Glanlier (1976) defines accounting as the systematic
collection, summarization, and analysis and reporting of data in a form
suitable and under stable to prospective users.
Generally, it involves some other related discipline as
budgetary control taxation, cost and management accounting, financial
management, auditing and quantitative techniques.
Since development
project entails projection into the future, it is essential that public
officers ;and employees in the private sector appreciat the need a transaction
and necessary statistics as to enable the proper ;evaluation of past. Records
with what obtains presently in order to reasonably project into the
future. Some of the practical ways in
which accounting can be and is known to have been used not only for a decision
making but also importantly to achieve desired results include.
Ecnomic planning
Capitalformation
Accountability
Taxation
Accounting for
social purposes.
Accounting records provide information that may be used
within the business and which may be relied on by businessmen while making
investment decision. The problem with
most potential investors in the development nations is they are mostly
illiterates and therefore required the services of any accountant and financial
analyst to help access possible areas of investment. Budget implementation is
another vital area where accounting knowledge is essential.
Most budgets are stated in accounting formula and their
implementation will require that knowledge that will enable officials read the budget as it affects their sector and
even reflect on how other sectoral outlay may affect them. It is due to the perennial lags in our civil
service that the researcher decided to carry out an investigation into what are
likely lags in the wheel program or growth of the civil service and thereby the
nation. The private sector employees are
also caught in this lapses but however,
there seems to be more commitment on their part due to obvious reasons of
ownership and direct supervision by entrepreneurs. The proper functioning of financial system of
a company determines to a good extent the viability of her economic
structure. That is why the researcher
decided to show sets of accounts viz (profit and loss acco9unt and value added statement) from unpetrol Nigeria
PLC Annual Report and Account 1999. This
financial statements help users of such statements ascertain the viability of
the company and it is prepared by chartered Accountant.
1.2 Purpose of
the study
The purpose of this project is aimed at identifying.
-The role of an accountant in planning
- The role of
an accountant in government accounting.
- - The role of
an accountant in controlling public expenditure.
- - The duties
of an accountant in management and control of public concerns.
1.3 Significance
of the study
The study which is an attempt to diagnose the accounting system in a developing economy
is of immense importance to;
Future Researchers/The Researcher;]
This will serve as a secondary data to future researchers who intends to
carry on research on accounting role in
Nation Development. It will also help
students in the school of financial studies in having an in-depth knowledge of
control accounting.
It will
enable the researcher know more about the role of an accountant in government
accounting and where there are lapsed or breakdown in management and control of
public concerns, appropriate suggestions are made to the management.
1.4 Statement of
the problem. The problem of this research as contained in the introduction is
whether the accountant has major role to play in national development.
1.5 Hypothesis
formulation . For the purpose of direction and
charity of issues raised in this study, the hypothesis formulated are;
a. Accountant has a major role to play in national
development
Accountant has no
major role to play in national development.
1.6 Scope and
Limitations of the study. This project will cover some vital aspect of an
accountant’s role in government accounting and control of public expenditure
analysis and interpretations of financial statements, budgetary control,
management and control of public concerns in developing economy. It will also show a company’s financial
statement prepared by an accountant. In
carrying out this research, some obvious limiting factors are encountered.
There are reviewed below.
-Time fact; The time available to carry out this research and
compling of its report is rather very short.
Infoact, one has to attend lectures as well as face the research work
thereby, the attention required for this work had to be impaired.
- Attitude of
the people; The uncooperative attitude of the people interviewed was very
demoralizing.
- -Most of the
people were unwilling to give out necessary answers for effective completion of
this work because of fear of victimization.
1.7 Definition of
terms. Accounting ; American accounting association committee define accounting
as ‘ The process of identifying, measuring and communicating economic
information to permit informed judgment and decision by users of the
information.
PRIVATE COMPNAY; J. C. Odike in managerial economics for
Nigerian Polytechnics II(2200) is a limited liability company owned by the
minimum of 2 shareholders and previously a maximum of 50 persons but now in
Nigeria, a maximum of 100.
Iabilities of shareholders are limited to just their shares
in the company (paid up and unpaid) if the business goes bankrupt.
BUDGET; A budget according to chartered institute of
accountants is ‘ a plan quantified in monetary term, prepared and approved
prior to a defined period of time, usually showing planned inform to be
generated and or expenditure to be incurred during that period and the capital
to be employed to attain a given objective’
INTERNAL CONTROL; According to Horngren (1982) INTERNAL
control is the set of accounting and administrative controls and practices that
helps ensure that approved and appropriate decisions are made in an
organization.
PUBLIC COMPANY J. C. ODIKE in managerial economics for
Nigerian polytechnics II (200) is a limited liability corporate body with
previous minimum of shareholders but now in Nigeria a minimum of 2 since the
1990 companies and Allied matters Decree (CAMD) there is no minimum of
shareholders.
BUDGETARY CONTROL;
According to Haper (1974)
budgetary control can defined as the establishment of budget relating the
responsibilities of executives to the requirements of a policy, and continuous
comparison of actual with budgeted.
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