ACCOUNTING INFORMATION AS A TOOL FOR MANAGEMENT DECISION MAKING IN ORGANIZATION (A CASE STUDY OF ANCHOR INSURANCE COMPANY LIMITED UYO)
ATTENTION:
BEFORE YOU READ THE CHAPTER ONE/ABSTRACT OF THE PROJECT TOPIC
BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL
PROJECT COSTS N5,000 ONLY.
THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT
IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953, 08168759420
ACCOUNTING INFORMATION AS A TOOL FOR
MANAGEMENT DECISION MAKING IN ORGANIZATION (A CASE STUDY OF ANCHOR INSURANCE
COMPANY LIMITED UYO)
CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Virtually
every organization requires information for effective management and planning.
Information particularly accounting is indispensable to the growth and
development of organization, because from planning to the execution, resources
required are guided by availability of accounting information, as it provides
detail information of budget on the implementation of plan.
Accounting
information according to Batty (1974) is the systematic presentation, analysis
and evaluation of data regarding the financial position, or statement of
account of an organization for future planning. It involves a stream-lined
financial data which must include assessment of stock-keeping, financial
statement, transaction over period of time, financial report, evaluation of
organization financial strength, prospect and recommendation. However, the fact
that resources are relatively scarce and limited made managers to programme
course of actions and choose options that are cost effective and yet yield the
require result. Therefore, taking the above variables in consideration,
accounting information aids in effective management and provides background for
sound decision-making processes.
The
variability of the information from accountant to goal oriented management team
of any organization made Akpan (2004) to categorically states that every
decision-making process involving systematic planning, organization of facts,
adoption of programmes course of actions among the alternatives must as a
matter of necessity take into consideration detail information (accounting) at
the disposal. With regards to this, Udoidung (2001) notes that in modern managerial
practice, sound management decision making requires every bit of accounting
information in order to achieve efficiency and effectiveness in the attainment
of goals. Basically from this notion, the global best practice in management
made accounting information indispensable as this is vital to the appreciation
of financial position of business which guided the management decisions
regarding debt management, planned expansion of organization, recruitment,
acquisition policy, dividend to share holders, and credit worthiness.
The
important of the above, lend credence to the fact that, oftentimes, reputation
and potentialities of a business or organization are the basis of accessing
loan facility. That was why Adame (2006) noted that banks and other financial
institutions that are concerned with lending, and risk management required the
profit trend, the fixed assets and the liabilities of business before loan is
granted, and all these can be studied from the available final account records
and decision to make informed choice by management anchored on the accounting
information.
Moreover,
predicated on the gains of accounting information, organization industrial
relations are managed and harmonized by the well articulated design information
reports. The employees and union members appreciate more when they are made to
know the true position regarding assets and liability of the organization. Here
the glamour for enhance remuneration, pension right and various fringe benefit
are understandably negotiated given the fact that the organization financial
position are not hidden. All these and
many others are predicated on the realms of efficient accounting information
system, and it is on this note that, the study in considering the imperatives
of accounting information to sound decision-making non management in reposition
the organization for greater productivity that this research takes a holistic
approach to study management practice in Anchor Insurance Company Limited with
special regards to accounting information in decision making process.
1.2 STATEMENT OF THE PROBLEM
Basically,
accountants, are constrained with the challenges of accessing accurate data for
correct and reliable computation, analysis, evaluation and presentation of
information needed for sound decision-making by management. This is because,
information from budget and audit unit of the organization due to corruption
and red tape are difficult to access particularly when it is not
authoritatively ordered. Therefore, as a result of this, the realm of
compromise and corruption in the accounting system of the complex organization
seldomly allowed for objective and result oriented outcome of the information.
However, to
lighten the challenges to effective utilization of information, management is confronted
with the problems of how accounting information can be used to address topical
issues such as staff motivation, productivity, fraud checking and shaddy
compromise in the course of transaction, elimination of waste and mismanagement
of fund by instituting internal control mechanism. How to adopt the best
possible course of actions that are cost effective in the realization of goals
even in the challenge of expansion. These required accurate and updated
accounting information for management to tackle the challenges.
Thus, in
finding solutions to the highlighted problems, the study examines the necessity
of using accounting information for effective decision-making in surmounting
the highlighted problems in an organization like Anchor Insurance Company
Limited.
1.3 OBJECTIVE AND THE PURPOSE OF THE STUDY
In
organization, far-reaching decision on the growth and development by management
depends on the information gathered. Accounting information which is vital to
the sound decision making concerns itself with information on how to lift the
veil on future, present and past operation of business transaction.
However, on
the likely effects of making informed decision, the necessity of how accounting
information is use to perform the function of advisory roll to all the problem
that control costs or profitability of businesses is the aim this study. To
achieve this, the following objectives are as follows:
To find out
whether company (Anchor Insurance makes use of accounting information in its
decision making to boost staff productivity.
To find out
if accounting record kept by company conform with the minimal standard of
accounting principle requirement.
To find out
if accounting information is relevant to the company’s goals and objective.
To make
recommendation necessary for using accounting information as an index for
advancing the course of effective management in cooperate organisation.
1.4 RESEARCH QUESTION
How do
accounting information help in cost and budgetary control in ensuring efficiency
and effectiveness in the management of Anchor Insurance Limited?
How are
information from accounting system be use to raise staff morale in the scope of
business expansion and charges in the company. (Anchor Insurance)
iii. What measures should be taken to check
fraud and compromise during auditing.
1.5 THE SIGNIFICANCE OF THE STUDY
The study
“Accounting Information a tool for management decision-making is meant to
investigate the relevant of accounting information in determining effecting
cost control for the attainment of organisation goal.
Importantly,
the study is significant to the extent that the outcome would broaden the scope
of accounting as a discipline and equally serve as a source of information or
input for further researches, where student in accountancy would avail
themselves with outcome. The result of the findings would provide another
source of information for accounting managers to adopt in making sound and
informed decision in effective realization of organisation goals.
1.6 THE SCOPE AND LIMITATION OF STUDY
The study
primarily focus on the information (accounting) system to the realization of
effectiveness and efficiency in organisation particularly Anchor Insurance
Company Limited. The study is limited to staff of the company as they are the
channel of accessing information.
1.7 ASSUMPTION
For the
study to achieve the aim and objective the researcher outline the following
assumption:
It is
expected that the respondents will co-operate with the researcher by accepting
to complete and return the questionnaires within time schedule.
That atleast
80% of the distributed questionnaire would be promptly completed and returned.
That the
questionnaires questions were made valid and consisted.
That the
sampling procedure were not bias.
DEFINITION
OF TERMS
Accounting
Policies: Are those basic rules principles conditions and procedures adopted in
preparing and presenting financial statement. Judgment is required in the
choice of accounting policies, which use appropriate to the circumstance of an
enterprise and are best suited to present financial position.
Accounting
Information: is the data that are found in financial statement.
Accounting
Period: it refers to the time span usually one year covered the financial
statement.
Accounting:
is a discipline which provides financial and other information essential to the
conduct and evaluation of the activities of any organisation.
Accounting:
is a person whose profession is to keep and examine business account” and also
said to be one who basically deals with the recording, planning and control of
financial transaction whether income or expenditure.
Accounting:
Is a statement of dealing expressed in words and figures according to
bookkeeping form.
Balance
Sheet: is a classified summary showing the balance remaining in the ledger
after the presentation of the profit and loss account (Etukudo, 1975). It shows
the assets, liabilities and proprietor’s interest at a point, in time Cashine
and Lerner (1991) define a balance sheet as “a statement showing the asset,
liabilities and capital of a business entity at a specific date” it is called a
statement of financial position or statement of financial condition.
Bookkeeping:
According to Etukudo (1975) Bookkeeping is the art of keeping business
transaction in such a manner that a financial position of business can be
ascertained at any time.
Budget:
Hornby (1977) define budget as “an estimate of the future income and
expenditure. It is also defined by NASB (1984) “as a financial or quantitative
statement prepared and approved prior to a defined period of time, for the
policy to be pursued during that period for the purpose of attaining a giving
objective it may be income expenditure and the employment of capitals.
Profit and
Loss Accounts or Income Statement: This shows the net profit or loss, which is
difference between the gross profit plans any other income and the total
expenses. The resultant balance, which may be a profit or loss is transferred
to the capital account (Etukudo, 1995).
Note of
Account: It usually form an integral part of financial statement and provide
details on supplementary information is respect of items disclosed in the
balance sheet and the profit and loss account (Weilgeband, 1973).
Cost
Accounting: The application of costing and cost accounting principles, for the
purpose of classifying analyzing recording, standardizing, forecasting,
interpreting and recommending the data for the purpose of cost control aiding
HOW TO GET THE FULL PROJECT WORK
PLEASE, print the following instructions and information if you
will like to order/buy our complete written material(s).
HOW TO RECEIVE PROJECT MATERIAL(S)
After paying the appropriate amount (#5,000) into our bank Account
below, send the following information to
08068231953 or 08168759420
(1) Your project topics
(2) Email Address
(3) Payment Name
(4) Teller Number
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 2023350498
Bank: UBA.
FOR MORE INFORMATION, CALL:
08068231953 or 08168759420
AFFILIATE LINKS:
myeasyproject.com.ng
easyprojectmaterials.com
easyprojectmaterials.net.ng
easyprojectsmaterials.net.ng
easyprojectsmaterial.net.ng
easyprojectmaterial.net.ng
projectmaterials.com.ng
googleprojectsng.blogspot.com
myprojectsng.blogspot.com.ng
https://projectmaterialsng.blogspot.com.ng/
Comments
Post a Comment