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ACCOUNTING INFORMATION
SYSTEM AS A MEANS OF ENHANCING FINANCING MANAGEMENT OF TRANSPORT COMPANY
ABSTRACT
Accounting information system in a transport organization has
been a great problem to the third world countries in general, which Nigeria as
a country has its own share. This research work, “Accounting information system
in a transport organization, suggests ways of minimizing the effects of the
problems of inefficient accounting information. It is believe that an
improvement in this regards will enhance the performance of the corporation. To
enable the researcher find solution to the problem of this study, some
questions were raised in the form of hypotheses, which were developed
comprising the null and alternative hypotheses. The methods of data collection
were primary and secondary data method. The data collected were analyzed by use
of simple percentages while chi-square was used to test the hypothesis
formulated for validity. Findings show that accounting information is an
indispensible tool in the management of Nigeria Railway Corporation and the
activities of unqualified and incompetent accounting officers are responsible
for the performance of the accounts departments in Nigeria Railway Corporation.
Based on the findings, the researcher concludes that the accountant should put
more efforts especially when computing the financial statement since accounts
fraud result from ignorant of proper accounting procedures. Since the financial
statement are sources of document of accounting information, efforts should be
made in generating more relevant, timely, effective and accurate accounting
information necessary for prevention or detection of fraud.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The Nigerian Railway Corporation (NRC) has been in existence
for years. It is regarded the largest transport corporation in Nigeria and has
a high network operations.
The Nigerian railway corporation is One Hundred and Fourteen
years (114) old and it runs a unilaterally designed track system of 1067mm
charge gauge. Only 30km of its track distribution is in double track and that
is within Lagos area.
Nigerian Railway Corporation actually commenced rail business
activities with the construction of the first rail line from Lagos to Ibadan
193m between 1998 and 1901. By 1964 when the construction of 640km
Kano-Maiduguri rail line, then known as Bornu extension, was completed, the
present core of the railway network hard been put in place.
Presently, the railway system is made up of 3’505 route
kilometers and 4332 track kilometers. In addition to this is the 19km 1067mm
gauge extension from Port-Harcourt to one deep sea port and the 277km standard
gauge rail construction of 1435mm from Ajaokuta to Warri. Nigerian railway was
transformed from its first and initial name.
“Government Department of Railway” to Nigerian Railway
Corporation in 1955 through the instrumentality of the statutory act of
parliament which, apart from changing the name of the railway industry in
Nigeria, equally conferred on it absolute monopoly as the institution
recognized by law to carry out railway services.
The general aim and object of the statutory act of parliament
of 1955 for Nigerian railway is to recognize same as carrying out its function
of effecting “carriage of passenger and goods in a manner that will offer full
value for money, meet cost of operation, improve market share and quality of
services, ensure safety of operation and maximum efficiency, meet social
responsibility in a manner that will meet the requirements of rail after,
trade, commerce, industry and general public”.
The headquarters of the corporation is located at Ebute-metta
in Lagos state while the entire network is for administrative convenience,
divided into seven autonomy districts viz.Lagos (Ebute-Metta junction), west
(Ibadan), north (Zaria), east Enugu), North-west (Minna), north- central
(Kanfanchem) and North-east (bauchi)
The railway system has been undergoing same rehabilitation
and modernization with the full political and financial support of the federal
government through the federal ministry of transport. The rehabilitation of the
railway system includes track spot removal of Lagos to Kano and Maiduguri to
port-Harcourt, supply of 25 new locomotive engines from brazil south America to
boost the registry motive power base of the corporation, up grading of the
signaling and telecommunication system from manual to semi automatic, as well
as rehabilitation of carriage and wagon workshops, re-equipping the workshops,
supply of service support (spare part consumables), strategic rebranding of the
corporation, rehabilitation of stations and marshalling yards inter alia.
Equally, new railway lines are being constructed in standard
gauge (1435mm). These include: Ajaokuta-Warri of 277km, Kaduna-Abuja (Idu) line
of 186km while the scope of work for Lagos-Ibadan segment is under review
together with its cost implications.
The Nigerian Railway Corporation has contributed amenably
towards the improvement of social life and the development of the national
economy. This is through to be extended to every part of the country that is
the haven stages which will lead to permanent prosperity confident was such an
ultimate triumph of the railways.
However, regardless of the huge success made by the
corporation, it is facing a hard time.
1.2 STATEMENT OF PROBLEMS
Nigeria Railway Corporation which dominated the transport
sector of the economy in the sixties is presently being delegated by other
means of transport such as road transport, sea, and air transport. The
corporation has lost her passengers and freight mainly to road transport; this
is because of inability of the corporation to compute effectively in order to
meet the age longed challenges.
Ordinarily there should have been growth in both road and
railway transport but the railway transport seems neglected. The truth of the
matter is not just neglected, but a problem of cash flow difficulty and
management these affect the purchase of spare parts, repair, payment of
salaries, inadequate infrastructure support and enhance service rendering.
Given the above condition of the Nigerian Railway Corporation
in the nations transport industry, the problem which looks for detailed
analysis and solution includes the following questions.
1. Is the accounting information used in the corporation
adequate for managements short and long term plans?
2. Have the accounting officers in the corporation has the
needed professional skills to cope with demands of the job?
3. Is there any serious effort made by the corporation to
boost operation?
4. Do the accounting officers perform their duties without
the interference of the management?
5. What is the mode of approaching the chief accounting
officer of the corporation?
Answer to these questions above constitutes the basic problem
of the researchers work.
1.3 OBJECTIVES OF THE STUDY
Bearing in mind the above mentioned problem study is aimed at
finding out among other things such as:-
1. The organization of accounting department in Nigerian
Railway Corporation with particular interest in the eastern division of the
corporation and how the accounts department contributes to the achievement of
overall goals for the corporation.
2. Whether the accounting information system is actually one
of the effective management tools in the railway corporation.
3. Whether the accountants in the corporation adequately
perform their duties in conformity with the statement of accounting standards
(SAS)
4. In where the tools of the accounts department to the
performance of the individual workers in term of their output.
1.4 RESEARCH QUESTIONS
Despite the problem mentioned above concerning the Nigerian
railway corporation, these questions are been asked towards their accounting
department.
1. Dose the account department of railway corporation Enugu
contribute to the achievement of the overall goals of the corporation?
2. Is the accounting information system actually one of the
effective management tools in the railway corporation Enugu?
3. Dose the accountants adequately perform their duties in
conformity with the statement of accounting standards?
4. What are the tools of the accounts department to the
performance of the individual works in terms of their output?
1.5 HYPOTHESIS OF THE STUDY
The following hypothesis where postulated as a guide to the
researcher:
1. Ho:- accounting information is not an indispensable tool
in the management of Nigerian railway corporation.
HI:- accounting information is an dispensable tool in the
management of Nigerian railway corporation.
2. Ho:- The activities of unqualified and incompetent
accounting officers are not responsible for the poor performance of the
accounts department in Nigerian railway corporation.
HI:- The activities of unqualified and incompetent accounting
officers are responsible for the poor performance of the accounts department in
Nigerian railway corporation.
3. Ho:- The absence of computer system application dose not
affects the timeless, accuracy and availability of accounting information
system in Nigerian railway corporation.
HI:- The absence of computer system application affects the
timeless, accuracy and availability of accounting information in Nigerian
railway corporation.
1.6 SIGNIFICANCE OF HE STUDY
The role of accounting information system in the management
of large business organization cannot be over emphasized. It is based on the
fact that the research is to study and appraise accounting information system
as a tool of management using the Nigerian Railway Corporation Enugu as a
possible ways of minimizing the problem for better and enhanced performance as
the corporation.
The knowledge about these problems and their way out will
help remedy other transport corporation in similar state. This study is to make
recommendation that would boost the operation performance of the account
department in the Nigerian Railway Corporation Enugu if being implemented.
Beside, the study of this work is to help as well as serve as a term of
reference for those who may be interested in using it.
1.7 SCOPE AND LIMITATION OF THE STUDY
This study is on the Nigerian Railway Corporation Eastern
division, the limitation of this study in Nigeria railway corporation eastern
division Enugu. This is due to some constraints; those constraints were
financial difficulties which prevented the running down from one relevant
railway corporation division to another for sources of information necessary
for this study.
Another constraints are the time limit within my disposal,
the demand from the academic activities and limit within this study is to be
presented constitute the constitutes
1.8 DEFINITION OF TERMS
FRIGHTS: This is the volume of revenue acquired by all
haulage of goods by the good train.
PASSENGERS FARE: This complies of the returns made from
ticket sales and penalties by defaulting passengers.
LOLLING STOCK: This include the entire carrying system which
is made up of the locomotive engine, coaches, wagons, (both covered and
uncovered) and tanks. They are used in the haulage of goods and in carrying
passengers.
LOCOMOTIVE ENGINE: This is the enquire mechanism at the head
of the rolling stock that pulls then along the truck in the movement of goods
and passengers trains.
COACHINGS: These are revenue from country’s produce, luggage,
parcel and livestock.
ACCOUNTING INFORMATION SYSTEM
CHAPTER TWO
2.0 LITERATURE REVIEW
Railway industry holding a strategic position in the growth
and economic development of many countries have attracted much attention, and
as such, has consumed a lot of literature both far and near by many people.
Haag S. (2005:36-40)] in his own contribution says that
approximately 90% of the railway revenue are derived from product originating
from or destined for the north. The volume of the foreign.
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