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AN APPRAISAL OF
ACCOUNTING INFORMATION SYSTEM AND PROCEDURE IN GOVERNMENT PARASTATALS
ABSTRACTS
This study, accounting information system and procedure in
government parastatals “a case study of Federal Road Safety Commission Abuja”
tends to underscore the importance and relevance of accounting system in
government parastatals as a whole. Good accounting system enable proper
recording of monitor,’ transactions. This aids accountability and transparency
in management of tax payers money allocation to this parastatals. Accounting
system assists government to properly monitor strict adherence to government
polices viz-a-viz the compliance to budgetary allocation to these parastatals.
Decisions are made based on the available facts and figures. Timeliness of
information processes, accuracy of data collection and consistency of
accounting polices adopted help statistical records to enable accurate
forecasting of future events for economic growth and developments.
CHAPTER ONE
1.0 INTRODUCTION
Accounting is often said to be language of business, it is
used in the business world to describe the transaction entered into by all kind
of organization. Accounting terms and ideas are therefore use by people
associated with business, whether they are managers, Lawyers, investor, bankers
and accountants.
The actual record making phrase of accounting usually called
book keeping, so accounting have some for beyond the actual making of records.
Accounting is concerned with the use to which these records are put their
analysis and interpretation.
Therefore, accounting knowledge is required for proper
planning, forecasting, taking vital decision resulting to policies formations
in deriving the corporate objective mission and vision of any organization.
It is the concern of this study, therefore to critically
examine the procedure and account system for proper management of government
assets and liabilities.
1.1 HISTORICAL
BACKGROUND OF THE STUDY
The Federal Road safety commission is an origination that was
established by the Federal government of Nigeria on 18th February 1988 with the
management of chief general staff. Professor Wole Soyinka was appointed the
chairman of the council.
Section 10 of the enabling decree establishing the commission
requires it to keep proper account in form which confirms with accepted
commercial assets and liabilities.
1.2 STATEMENT OF THE
PROBLEMS
Various organization operate are system of accounting or the
other and the accountants produce the conventional accounting information that
is the balance sheet and the profit and loss account to management. There is
the problem of some managers thinking they can operate and make decision
without the information provided by the accountants and some accountant too
think managers cannot take effective decision without the information provided
by them. Therefore there is a short of conflict on the relevance or
relationship of the decision taken by management and accounting information
provided by the accountant.
In addition, some shareholders (both the literate and
illiterate) still have the belief that to have a standard accounting department
with a qualified accountant in their organization is nothing short of a
wasteful exercise.
To these categories of people, accounting only involve the
recording of money the comes in and was expanded which they believe anybody or
any employee can do with ease. Therefore there is a sort of readiness in the
part of these set of people to know the relevance of accounting information
system and its procedure in selected government parastatals.
1.3 OBJECTIVE OF THE STUDY
The main objective of this study is to make proper analysis
of accounting system and procedures in government parastatals with particular
reference to Federal Road Safety Corps in order to determine the extent to
problems area is complain with relevant accounting standard, other objectives
include the following
To know the effect of the problems in planning and
forecasting.
How government fiscal policies are alienated with the
existing system and procedure to move the commission forward.
To suggest solutions / amendment to defective areas in the
current system for proper management of the public fund.
1.4 RESEARCH QUESTION
An appraisal of accounting information system and it
procedure is a wide topic. Therefore, it become necessary for the researcher to
narrow the research case study. The data collected is validity authentic and
firm. The organization used as a case study and other related texts.
In order to be able to draw a conclusion on this research
postulate some tentative proposition in form of question which when answered
will provide or provide that accounting is the basis of all organizational
decision making. If the procedure is well followed
The following questions have been considered suitable for
this research work.
Does federal road safety commission Abuja have an accounting
department and accounting staffs?
Does Federal Road safety prepare accounting information?
Are the staff professional accountant?
Does accounting information system and its procedure applied
in the preparation of true and fair view financial statement?
1.5 STATEMENT OF
HYPOTHESIS
For the purpose of this study the following hypothesis have
been formulated.
H0: Appraisal of accounting information system and its
procedure in an organization does not make any contribution in an organization
accounting system.
H1: Appraisal of accounting information system and its
procedure in an organization make any contribution in an organization
accounting system.
1.6 SIGNIFICANCE OF THE STUDY
The study is aimed at knowing the relevance of accepting
information system and its procedure in government parastatals. It is also
aimed at establishing whether there is correction between the accounting
information by the accountant and decision made by the federal Road Safety
Commission Abuja.
The parastatals under study that is Federal Road Safety
Commission Abuja.
Students, management and government
The researcher
Students, Management, and government: this write up will serve as a
secondary data to future researchers who intend researching on how accounting
data or information helps in management decision making generally and as they
are been applied in Federal Road Safety Commission in particular. It will also
help students especially those in accounting department in having knowledge of
the practical application of accounting information to management decision.
Federal Road Safety commission Abuja: this study will help
the management of Federal Road Safety Commission Abuja in evaluating accounting
information system and its procedures and based on the result of the
evaluation, take right decision at the appropriate time.
The writer up is of immense importance to the research. It
will enable the researcher know the problems of finance department in putting
together the accounting information also as a staff to the organization, to
know whether to come in and possibly have skill knowledge of how accounting
information affect management decision.
1.7 SCOPE OF THE STUDY
This research work will cover all aspect of accounting system
operating in Federal Road Safety Commission Abuja and the type of information
supplied to the management for decision making. It will also incorporate a
brief but systematic review of related literature. The research work now also
look into the relationship that exist between accounting information system and
its procedure. It should be borne in mind that the research of this write up
covers only accounting information system and its procedure provided by the
accountant to the management of Federal Road Safety Commission Abuja. What is
obtainable in other organization might be different from that of Federal Road
Safety Commission.
1.8 DEFINITION OF TERMS
BUDGET: is a plan of activities and its financial involvement
for a period usually a year.
Advance: Is a payment made a head for the expense of a
planned activity.
Financial Statement: This is a report prepared by a bank
either to its customers or by an organization to its management/board members
explaining the financial position of the business.
Balance Sheet: It is a report that summarized the financial
position and the assets of an organization at the end of the financial years.
Liquidation: Is the report of the money advanced for expenses
at a given time or period.
Salary: Is said to be a specific amount of money paid to a
payment staff of any organization at the end of every month.
Wages: Is money paid to casual workers, pending the hour they
put to work.
Loan: Is a borrowed money that usually attract interest, with
an agreement to pay back either installmentally for a particular period. It
could be long or short term loan.
Payroll: Is used for the preparation of salaries and wages of
employees.
Interest: Is small amount of money set aside to meet petty
cash payment, the voucher of it can be presented to a sub-accountant
immediately.
Finance: Is the management of money in such a way that it
could be provided for necessary used and as at when required.
Interest retails additional money added to individual who
borrowed money from banks or in work place. The rate normally comes in
percentages.
Planning: Is the process of setting organizational goal and
objective and means of achieving the objective.
Controlling: Is a process of periodically evaluating actual
performance against plan and taking corrective action when result differ from
original objectives.
Strategy: Is define as a course of action including the
specification of resources required to achieve a specific objectives.
Basic Control: These are control essential for ensuring the
accuracy reliability and completeness of accounting record.
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