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THE IMPACT OF FINANCING ACCOUNTING
INFORMATION ON DECISION MAKING PROCESS
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY.
At
independence, Nigeria joined the committee of nation with the hope for a better
tomorrow. We were able to feed ourselves and were of course almost
self-sufficient. Subsequently our hopes seemed unattainable. We seem to be
going deeper and deeper into the woods. The consensus is that it has been bad
for Nigeria.
Due to the
adverse economic condition prevailing in the country many businesses have
closed, shops and even financial institutions are being declared distressed at
alarming rate. Businesses that are yet to be submerged or that want to stay
afloat employ all kind of strategies. Some increase price, adopt promotional
tools, engage in aggressive marketing etc. whereas others goes for an odd
combination of activities and even undergo different kind of small business to
survive.
Any business
or individual that wants to survive must make the right decision. The era of
mile of thumb is gone; employing it is a sure way to fail absurdly.
The price of
any conceivable item from garri and bread to radio and book not to mention
petrol has been soaring in geometric proportions over the year. The economy is
truly in distress. These compounds and complicates intricate are the problem of
the organisation vis-à-vis effective planning and decision making processes.
Other factors such as stagflation, taxation, economic and political problem are
the major problem which affects information and decision making. The future
orientation is what most company and bank get from making accounting decision
.the computation and interpretation of analytical ratios from financial
statement enable bank to determine their operation trends and provide a basis
for management decision making.
Other users
of financial analysis are used in making financial decision and achieving the
goal of sustainability determines compliance with regulatory requirements.
Financial analysis is an investment that has positive return in the future on
how decision will be made, how to manage the finances to achieve the strategic
goals of the institution through decision making.
Many people
think that accounting as a highly technical field which can be understood only
by professional accountants actually nearly everyone practices accounting in
one form or the other. In modern times, management require a wide variety of
information to successfully accomplish its aim and objectives.
This
information is mainly determined by the element of uncertainty about the future
and lack of knowledge about the present. Some of these decisions are of strategic
importance having a large impact on the business, others are routine operating
decision. Therefore accounting information is based on laws and regulations
governing the handling of accounting report contained in the financial reports
of organisation.
Making the
right decision depends on the possession of appropriate, accurate and up to
date information provided and presented in a meaningful way. This study set out
to examine the contribution of sound accounting system in providing the
management with financial and other information basis for dealing with decision
problems that arises from their organisational operations.
1.2
STATEMENT OF THE PROBLEM
Basically,
the nature of manufacturing business compels it to carry out a great deal of
book-keeping records based on accounting principles and information provided
with the perpetual increase in the number of consumer of manufactured products,
it has become necessary to devise a systematic mean in handling the resultant
book-keeping and accounting activities.
A lot
criticism has always been made about the service of the organisation, consumers
complain of low quality product while employers complain of lack of promotion
inadequate salaries, lack of training etc.
Furthermore,
the major challenge facing every financial institution business, organisation
of today is market relevance. On-going fundament at changes in the global
politics, economy and emerging competitions particularly challenges proper and
adequate contemporal accounting information for management decision making. The
company itself tries to coordinate all these challenge effectively and
efficiently so as to minimize any anticipated and unanticipated pitfalls. If a
sound and effective accounting system is applied property by the manufacturing
organisation, the difference will be clear.
Improper
attention to the accounting system and handling of accounting information has
given birth to the under mentioned problems. Poor planning Result to poor
decision making.
Poor
organisation and control of business activities and unsatisfactory service to
its customers. Poor decision making in administrative activities of the
organisation.
1.3
OBJECTIVE OF THE STUDY
The
objectives of the study are as follows;
1. To
determine whether there has been problem in generating and utilizing accounting
information necessary for management decision making.
2. To
ascertain the extent in which accounting information generated by accounts
departments has contributed in decision making process.
3. To
ascertain the extent accounting information has effectively performed or
fulfils the basic roles of cost minimization, proper allocation of scare
resource and improvement in the production.
1.4 RESEARCH
QUESTION
1. Are there
problem in generating and utilizing accounting information necessary for
management decision making process?
2. To what
extent does accounting information generated by accounts department contributed
in decision in making process?
3. To what
extent does accounting information has improved effectively performed or fulfil
the basic roles of cost minimization, proper allocation of scare resource and
improvement in the production?
1.5 RESEARCH
HYPOTHESIS
NUMBER ONE
Ho: There
are problem in generating and utilizing accounting information necessary for
management decision making.
H1: There
are no problems in generating and utilizing
accounting
information necessary for management decision making.
NUMBER TWO
Ho
accounting information generated by accounts department has not contributed in
decision making process.
H1
Accounting information generated by accounts department has contributed in
decision process.
NUMBER THREE
Ho Accounting
information has not improved effectively performed or fulfil the basic roles of
cost minimization, proper allocation of scare resource and improvement in the
production.
H1
Accounting information has improved effectively performed or fulfil the basic roles
of cost minimization, proper allocation of scare resource and improvement in
the production.
1.6 SCOPE
AND LIMITATION OF THE STUDY
The research
cannot treat all aspect and kind of accounting information because the field is
simply too wide. So only those relevant to these studies were dealt with as per
need- ratio analysis, cost-volume- profit analysis, absorption and marginal
costing, the contribution margin standard costing and variance analysis, linear
program.
The
availability of correct and up to data is not easy, even when available; one
still encounters wholly unnecessary bottlenecks due to our socio – cultural
background vice versa disclosure of information and bureaucracy. So this
constituted an impediment to this research work.
Financial
and time constraints were seriously encountered by the researcher.
Computational procedures of various accounting information or tools are outside
the scope of the work. However, those deemed necessary may be treated.
It is
impossible to cover all the companies, firms and other business outfits in
Nigeria
As a sample
of the two companies in Enugu state were scheduled and inferences made from
these.
Though
deliberate effort is being made, to have a work wile study with sufficient
validity and reliability. This work should not be viewed as a final solution to
impact of accounting information on decision making process. There are
limitations on resources for reference purposes especially responses on
collection of data, many respondents give bias responses probably because of
job protection, officer’s name and image protection, personal reluctance,
unnecessary fear of legal implication and so forth.
1.7
SIGNIFICANCE OF THE STUDY
This
research study will help to maximise the beneficial impact of accounting
information on the decision making process of an organization. This boosts the
profitability of the organization as well as ensuring its continuity as a
business entity.
It will help
in the efficient allocation of scare resources that have alternative being use
as well as increase productivity thereby uplifting the standard of living. It
will review the improvement in the organization or company handling the
accounting information and show equally the ways through which improvement
could be accomplished.
In fact, all
interested groups like shareholders, employers, investors, creditors,
government etc will benefit immensely.
This project
will equally serve as a reference to student who may be interested to embark on
a research of this nature.
1.8
DEFINITION OF TERMS
EFFETIVENESS:
The total or actual interest paid or earned in a year, expressed as a
percentage of the principal amount at the beginning of the period.
EFFICIENCY:
A measurement of the ability of an organization to produce and distribute its
product. In accounting terms it is qualified by a communism of the standard
hours allowed for a given level of production and actual hour taken.
ACCOUNTING
INFORMATION: This is a system designed to obtain the financial position of an
organization as at the end of the period.
INFORMATION:
Is a processed data used in obtaining detailed data about a particular person,
thing or place.
LEVERAGES:
They are used by companies of its limited assets to guarantee substantial loans
to finance its business.
FINANCIAL
INFORMATION: This is information summarized by a company’s activities over the
last year. They consist of the profit and loss account, the cash flow statement
etc.
ANALYSIS: In
standard costing and budgetary control, analysis of various in order to seek
their causes. The total profit of various is analysed into sub – variance
indicating the major reasons for budged figures.
DEBT: A sum
owned by one person or organization to a person showing that the debt to be
required to be settled within one accounting period.
RATIO: To
put company’s performance in percentage. The use of accounting ratio to
evaluate a company’s operating performance and financial stability.
DECISION
MAKING: This is the end of deciding between alternative courses of action.
Running of a business, accounting information and techniques are used to
facilitate decision models such as discounted cash flow.
IMPACT: This
means the duties responsibilities and functions. As it has to do with work, it
is that fundamental obligation incumbent on the public relations for the
attainment of democratic order in the organization policy.
Accounting:
Is the process of producing needed information regarding primarily the
financial activities of economic entities by Bartho N. Kezee 1996.
The wide
scope of accounting can be recognized when one considers the diversity of
economic entity which cut across sizes and bounders.
Accounting
is the language used to cover the result of the entity’s endeavours, to the
interested parties inform of financial statement and the financial statement
has been identified as follows: Statement of accounting policy. Balance sheet.
Profit and loss account (income statements). Notes on the accounts. Statements
of source and application of funds. Value added statement. Five years
historical summary.
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