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THE IMPACT OF PUBLIC
SECTOR ACCOUNTING IN NIGERIA FINANCIAL CONTROL SYSTEM
ABSTRACT
This research was aimed at finding out the impact of public
sector accounting in Nigeria financial control system using Esan south east
local government area of Edo state as a case study. The purpose was to find out
if the control of public fund adopted by the local government is appropriate,
to determine whether the public sector accounting principle applied by the
local government is appropriate and effective and also to investigate whether
the source of revenue to the local government is enough for them etc. The
population size used was the staff and members of Esan south east local
government area of Edo state, out of which the
sample size
was selected using
the
Data for this study were primarily and secondarily sourced.
Chi-square was used to analyze the responses gotten from the distributed
questionnaires. The findings made in this study are; the public accounting
principles applied by the said local government area is inappropriate and
ineffective and the control of public fund measures adopted is also
inappropriate etc, based on the findings, it was concluded that the public
sector accounting principles applied by the local government is inappropriate
and also the control of public fund measures adopted was inappropriate.
Recommendations were also made based on the findings which are, an account
committee should be set up to control the accounting system of the said local government
and monitor their day to day activities etc and when this is met, the goal of
creating the local government will be achieved.
7
TABLE OF CONTENT
PAGE
Title
page-------------------------------------------------------------- ------- --
i
Approval page
-------------------------------------------------------- ----------
ii
Dedication
------------------------------------------------------------- ---------- iii
Acknowledgement
--------------------------------------------------- -----------iv
Abstract
---------------------------------------------------------------- -----------vi
Table of content
------------------------------------------------------- ----------vii
CHAPTER ONE: INTRODUCTION
1.1 Background of
the study-------------------------------------------------1
1.2 Statement of the
problem -----------------------------------------------3
1.3 Objectives of
the study--------------------------------------------------4
1.4 Research
questions-------------------------------------------------------5
1.5 Formulation of
research hypotheses -------------------------------------5
1.6 Significance of
the study--------------------------------------------------6
1.7 Scope of the
study---------------------------------------------------------7
1.8 Limitations of
the study.--------------------------------------------------7
8
CHAPTER TWO:
REVIEW OF RELATED LITERATURE
2.1 The concept of
public sector------------------------------------------- ----9
2.2 Overview of
public sector accounting ----------------------------------12
2.3 Peculiarities of
public sector accounting -------------------------------13
2.4 Appraisal of
Nigeria financial control system--------------------------19
2.5 Objectives of
Public Sector Accounting--------------------------------22
2.6 The role
of public sector accounting in Nigeria financial control
system.----------------------------------------------------------------------24
2.7 The
historical background of Esan South East LG--------------------26
2.7.1 Sources of
revenue to Esan south east LG-----------------------------26
2.7.2 Functions of
Esan South East LG---------------------------------------27
2.7.3 Controls of
Esan South East LG ---------------------------------------30
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY
3.1 Research
design-----------------------------------------------------------33
3.2 Sources of data
-----------------------------------------------------------33
3.2.1 Primary
data---------------------------------------------------------------33
3.2.2 Secondary data
-----------------------------------------------------------34
3.3 Population of
the study---------------------------------------------------34
3.4 Sample size
determination -----------------------------------------------34
3.5 Sampling
technique ------------------------------------------------------35
3.6 Research
instrument used-------------------------------------------------35
9
3.7.1 Reliability of
research instrument --------------------------------------36
3.7.2 Validity of research instrument
used------------------------------------36
3.8 Method of data
treatment and analysis----------------------------------36
3.9 Area of the
study---------------------------------------------------------37
CHAPTER FOUR: DATA PRESENTATION AND ANAYSIS
4:1
Data presentation/Analysis
------------------------------------------------38
4.2
Test of hypotheses
-------------------------------------------------------
47
CHAPTER FIVE: SUMMARY
OF FINDINGS, CONCLUSIONS
AND RECOMMENDATIONS
5.1 Summary of the
findings -------------------------------------------------55
5.2 Conclusion
-----------------------------------------------------------------56
5.3 Recommendations
---------------------------------------------------------57
BIBLIOGRAPHY-----------------------------------------------------------------59
APPENDIX /
QUESTIONNAIRE----------------------------------------------62
10
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Public sector is that sector of the economy established and
operated by government and its agencies distinguishable from the private sector
and are organized on behalf of the whole citizens while Public sector accounting is the process government agencies and municipalities use to
record financial transactions.
Mathias, (2004:78). Said, similar to private sector
accounting in theory, the focus of
public sector accounting is somewhat different. Most government agencies and
municipalities need to track funds generated from tax revenues and expenditures
related to projects or appropriations. In addition, nations may need to follow
a set of standard of accounting principles
different from private sector accounting rules. The creation of an
international accounting standardhelps
nations to follow similar rules in other
to present information in a similar manner.
Government accounting
typically uses a set of rules that tracks financial information. Rather than
attempting to determine how much money a public sector entity has made, the
entity must report financial information to interested parties, primarily
constituents. The separation of money into these funds makes it difficult for
government agency or municipality to spend money on unauthorized purposes.
Elected officials or legislatures
11
must create appropriations or spending authorizations to
transfer funds amongst government fund accounts. This process attempts to
restrict the spending of money on a free-will basis that will quickly deplete
an agency‟s resources
Similar to private
sector accounting, public sector accounting principles often seek to lay a
framework for accounting practices.
Afolabi,( 2004:320). Said rather than creating a hard set of
rules to follow, the principles allow for an application of basic principles to
either large and small entities or municipalities. An international set of
accounting principles is also necessary for smaller nations to learn and adopt
rules that will enhance their internal national accounting process. Most times,
developing nations cannot or do not have the resources capable to create and
instil a framework for their public sector accounting practices. Adopting an
international set of accounting rules will help them overcome this problem and
typically helps them start on the path better infrastructure development.
Another purpose of public sector accounting is to create a
standard expectation of ethics and accounta information. Standard public accounting principles will also make
it easier
for a nation to undergo an
audit. it is also harder for countries to hide inappropriate financial
transactions when using public sector accounting principles. This research
study will therefore appraise the impact of public
12
sector accounting in Nigerian financial control system
focusing on Esan
South East local government.
1.2
STATEMENT OF THE PROBLEM
The problems inherent
in this research
study as investigated
by the
researcher are;
1. INADEQUATE
REVENUE: that is, the source of revenue available to Esan South East Local
Government authority most often is not enough for them, as this invariably
affects diverse activities that are carried out in the local government area.
2. Poor
administration of local government funds.
3. Another problem is
the fact that the control of public fund adopted by the local government is
inappropriate. It is as a result of this that there are still setbacks in the
local government as regards to infrastructural development.
4. The adoption of
inappropriate and ineffective public sector accounting principles and
guidelines.
5. Another problem
is that the accounts of the local government are characterized by inadequacies
such as, improper maintenance and book keeping of accounts and other necessary
records, embezzlement of public funds especially by the top officials.
13
1.3
OBJECTIVES OF THE STUDY
The main objective of this study is to appraise the impact of
public sector accounting in Nigerian financial control system and also to aid
local government improve on their revenue generation and collection to that
point where all collectable revenue are actually collected and safely paid into
the council treasury.
Other objectives include the following:
1. To investigate
whether the sources of revenue available to Esan South East Local Government
authority is enough for them.
2. To find out whether
the revenue generated within the local government is put into good use.
3. To ascertain
whether the control of public fund adopted by the local government is
appropriate.
4. To determine if
the accounts of the local government are characterized by inadequacies such as,
improper maintenance and book keeping of accounts and other necessary records,
embezzlement of public funds especially by the top officials.
5. To examine if
the public sector accounting principles applied by the local government is
appropriate and effective and also to recommend strategies by which the local
government can use in detailing out funds and prevent revenue leakages.
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