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THE IMPORTANCE OF ACCOUNTING ON
ORGANIZATION’S EFFECTIVENESS
TABLE OF
CONTENT
Title page
Certification
Dedication
Acknowledgement
Table of
content
CHAPTER ONE
1.0 Background of study
1.1 Statement of problems
1.2 Objective of study
1.3 Scope of study
1.4 Limitation of study
1.5 Definition of terms
CHAPTER TWO
2.0
Literature Review
2.1 Nature
of Government accounting
2.2
Procedure for government accounting
2.3
Financial control
2.4 Control
technique
2.5 Treasury
control
2.6
Expenditure control
2.7
Expenditure control
2.8
Department control
2.9 Summary
of related review literature
CHAPTER
THREE
3.0 Summary
3.1 Findings
3.2
Recommendations
Reference
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
Universally, it is well known fact
that the management and control of public fund determine the success of all
governmental activities and it is also at the heart of government
administration hence the need for an acceptable accounting system that will
comprehensively after solution to the accounting problem of the government and
society.
The management and control of public
fund are governed by the finance (control and management) act of 1988. this was
as a result of the constitutional amendment of 1957 which in settee subsection 154A to E into section 154 which
deals with the operation of the consolidated revenues fund. The principles of
this act forms the base of finance act which had s slight change in the 1976 and
1989 constitution. Furthermore government accounting is regulated by section
129, 148 of the constitution laws enacted by government. In power, the fiancé
(control and management act of 1958 and by decrees and acts which were
promulgated into laws.
The federal ministry of finance
performs the duty of management and control of public fund, which is directly
the peculiar responsibility of the treasury now referred to as the office of
the Accountant General. The treasury functions and duties are streamlined to
asset of guide where expenditure and receipts for the year hence, no receipt or
expenditure are transferred to the next accounting period.
The rules and regulation governing
the accounting practices (management and control public funds) are contained in
the financial regulation treasury accounting manual and treasury circulars
According to this financial
regulation (FR 519) the provision stated that “Before making any payment at sub
accounting office will satisfy immensely so far as he is in a position to do so
that
a. The expenditure has been authorized by
warrant and the voucher correctly classified in accordance with the estimates.
b. The information furnished on the voucher
is correct in all particulars, the certificates on the voucher signed by the
proper officer
c. All proper deductions from salaries or
pension accounting of contribution repayment of advances or other liabilities
have been duly made.
These basic
functions are services rendered by the treasury.
1.1 STATEMENT OF THE PROBLEM
The treasury as a custodian of public
fund is responsible for providing a retailed of all public and that federal
ministry/Department being part of the treasury is also vested with same
responsibility.
However, the treasury is faced with
number of problems that tend to under the effectiveness of accounting system.
The following problems are therefore
identified with a view to finding this solution so that credible accounting system
will re-sure.
a. Inadequate staying
b. Inadequate method of revenue collection
and control
c. Delay in the preparation of final account monthly transcript
d. Delay in the preparation of bank
reconciliation statement
e. Late remittance cash transfers
Consequently,
this research work is intend to find solution to these problems that militate
against the efficient and effective implementation of accounting systems in the
government treasury.
1.2 OBJECTIVE OF THE STUDY
Reference to the numerous problems
facing the treasury in the quest to have an effective accounting system in
pursuance of nations building this work is aimed at ascertaining the importance
and significance of this government accounting system an identify causes of
this ineffectiveness.
More so, this study is aimed at
analyzing the following
a. The role and responsibility of the
accountant general office in ensuring this, an effective accounting system and
proper accountability for public funds
b. The importance of accounting principles on
the government and the public in general with regards to its effectiveness.
c. The extent of compliance with financial
regularities and treasury circulars on disbursement of fund by persons or
authorities entrusted with such responsibility determining the extent and
damage which fraud misappropriation and embezzlement of such public fund have
caused and persisted in the organization.
d. Funding solution by not any minimizing but
eliminating such bad practices completely.
e. The cause of delay or absolute neglect in
the implementation of the accounting principles, rules and regulation.
f. Investigate to what extent under staying
or inexperience and unskilled stay have contributed to poor output of the
treasury.
1.3 SCOPE OF STUDY
This study covers the
responsibilities and duties of federal ministry/department and implementation
of the accounting principles rules and regulation for effective and efficient
performance . the duties includes the compliance to the treasury requirement,
the enforcement of the rules and regulation. In the financial regulation so as
to always produce proper and credible account of public fund. The importance
and effectiveness of this accounting system to the organization and finally the
shortcoming of the accounting system on organization of any.
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