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ACCOUNTING SYSTEM IN COMMUNITY
BANKING (A Case Study Of Ogui Urban Community Bank Nigeria Limited)
Table Of
Content
Title Page
Acknowledgement
Dedication
Abstract
Table Of
Content
Chapter One
1.0 Introduction
1.1
Statement Of The Problems.
1.3
Significance Of The Study
1.4
Statement Of Hypothesis
1.5 Scope Of
The Study
1.6
Limitation Of The Study
1.7
Definition Of Terms
Chapter Two:
2.0 Review
Of Related Literature
2.1
Historical Background Of Ogui Urban Community Bank Nigeria Limited.
2.2 Meaning
Of Accounting System
2.3 Banking
Operation In Ogui Urban Community Bank Nigeria Limited.
2.4 Uses Of
Accounting Information Providing By Community Banking.
2.5 Balance
Sheet Structure Of Ogui Urban Community Bank Nigeria Ltd Enugu.
2.6 Benefits
Of Proper And Adequate Record-Keeping In Business.
2.7 Effect
Of Inadequate Accounting System Community Banking.
Chapter
Three
3.0 Research
Methodology And Design
3.1 Sources
Of Data.
3.2
Population Of The Study
3.3 Location
Of Data
3.4 Method
Of Investigation
Chapter Four
4.0 Data
Presentation, Analysis And Interpretation
4.1 Analysis
Of Response To Questionnaire
4.2 Summary
Of Responses From Interview Questionnaire.
4.3 Test Of
Hypothesis
Chapter Five
5.0 Summary
Of Findings, Conclusion And Recommendation.
5.1 Summary
Of Findings:
5.2
Conclusions
5.3
Recommendation
Bibliography
Questionnaire
CHAPTER ONE
1.0
INTRODUCTION
Accountancy
embraces the installation of book-keeping and accounting systems, the writing
up of account and the preparations of every kind of financial statement from
the simplest receipts and payments of small club to the published accounts of
large public companies. It is one of the main work of the accountant in
practice to provide client both large and small with necessary advice as to the
most appropriate accounting system to in tall what will provide management with
up-to date information.
According is
always said to be the language of business. Every organization including bank
registered under the Nigerian company law, having statutory responsibility f
profit and loss account together with statement of the assets and liabilities
at the end of its accounting period, to its members shareholders, the public
and other users including the government. Accounting system means the system of
recording financial transactions in an organization. It could also be referred
as an internal control system in an organization depending on the nature of
business undertaken by the organization. This is because financial transactions
are qualified in monetary terms and this requires proper recording of receipts
and payment of funds. It is worthy to note here that any default in the
accounting system of an organization could lead to business failure.
In addition,
banks by virtue of nature of its services dealing with money are expected to
maintain an-up-to-date record of its transactions with or on behalf of its
customers.
However, in
community banking, this responsibility can be effectively discharged if there
is an adequate system of account put in place for recording day to day
transactions of the bank. Besides, accounting is not only concerned with
recording of transactions but also with the use to which the records are put,
their analysis and interpretations for use in making decisions not only for the
management usefulness but also to the members and would be investors,
government agencies etc.
Recent
researchers have shown that one of the main causes of indigenous business
failure in the country is due to the failure to maintain proper accounting
records. Therefore, these purposes can only be achieved in the light of good
design and application of sound accounting system. Thus, the scope of this
research work is to make appraisal of relevance and adequacy of accounting
system in community banking using “Ogui Urban community bank Nigeria ltd as a
cases study.
1.1
STATEMENT OF THE PROBLEMS.
Accounting
being a profession referred to as service activity and accounting as often
termed to be the language of business, therefore the importance of accounting
system in any organization cannot be overemphasized. The objectives of
providing accounting information for decision making cannot be achieve if there
is no adequate accounting system in place. In the course of this research work,
the following problems will be considered:
i. The
effects of inadequate accounting system in banking operation.
ii.
Unavailability of timely accounting data.
iii. The
falsification of account in the banking sector.
iv.
Nonchalant attitude of the management towards the information provided by the
accounting system.
v. Poor
decision-making
vi. Poor
accounting record
vii. Poor
audit problem
1.2 OBJECTIVE
OF THE STUDY
The study
will aim to accomplish the following objectives:
i. To
determine the impact of accounting system in community banking.
ii. To
determine whether the strategies used by community bank in their accounting
system have been very efficient and effective.
iii. To
evaluate the factors that will limit the efficacy of community banks in their
efficient application of accounting system in their banking operations or
activities.
iv. To
assess the role9s) of accounting system in proving the activities of community
bank.
v. To assess
whether they have efficient and effective machinery to implement her planned
programmes.
vi. To find
out whether accounting system will provide timely accounting data for
management decision making.
vii. To find
out whether it will facilitate banking activities.
viii. To
make recommendations on how to enhance the efficiency and effectiveness of
accounting system in community banking.
1.3
SIGNIFICANCE OF THE STUDY
As it is a
known fact that accounting system plays very important role in the life of a
business organization, it is termed the determinant factor which determines
whether business would fail or survive depending on the manner in which the
particular organization records its financial transactions. Therefore, the
significance of this project research work is to provide:
i.
Management with the importance of accounting information towards ensuring
profitability and efficiency in business management.
ii. The
relevance of accounting system in community banking.
iii.
Evaluation of the role(s) played by management in ensuring adequate accounting
system in banking operation.
1.4
STATEMENT OF HYPOTHESIS
The
following hypothesis forms the basis or the framework for carrying out this
research study.
Ho:
Accounting systems have no impact in community banking.
Hi:
Accounting systems have impact in community banking.
Ho: The
strategies used by community banks in her accounting system have not been very
efficient and effective.
H2: The
strategies used by community banks in her accounting system have been very
efficient and effective.
Ho: Ogui
Urban community bank have no efficient machinery to implement her planned
programmes for efficient accounting system.
Ho: Ogui
Urban community bank have efficient machinery to implement her planned
programmes for efficient accounting system.
1.5 SCOPE OF
THE STUDY
The study
will be limited to “Ogui Urban community bank Nig. Ltd here in Enugu”. The
research cannot cover the entire population of the bank hence, a sample will be
drawn from selected department in the bank.
1.6
LIMITATION OF THE STUDY
The major
factors limiting the extent of this research work are time available for the
conduct of the research and inadequate financial resources and those
encountered in the course of data collection.
1.7
DEFINITION OF TERMS
i. Deferred
tax: This is defined to include taxes due on income which is not taxable within
12 months of the current year as a result of differences between the tax
profits and the reported profit.
ii. Deposits:
This means all deposit liabilities of banks including other accounts and
placements by other banks, current and time deposits.
iii.
Dividend: This is referred to the total dividend paid to either the ordinary
shareholders or the preference shareholders.
iv. Earnings
per share: This computed as profit after taxation less preference dividend by
the number or ordinary and founders shares outstanding. To enhance
comparability, all shares are assumed to have a per value of one Naira.
v. General
Reserves: This includes allover reserves like profit and loss balances exchange
revaluation reserves and other reserves.
vi. Interest
margin: This is the net of interest income received and paid.
vii.
Investment: This includes investment in all calls money, fixed deposit,
negotiable certificates of deposits with other banks, bankers acceptances,
quoted and unquoted investments.
viii. Loans
and advances: All loans and advances given to customers, the advances net of
provision is used.
ix. Lateral Acquisition:
This is the investigating in other types of business apart from banking.
x. Bills of
Exchange: This simply means an unconditional order writing address by one
person to another signed by the person giving it, requiring the person to whom
it is addressed to pay on demand, or at a fixed or determinable future time, a
sum certain in money to, or to the order of a specified person or to the
bearer.
xi. Cheque:
A Cheque may be defined as a bill of exchange drawn on a banker payable on
demands.
xii. Drawee:
This is the bank on whom the cheque is drawn.
xiii. Payee:
This is the beneficiary of an order cheque or the bearer of a cheque.
xiv. Open
cheque: An open cheque is one that can be cashed over the canter.
xv. Cross
cheque: A crossed cheque is one that cannot be cashed over the canter, it has
to be paid into an account.
xvi. Profit
after taxation: This is profit before taxation. Less taxation charged.
xvii.
Capital Reserves: This includes all reserves that is no longer available for
distribution as cash dividends like loan, stock redemption accounts, deposit
for shares and appropriation for bonus issues.
xviii.
Contra Assets and liabilities: These are contingent liabilities arising in the
normal cause of business. These commitments may be acceptances, guarantees and
other such obligations on behalf of customers. The bank will normally have a
corresponding contingent asset due from the customers.
xix. Fixed
Asset: This includes asset purchased for lease to customer where they are
classified as fixed assets.
xx. Share
capital: This includes all issued share capital distinguishing between ordinary
and preference shares.
xxi.
Shareholders fund: this is the total of share capital statutory capital and
general reserves.
xxii. Profit
before taxation: This represents gross earnings, less all expenses, including
loan, less provision but before taxation.
xxiii. Net
Asset per share: This is the total shareholders, fund, less preference shares,
divided by the number of ordinary share.
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