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ADOPTION OF ACCOUNTING INFORMATION AS
THE MAJOR TOOL FOR DECISION MAKING
ABSTRACT
Accounting
information has contributed to the rapidly growing environment in that the
management must update themselves with every current information. That will
help in achieving their objectives and help them in decision making.
Accounting
information helps the management in planning and evaluation of the information
as it is served as data organized for a special purpose of decision making.
Table Of
Tables
Title Page
Approval
Page
Certification
Dedication
Acknowledgement
Table Of
Contents
Chapter One
– Introduction
1.1
Introduction And Background Of The Study
1.2
Statement Of Problem
1.3 Purpose
Of Study
1.4 Significance
Of The Study
1.5 Scope
And Limitations
1.6
Statement Of Hypothesis
1.7
Definition Of Terms
Reference
Chapter Two
– Literature Review
2.1 Overview
Of Small Scale Industries
2.2 Types Of
Accounting Information
2.3
Characteristics Of Accounting Information
2.4 Levels
Of Management And Decisions
2.5 Examples
Of Decision And Application Of Accounting Information
2.6 Users Of
Accounting Information
2.7
Accounting Information Communication System
References
Chapter Three
– Research Methodology
3.1
Introduction
3.2 Sampling
Method
3.3 Research
Design
3.4 Sources
Of Data
Chapter Four
– Presentation And Analysis Of Data
4.1
Introduction
4.2
Presentation And Analysis
4.3 The Use
Of Accounting Information Has Enhanced Pricing Strategies In Small – Scale
Industries
4.4
Management Relies On Accounting Information For Its Numerous Decision
4.5 Personal
Interview
References
Chapter Five
–Discussion Of Findings, Recommendation And Conclusion
5.1
Discussions Of Findings
5.2
Recommendations
5.3
Conclusions
References
Bibliography
Appendix
Questionnaire.
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
Almost all
the organization aimed towards the attainment of its desired, planned and
overall objectives. In every operation of organization more especially small
scale industry aimed towards efficiency and proper effectiveness for this to be
achieved to a large extent depends on the quality of available accounting
information and how the information will be utilized by the organization.
However, information is the life wire of every business, defined by Don T.
Coster et al (1978) so for any business to succeed in today’s rapidly changing
environment, the management must update itself with every current and relevant
information that will be beneficial towards achieving their predetermined
objectives because without it there is likely to be stagnation. The manager who
is making a decision normally wants to be sure that this knowledge is complete.
This is possible only through the effective presentation and its use in
appropriate circumstances.
When looking
into the importance and usefulness of accounting information to management and
especially small scale industry, it will be relevant to state clearly that
there are other information that management uses in decision making. Like
information by Engineers, Lawyers, Doctors, Architects and other company’s
officials, but however, that information by accountant goes a long way to
determine the assets base of a company and its liabilities to determine its
cost price of production in pricing its products and also in determining when
profits or loss is made.
Accounting
information measures the progress of a commercial enterprise and is used in
decision making for the selection of a single course of action for several
dissimilar and unrelated alternatives. It has been observed that decision
making is the final process in managerial process, but however, the relevance
of an decision by management depends on the accuracy and relevance of
accounting information supplied by the accountant.
When the
decision involves business and economy questions, accounting information is
essential to the decision system because it provides quantitative information
for three functions: planning, control and evaluation.
- Planning
is the process of formulating a course of action, it includes setting a goal,
finding alternative ways of accomplishing the goal and dividing which
alternative is the best course of action.
- Control is
the process of seeing that plans are, in fact, carried out. In other words, do
actions agree with plans? At this point, the accountant might be expected to
give information on actual costs, as compared with cost planned earlier
- Evaluation
involves the whole decision system as a process of studying the decision system
to improve it. It ask the question was the original goal met (Fed back)?if not
the reason could have been poor planning or control or wrong goal was chosen.
A DECISION
SYSTEM AND ACCOUNTING INFORMATION
The central
activity of managers is to make decisions, the quality of these decision
determines the success and survival of organization (TURBMAN & LOOMBA 1976)
|Nothing is
more important to management for decision making than a timely, objective
summarized and directing – attention – to – problem areas of accounting
information. Thus
“All
decision are based on information in large parts the quality of management decisions
will be a reflection of the quality of the accounting and other information
which it receives (GARRISON 1982)
Accounting
information may include important task, that is, the presentation of weekly,
monthly or quarterly accounts. These routine accounts may include a trading and
profit and loss accounts showing figures for the period concerned and the year
to date and the balance sheet. The routine job is to help management in
planning and forecasting future results. The process is known as budgeting and
is considered, together with budgetary control.
It is of
utmost important to make mention of other users of accounting information or
reports apart from management like
-
Shareholder who are interested in their capital investment.
- Government
who really is interested in profit to help them determine task and other
policies
- The
creditors, who really as interested in whether the organization as creditor
worthy.
- Employees,
a good profit or consistent growth or build up in profit may be a signal to them
to demand for more bonus.
- Finally,
the society where the community is located really want to be employed have
essential amenities through the influence of the firm.
Henceforth:
“Accounting
information is therefore, data organized for special purpose of decision making
(OSISIOMA, 1996)”
Really the
researcher finds to agree on the words of Garrison 1982: thus! The managers
interest is in the summarizes that are drawn from the accounting records and it
is on these that he or she relies”
1.2
STATEMENT OF PROBLEMS
As Garrison
has pointed out in 1982, the three uses of accounting information vy management
is as follows
- To direct
the day – to – day operations.
- Plan
effectively and focus attention on deviations from plans
- Arrive at
the best solution to the operating problems faced by the organization.
Hypothetically,
the problem still remains why is it that management has no been able to accord
the desired attention to accounting information
It is quite
unfortunate that delay in communication of accounting information by
accountants management can spoil the work of a manager, and the confidence
entrusted on management by shareholders. The inability of management to
recognize accounting information as all important survival remains to be looked
into and appreciate attention, given towards re-orienting the management. That
accounting information is a single important tool.
The
researcher is interested in investigating some findings about how accounting
information influences management decision making. The external management rely
on it or are all decision based on accounting information? How it is
interpreted and presented to the management?
Hypothetically,
the researcher also will reveal some decisions taking by some small scale
industries and see if accounting information influences their decisions, if
yes, to what extent.
1.3 PURPOSE
OF STUDY
The purpose
of study are as follows
- The study
will require and examine the various decision areas in the organizations which
normally accounting information is supplied in small scale industries in Enugu
State.
- The
researcher will determine to what extent management really relies on these
accounting information in taking those decision.
- Re –
orienting management to various types of accounting information available and
persuading them to seeing accounting as a single tool to determine
profitability, asset base, liability, cost of production and price to fix their
products.
1.4
SIGNIFICANCE OF STUDY
The
significance of study will go a long way to enlighten all persons in managerial
groups on the importance of accounting information, that is, seeing accounting
tool as something you cannot be avoided from and a bedrock of management in
taking decisions.
It makes
some people to work directly in the field of accounting. They need to know how
to interpret the information available to them. To create awareness how
accounting information works effectively and efficiently. More research are
encouraged to be conducted since the information technology as currently taking
over things.
1.5 SCOPE
AND LIMITATIONS.
The
researcher now find out that modern accountant, therefore, is concerned not
only with record keeping but focuses on the ultimate needs of those who use
accounting information, whether these users are inside or outside the business
itself. So accounting is not an end in itself. Instead it is an information
system that measures, processes and communicates financial information about an
identifiable economic entity.
This project
intends how accounting information helps management in taking decision as
regards the profitability of its products, ho it fixes its products prices,
cots of manufacturing its assets and liabilities and then in the opinion of the
researcher Enugu state only will be an enough sample space for the researcher
to consider.
The
researcher will be limited to produce an intensive project and better work by
the following:
- The
limited time available for the academic exercise which poses a serious
disturbing thereat though it will be overcome
- In most
cases, management is not on seats and entails that the researcher will be on
the more always in trying to collate the required data from the management
involved. Some when they are around may shy away from disclosing their mode of
operation.
- Finance is
in fact on of the limitation but above all, the joy in writing sustain one from
the obstacles.
1.6
STATEMENT OF HYPOTHESIS
H0 The use
of accounting information has not enhanced pricing strategies in small scale
industries
H1 The use
of accounting information has enhanced pricing strategies in small scale
industries
H0
Management does not rely on accounting information for its numerous decisions
H1
Management rely on accounting information for its numerous decisions.
1.7
DEFINITION OF TERMS
Accounting
is the basis used to provide quantitative information, primarily financial in
nature about economic entities that is intended to be useful in making economic
decision.
Accounting
information as a tool and like most tools, cannot be of much direct help to
those who are unable or unwilling to use or misuse it.
Communication
network is the channel through which the information system is presented to the
management for decision making and other interested publics
Decision – A
decision is a choice of alternative and means by which to move towards an
objectives
Financial
Accounting is a type of information reported to and used those outside the
organization.
Management
is the group of people in a business with overall responsibility for achieving
the company’s goals
Small –
scale enterprises according top Okoye in “Pioneer Accounting” first edition, he
defines it thus “The small scale enterprise is an economic enterprise with a
founder who are the major interest shareholder with the enterprises, share
distributed amongst children and relations of the organization”
Price – is
money consideration received, given or received to effect a scale of goods and
services.
Incentive
share is the monetary boosting items and on monetary which management
introduces to improve on the working condition of the workers so that he will
contribute more in his work place.
Routine is
the way by which the accounting information should be used regularly fro
decision making
Budgetary
tool is the total process of developing plans for a company’s anticipated
operations and controlling operations to aid in accomplishing those plans.
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