IMPACT OF PUBLIC SECTOR ACCOUNTING IN NIGERIA FINANCIAL CONTROL SYSTEM (A CASE STUDY OF ESAN SOUTH EAST LOCAL GOVERNMNENT AREA, EDO STATE)
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IMPACT OF PUBLIC SECTOR ACCOUNTING IN
NIGERIA FINANCIAL CONTROL SYSTEM (A CASE STUDY OF ESAN SOUTH EAST LOCAL
GOVERNMNENT AREA, EDO STATE)
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 Taro Yamani‟s sampling
techniques. 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.
TABLE OF
CONTENT
Title page
Approval
page
Dedication
Acknowledgement
Abstract
Table of
content
CHAPTER ONE:
1.0
INTRODUCTION
1.1
Background of the study
1.2
Statement of the problem
1.3
Objectives of the study
1.4 Research
questions
1.5
Formulation of research hypotheses
1.6
Significance of the study
1.7 Scope of
the study
1.8
Limitations of the study
CHAPTER TWO:
2.0 REVIEW
OF RELATED LITERATURE
2.1 The
concept of public sector
2.2 Overview
of public sector accounting
2.3 Peculiarities
of public sector accounting
2.4
Appraisal of Nigeria financial control system
2.5
Objectives of Public Sector Accounting
2.6 The role
of public sector accounting in Nigeria financial control system
2.7 The
historical background of Esan South East LG
2.7.1
Sources of revenue to Esan south east LG
2.7.2
Functions of Esan South East LG
2.7.3
Controls of Esan South East LG
CHAPTER
THREE:
3.0 RESEARCH
DESIGN AND METHODOLOGY
3.1 Research
design
3.2 Sources
of dat
3.2.1
Primary data
3.2.2
Secondary data
3.3
Population of the study
3.4 Sample
size determination
3.5 Sampling
technique
3.6 Research
instrument used
3.7.1
Reliability of research instrument
3.7.2
Validity of research instrument used
3.8 Method
of data treatment and analysis
3.9 Area of
the study
CHAPTER
FOUR:
4.0 DATA
PRESENTATION AND ANAYSIS
4:1 Data
presentation/Analysis
4.2 Test of
hypotheses
CHAPTER
FIVE:
5.0 SUMMARY
OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary
of the findings
5.2
Conclusion
5.3 Recommendations
Bibliography
Appendix /
Questionnaire
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
standard helps 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
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 accountability for a nation‟s
financial 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
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.
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.
1.4 RESEARCH
QUESTIONS
The
following research questions are formulated for the purpose of this research
work:
1. Are the
sources of revenue available to Esan South East Local Government authority
enough for them?
2. Are the
revenues generated within the local government put into good use?
3. Is the
control of public fund by the local government appropriate?
4. Are the
accounts of the local government characterized by inadequacies such as improper
book keeping and maintenance of other records etc?
5. To what
extent do the irregularities as regards to public fund in the local government
affect the diverse activities of the local government?
6. Are the
public sector accounting principles applied by the local government appropriate
and effective?
1.5
FORMULATION OF RESEARCH HYPOTHESES
The
following hypotheses are formulated for the purpose of this research work:
HO: the
public sector accounting principles applied by Esan South East Local Government
authority is inappropriate and ineffective
HI: the
public sector accounting principles applied by Esan South East Local Government
authority is appropriate and effective
HO: the
sources of revenue available to Esan South East Local Government authority is
not enough for them
H2: the
sources of revenue available to Esan South East Local Government authority is
enough for them
HO: the
control of public fund by the local government is inappropriate
H3: the
control of public fund by the local government is appropriate
1.6
SIGNIFICANCE OF THE STUDY
This
research work will be of immense significance to the staff of Esan East local
government. It will go a long way in enlightening them on the concept of public
sector accounting as well as the best strategies to be adopted to monitor its
generated funds. This research work will as well be of benefit to students and
researchers because it will widen their scope from the information contained in
this research work and lastly, it will help the entire nation in modifying the
methods and approaches used by different ministries, parastatals and other
inter-ministerial departments in their financial control system and also it
will help them in improving revenue generations and minimizes expenditures
since public sector is differentiate able from private sector or bodies.
1.7 SCOPE OF
THE STUDY
This
research work on the impact of public sector accounting in Nigerian financial
control system is focused on Esan East local government of Edo state.
1.8
LIMITATIONS OF THE STUDY
This
research would have been generalized to all local government areas in Nigeria
but due to some numerous factors, I have decided to limit my study to Esan
south East local government area, Edo state.
The
following are the constraints encountered in this research:
1. FINANCIAL
CONSTRAINT: Finance is the key to the success of every research work and the
said finance was readily unavailable on my part as at the time I was carrying
out this research and as such, proper research will not be carried out if I go
about all local governments in Nigeria.
2. TIME
CONSTRAINT: The time stipulated for the submission of this work was obviously
too short and as such was unable to go about all local government areas in
Nigeria.
3. LACK OF
KNOWLEDGEABLE AND SINCERE PERSONNEL: some of the officials employed or
appointed in most local governments in Nigeria including that of Esan south
East local government has no knowledge of what public sector accounting is and
they are also not approachable because they placed themselves on a very high
esteem and even when one is opportune to interview them, there is sure to be
shortcomings
arising from the basis such as, misinformation, and deliberate distortion of
facts and these is as a result of not letting one know where revenue comes from
and how it is been utilized.
4. LACK OF
RESERCH FACILITIES: Research facilities such as transportation makes research
work easier and interesting but it is noted that Nigeria has a poor
transportation system especially in the area were most local government
secretariat are situated and this restricted me from going about all local
government areas and as such, I was forced to focus my study on Esan south East
local government area though, the research was still very difficult to carry
out.
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