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BASEL /MACRO-PRUDENTIAL TOOLS AND FINANCIAL SYSTEM STABILITY IN NIGERIA

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ABSTRACT

This article argues that government-owned firms in Nigeria have become a financial burden for the government.

They rely exclusively on the government for subventions and grants. To achieve economic efficiency in Nigeria, SAP will employ privatization as one of its tools.

The purpose of the study is to determine why government-owned firms and parastatals that were initially established following commercial lines have underperformed their private sector counterparts despite receiving large subsidies from the body that established them.

The research is based on both primary and secondary sources of information. The administration of questionnaires, periodicals, newspapers, and books constitutes the data. Chi-square is the statistical method used to test the hypothesis.

The researcher believes that the findings and recommendations will be of great assistance to government-owned firms, which make up the majority of the public sector of the economy. Through the analysis of data administered at random to both public and private firms in Enugu State, the research uncovered a number of interconnected conclusions.

As a result of this research, it is suggested that there should be debt equity swap methods. This will contribute both managerial expertise and new capital facilities. Also, foreign investors should be encouraged to invest in Nigeria once the government has established a favorable investment climate. Lastly, the allure of technological and administrative expertise that may be available in our nation.

If all of these conditions are met, Nigeria will progress toward economic development.

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FIRST PART

INTRODUCTION

1.1 CONTEXT OF THE EXPERIMENT

Nigeria is one of the developing nations classified as third world nations. Concerned nationalists believed that entrusting private persons with the responsibility of national development would be extremely risky and impractical for the nation’s autonomy. To assist in planning, guiding, regulating, directing, and controlling the economy and the rate of national development, the government formed government-owned corporations and parastatals.

In contrast to the government’s lofty expectations, the sum allocated to the establishment of these businesses has not been noteworthy.

These corporations exhibit a number of depressing effects, such as inability to account for funds put in the company, poor service quality, job insecurity for employees, etc.

Their incapacity to account for government-allocated funds is the gravest of all their shortcomings. The Nigeria coat corporation, Nigeria Airways, Nigerian Telecommunications (NITEL), National Fertilizer Company (NAFCON), Nigerian National Petroleum Corporation (NNPC), and the National Electric Power Authority stand out among others. Amongst all of these parastatals, the services of the hasty establishment (NEPA) have been the most excruciating for consumers, to the point where they have adapted to never expecting power from it. These are examples frequently mentioned by individuals who argue that privatization of government-owned firms will result in greater efficiency.

The government’s concern over the poor performance of its enterprises and parastatals was a crucial role until the second oil guide wave hit the world and Nigeria’s oil began to have dangerous implications.

In 1981, President Alhaji Shehu Shagari convened a second commission on parastatals to analyze their operational issues and make recommendations on how to resolve them so that they can perform the effective services for which they were created. The report proposed that parastatals with a commercial focus be reformed so that they are subject to their discipline.

It observed that many of the problems that appear to be internal to parastatals stem from the socio-social and socio-political environment in which they operate, and that to propose only internal reforms to parastatals or to get them to meet public expectations is to ignore significant roles expected of them. To interpret this, the commission suggested privatizing some government-owned enterprises.

In the country’s efforts to revitalize its economy, it was obvious that the issues surrounding government-owned companies and their management had taken center stage. It did not take long for him to be deposed. The former first head of state from 1984 to 1985, Muhumedu Buhari, created a study panel to examine the financing, profitability, and performance records of state-owned enterprises. The group consists of Ali-Al-Makin (then managing director and Chief executives of the Bank of the North Plc). As the leader, this group was tasked with identifying the major problems of these enterprises as vague and conflicting objectives, inadequate autonomy, inflexibility in decision making process, inappropriate capital structure, under-utilization of assets, lack of good credit control system and inability to collect debts, lack of adequate cost control measure, ineffective and inefficient management on formation and accounting system, absence of financing, etc.

Despite the enormous sums of money poured into these businesses, they have failed to attain the necessary minimal level of efficiency.

In his National Annual Budget speech for 1986, then-president Ibrahim Babagida made it plain that public corporations constitute an unnecessary burden on the government.

The government’s current budgetary limits have exacerbated their problems, necessitating a suitable solution to the accumulated losses that the parastatals have contributed to the economy.

Therefore, for strictly promotional reasons, the government is compelled to take a firm stance against these parastatals, and it was for this reason that it decided to take some steps towards privatization.

1.2 DESCRIPTION OF THE PROBLEMS

Widespread consensus holds that the private sector is best suited to handle the provision of particular commercial activities.

This is due to the public’s loss of confidence in public corporations as a result of poor services and an unnecessary bureaucratic process that is inefficient and poorly responsive to user requests; even if the public sector were capable of addressing some of these issues, it does not operate with its magical services.

Another issue with the public sector in Nigeria is that they have failed to fulfill their obligations to the various levels of government that owns them. This has been observed most notably where public companies are unable to generate the capital invested in them by the government and are therefore dependent on government funding.

As a result, the government chose to privatize some of its firms and entrust some of its concerns to private individuals.

The issue to investigate in order to determine the impact of privatization on Nigerian public firms.

1.3 OBJECTIVE OF THE RESEARCH

Privatization has been a hot topic in Nigeria’s economic operations and policy formation. Consequently, the following are the aims of this research project:

Determine whether this privatization approach is justifiable in light of Nigeria’s expanding economy.
Determine the efficiency of privatization of public firms in broadening public company ownership.
To evaluate the employment impact of privatization.
To determine how to promote the engagement of Nigerian citizens in economic activities through the purchase of company shares, which are considered productive investments.

1.4 RESEARCH QUESTIONS

This research topic is constructed so that the researcher may evaluate the effects of privatization of government-owned firms on the economy. Some of these inquiries include:

To what extent would this privatization assist to the economic development of Nigeria?
How much advantage did private companies have over public corporations?
How would the general populace be affected in order to cope with the situation?

1.5 Significance of the Research

The purpose of this research is to examine the product validity of public corporations and the process of reducing government ownership and management of enterprises, as well as the expansion of private sector engagement in state ownership of government-owned organizations and assets.

By privatization, the state can be viewed to be attempting to diminish the size of the public sector, particularly where corporations have continued to engage in operations that private firms could perform more efficiently.

This research is useful since it identifies the advantages of privatization versus government ownership of firms and its effect on the economy.

1.6 SCOPE AND LIMITATIONS OF THE EXAMINATION

This study examined the extent to which privatization will assist in resolving the difficulties of government-owned firms in Nigeria.

The preceding statement describes how privatization as a government policy action may be preferable to government participation in the formation and administration of public companies.

This study include enterprises that will be totally privatized, such as hotels, poultry farms, insurance firms, and wood industries. On the other hand, this study also includes industries that will be partially privatized, such as banks, steel rolling mills, and media organizations.

Regarding the enterprise investigation, a Technical Committee on Privatization and Commercialization was responsible (T.C. P.C). The government established this committee. However, owing of the unequal distribution of industries throughout the country.

The national privatization policy would be treated as a national occurrence.

Several constraints were discovered during the study.

The problem with No-Return was that not enough questionnaires were collected.

The availability of funds was a difficulty for the researcher.

Time – The available time for the study was limited.

1.7 DEFINITION OF TERMS

Based on the belief or theory that something will occur in the future.

depends on the relevance of practicality to human interest.

PREDICTIVE: (To tell in advance) (To tell in advance). To determine or state the effect

future economic effects of the reduction of government ownership and management of firms.

To relinquish government holdings in public enterprises.

ENTERPRISES: One or more businesses with a common owner.

companies. A phrase used in production cessation to differentiate the reporting unit from the firm or control unit.

This is the state of insuring efficacy since it has been accomplished.

with proper etiquette.

EVALUATION OF NIGERIAN PUBLIC COMPANIES’ PRIVATIZATION POLICY

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ANALYSIS OF MANAGEMENT AND PERFORMANCE IN FINANCIAL INSTITUTIONS (CADBURY NIGERIA PLC AND NESTLE FOOD NIGERIA PIC.)

ABSTRACT

This Research Work in an attempt to the Analysis of Management and Performance in Financial Institutions using Cadbury Nigeria Plc. and Nestle Food Nigeria Plc as a case study. One area in which accountants in industry can make a valuable contribution to improve financial performance is by instituting and Interpreting business ratio analysis and applicable predictive model, this interpretation of ratios and predictive model may often suggest strength and weaknesses in the operations and financial position of the company, which may lead to depth or further investigation.

The method of data collected was by questionnaire on Ratio Analysis as a Predictive Tool for Business Performance, while secondary data from official reports of the organization was used for productivity and profitability. the questionnaire were distributed to the various departments to ensure that each section employee is given a chance of being sampled and the method of data analysis was used coding and decoding of questionnaire received from performance of staff, under different leadership and by the use of chi-square (X2) test.

This research work is being conducted in anticipation that it will put an end to the problem of management succession in organization, for better management function and improvement in the organization’s productivity.

The evaluation of performance of business firm is an important aspect of financial management since this will help all those who have interest in the firm to make sound decision that would favor them. In the light of the above, it is highly recommended that the ALTMANZ score could still be used in predicting how a firm would perform.

It is recommended that when applying a model caution should be maintained so as to be misguide, other underlying factors should’ be considered before forming an opinion on the business performance such management policy.

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ANALYSIS OF MANAGEMENT AND PERFORMANCE IN FINANCIAL INSTITUTIONS (CADBURY NIGERIA PLC AND NESTLE FOOD NIGERIA PIC.)
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A final year project is an individual work consisting of 10,000 and 20,000 words. It is a scientific investigation that usually uses scientific methods to achieve defined objectives and answer the research questions. Completion of a research project contributes heavily to the attainment of a degree programme.

A typical final year project research format (though this format is different for law research project ) is shown below

A complete final year project research will contain accurate details of all the five chapters accordingly. While some individuals begin with chapter two so as to get their objectives and statement of problems, others begin from chapter one down to five.

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Chapter one Introduction

chapter one of a final year project deals the general introduction of the research project, it gives the description of the problem that would be addressed. As shown in the format above, chapter one comprises of background to the study, statement of problem, objectives of the study, research questions, research hypothesis, significance of the study, scope of the study, operational definition of terms and organization of the study.

The background of the study provides context to the information being discussed, it include current information, relevant history. The statement of the problem is a concise description of an issue to be addressed or improved upon.

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A good research problem should address an existing gap in knowledge.

The research objectives describe concisely what the research is trying to achieve, it summarizes the accomplishment the researcher hopes to achieve through the research. There is the general objectives and specific objectives.

Research questions is an answerable inquiry into a specific concern or issue. They are questions the research project sets out to answer. It is important to note that the research question and research objectives tallies.

The research hypothesis is a clear, specific and testable proposition or predictive statement about the possible outcome of a scientific research study. In undertaking a research project, only the null hypothesis is required.

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The significance of the study provides details to the reader on how the study will contribute to existing literature, it determines who benefits and how they would benefit from the research findings.

The scope of the study defines clearly the content covered in the research. It can include the year the research covered for time-series data, variables involved, a research carried out using primary data might include brief detail of the study area.

The operational definition of terms comprises of a single sentence definition of words mainly used in the study and how it is used in the study.

The organization of study briefly establishes how each chapter is constructed.

Chapter two Literature review

chapter two of the of final year research project is the literature review which presents the current knowledge including substantial findings as well as theoretical and empirical contributions to a particular topic.

Chapter two comprises of an introduction, conceptual literature, reviews of empirical studies, theoretical review, theoretical framework, gaps in the literature.

The introduction gives brief details of what chapter two contains. It usually in one paragraph. Conceptual literature contains literature coming from books, journalism, and other forms of material, relevant to the study that are non-empirical. It includes the definition of key concepts by various scholars and discussion of key issues related to the study.

Empirical literature review deals with original research (such as scientific experiments, surveys). They are research-based on observation rather than on systematic logic. In constructing the empirical review, it is important to note that the author’s name, year the research was carried out, topic of research, source of data, method of data analysis, and findings is required.

Theories are formulated to explain, predict and understand phenomena and in many cases to challenge and extend existing knowledge within the limits of critical bounding assumptions.

The theoretical review helps establish what theories already exist, the relationship between them. Note that the theories reviewed must be related to the project research study.

The theoretical framework is the structure that can hold or support the research study. The most applicable theory is used as the theoretical framework, selected from the theories reviewed.The gap(s) is the missing piece(s) in the research literature that has not yet been explored or is under-explored. It could be due to sample size, research variables, research method, and scope etc.

Chapter three Research methodology:

chapter three of a final year project deals with the research methodology which explains the procedure or techniques used to identify, select, and analyze the variables and/or information about the topic.

For secondary data, chapter three contains details on the types and sources of data, method of estimation, model specification, and evaluation criteria

When primary data is involved, chapter three contains an introduction that gives brief details of chapter three usually in one sentence. The research design is the framework of research methods chosen by the researcher such as survey (descriptive, case-study, etc.).

The population of the study is generally a large collection of individuals or objects that is the main focus of the research. The sampling size is a portion of the entire study population through which statistical inferences for the whole population are made, sampling technique, an instrument for data collection; it is important to decide the tools for data collection because research is carried out in different ways and for different purposes.

Method of data collection; which could be a questionnaire, interview method etc. The validity/reliability of the instrument is an important aspect of selecting a survey instrument. Reliability refers to the extent the instrument yields the same results over multiple trials while validity refers to the extent the instrument measures what it was designed for.

A pilot test should be carried out. Method of data analysis explains how the data would be analyzed such as in frequency and tables and technique for hypothesis testing.

Chapter four Data presentation and analysis:

chapter four of a final year project comprises the introduction, data presentation/analysis, testing of hypothesis, discussion of findings/policy implication of findings. The introduction gives brief details of chapter four usually in one paragraph.

Data presentation/analysis shows how the data are presented and analyzed such that the research questions stated in chapter one are answered. The hypothesis stated in chapter one are tested in chapter four. The methodology employed depends on the nature of the data used and the reason for the analysis. In the final part, findings are discussed and its implication stated.

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Chapter five Summary, conclusions, and recommendations:

chapter five of a final year project comprises of introduction which states in one sentence what chapter five entails, the summary gives brief details of the entire project from chapter one to four.

The conclusion states the major finding after carrying out the research, i.e. what the research uncovered.

Recommendations are suggestion the research has and it is usually based on findings, limitations to the study are shortcomings or influences which the researcher cannot control and thus place restrictions on methodology and conclusions.

Therefore the limitations faced by the study are stated in chapter five after the research is concluded. Suggestions for further studies; other related studies that can be carried out should be stated.

Reference

It lists all the sources that have been cited in the research work. It is important that all cited authors are properly referenced. There are different referencing styles, use the one applicable to your school.

Appendix

they are supplementary material or information that is too cumbersome to be included in the body of the project. It is helpful in providing a more comprehensive understanding of the research. It is the last part of the research project.

After completion of the project from chapter one to five alongside the reference and appendices, an abstract is drafted which contain brief information of the project [topic, objective(s), scope, method of statistical analysis, finding(s), and recommendation(s)]

After all corrections on your final year project; the title page, declaration, certification, dedication, acknowledgment, table of content, list of tables, the abstract is included then proceed to bind.

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ABSTRACT

This research work highlights the result of research carried out to examine the relevance of accounting information to management decision making in First Bank of Nigeria Limited, Abdullahi Fodio Road Branch. A substantial aspect of the study involved collecting data through the instrumentation of questionnaires and interviews. The data collected were classified, analyzed, and the percentages of the findings presented in a table. The hypothesis was then statistically tested with chi-square in which the calculated value of chi-square equals 14.357 and is greater than the critical value of 5.991… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

INTRODUCTION

Background of Study

Accounting is fundamentally a measurement and communication process used to report on the activity of profit and non-profit seeking organizations. In other words, it is concerned with the discipline of summarizing, recording, analyzing and interpreting economic events and other financial activities.

This process is performed by accountants who furnish management with the relevant information needed for effective and efficient decision making as to contribute to the quest for means of surmounting industrial, commercial, governmental and academic problems inherent in a dynamic and volatile socio-economic and political setting.

The chambers 20th-century dictionary defines information as “intelligence given-knowledge”. This is because reliable information is necessary before a sound decision involving the allocation of a scarce resource (land, labour and capital) can be made, that is why the accounting profession is dynamic and there is always the need for an accountant to continually update his/her knowledge of accounting portfolio.

Accounting information is valuable because it can be used to predict the financial consequences of each alternative course of action. An organization needs quantitative information to function or make a decision. Management uses the best available information system to provide management information which is used primarily to accomplish three broad purposes;

(i) To provide a financial statement to the interest of external users,

(ii)  To plan the organization activities and operations in both the short and long run, and

(iii)  To control the result of its operations.

The American Accounting Association (1966) also defined accounting as “the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information”.

Another definition, which is widely accepted, is by the American Institute of Certified Public Accountants (1970) defined accounting as “the art of recording, classifying and summarizing an event which is in part at least of a financial character and interpreting the result thereof”… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

STATEMENT OF PROBLEM

Management who takes wrong decision always ends up not achieving their set goals and objectives. Many managers who think that they can operate successfully without the use of information provided by their accountants, leads to economic failure such as liquidation of many banks. So, effective decision or management decision cannot be… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Research Objectives

The purpose of this study is to establish the relevancy of accounting information as a tool for management decision-making.

The subsidiary objectives of this study are;

(i) The basic issues of how the accounting information systems are used to perform the generally recognized financial and management function in First Bank Nigeria Limited, Abdullahi Fodio Road Branch, Sokoto… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Research Significance

The study is aimed at establishing whether there is any correlation between the accounting information provided by the account department (accountants) and the decision made thereof by the users of the information, most importantly management of First Bank of Nigeria LimitedAbdullahi Fodio Road Branch, Sokoto… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

REVIEW OF RELATED LITERATURE

 Introduction

A lot of research has been done in recent times on issues relating to accounting information and management decision making in organization. In this chapter of the study, an exploratory attempt is made to review relevant works on variables that concerns the use of accounting information and decision-making in organization. The discussion would be based on overview of accounting information concepts convention principles and statutory stipulation etc.

Overview Of Accounting

It is important in this study to recall the historical development of accounting. The earliest attempt to record financial information is backdated to the Assyria of 3500BC. When it was necessary to record the payment made to armies of the kings.

As a former British Colony, Nigeria has always toed the line of its colonial master. Britain the introduction of practices of accounting was engineered by British accountant who comes was engineered by British accountants who come to Nigeria to work in an attempt to protect their financial interest prior to independence (Ojinjime 1981) nevertheless, the progress witnessed that the majority among them were foreigners… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Accounting Convention

This refers to what are accepted in accounting practice, the concepts of accounting have become accepted in the business world and their associations have taken places over many years, it is being interpreted in many ways. These have therefore grown up in accounting. The main conventions are as follows:

1. materiality
2. Consistency
3. Objectivity
4. Conservation

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Accounting Principles

The fifteenth-century witnessed the evaluation of a system of accounts which records completion of all form of transaction and the principles of double-entry which were first published it Italy by Rev. Father Luca Paciali, a well known teacher of mathematic in 1449.

The single system consist of bookkeeping by means of personal account only, the system ignores the use of impersonal check. It is impossible to draw up trading, profit and loss accounts and balance sheet in the single entry system. The double entry principles are now commonly being applied throughout the world… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Users Of Accounting Information

The government keeps records of all financial transactions from various financial statements are prepare in order to provide information for interest user.

Internal Users: These are those who are directly involved in the operation of the government activities. They include:

1. the government as an institution i.e. the Federal government as an entity for the planning coordinating and controlling of the economy.
2. Members of the executive and their advisers for planning and controlling purposes

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Nature of Accounting Information

Every element of society from the individual to an entire industry of government branch has to make decision on how to allocate its resources. Accounting has been defined as the art of (1) recording (2) classifying (3) reporting and (4) summarizing insufficient manager and in terms of money transaction and event which are in past at least of a financial character and interpreting the result thereafter.

Accounting is the process of identifying measuring and communicating economics information to permit, informed judgment and decision by the users of the information (Mills Channd 1984)… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH METHODOLOGY

Introduction

This chapter deals with the methods and procedures used in the study. A conscious effort is made in highlighting all the elements involved and how they are applied in the study. The chapter is designed under the following section.

i           –           The Instrument used for data collection

ii          –           The population and sampling techniques

iii         –           method of data analysis

Instrument Used For Data Collection

The instrument used was the questionnaire prepared and given to the staff of Firstbank. The research information was attached to the questionnaire to guide the respondents on how to complete the questionnaire. The latter briefly introduced, the person conducting the research on the title and purpose of the study… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

DATA ANALYSIS AND DISCUSSION

Introduction

This chapter deals with the presentation and analysis of data collected from the field by questionnaire. It also includes the discussion of findings and presentation of data using a simple percentage and analysis of the result.

PRESENTATION AND INTERPRETATION OF DATA

A total of 35 structural questionnaires were administered to the respondent of First bank, Abdullahi Fodio Road Branch out of which 34 representing 97% completely filled and returned their questionnaire.

SECTION A

Personal Demographic Data

Percentage Distribution of Respondent by Sex (N=34)

Table 4.1:

Table I above shows the percentage distribution of respondents by sex from the table 55.9% of male filled and returned the questionnaire and 44.1% female implying more male than female filled and returned the questionnaire.

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DISCUSSION OF FINDINGS

The study on the topic: Accounting Information as a tool for management Decision making, conducted in Abdullahi Fodio Road Branch an Firstbank has the objective of determining the necessity of using Accounting Information to enhance effectiveness and efficiency towards realizing set goals.

As a drive to this, three question were set and questionnaire development based on the theme of the questions (research) showed that information from accounting system can be used to control cost especially administrative cost and budget.

The information infact aid in the blocking of loopholes of waste and direct the resources to area of need. Beside, with the elimination of waste staff reposition and motivation can be conveniently made to boost productivity. This however, guaranteed productivity as incentives and fringe benefit boos their morale for more efficiency… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

SUMMARY, RECOMMENDATION AND CONCLUSION

Summary 

This study examined accounting information as a key tool for management decision in the organization with case study of Firstbank Abdullahi Fodio Road Branch. The study which access information from both primary and secondary sources discovered that management effectiveness and efficiency in the realization of goal can be fast-track with the available of accounting information.

Accounting information from genuine and efficient source can help check fraud and corruption in the company financial system and also help the management… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Conclusion

 One of the objectives of the study was to determine the relevant of accounting information in productivity of the company. The study which basically use questionnaire for data collection and simple percentage for analysis shows that accounting information… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Recommendation

The following are some of the recommendations from the outcome of the study

1. Accounting information should be enhanced by effective updating of account records. The periodic audit of the… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

REFERENCES

Adage E. D. “Accounting Profession and the Society; The Nigerian Accountant July 1992, Vol.25. (Accounting Information)

Adamu, V. E. (2006). The best Accounting Practice Macdonald Press, Ibadan. (Accounting Information)

Akpan, I. R. (2004). The Principle & Practice” of Accounting. C. djap Publisher, Sokoto. (Accounting Information)

Akplu, N. E. (1998). Introduction to Accounting Hong Kong; Macmillan Publisher. (Accounting Information)

Batty J. (1974) The Principle of Management. Oxford University Press, Ibadan.

Companies And Allied Matter Degree, 1990 Vol. Lagos, Nigeria.

Etukudo, J. S. (1957). Principal of Account for West African. Ibadan; Oxford University Press Ibadan.

Crepale            J.R. (1979). Accounting For Business (2^nd Edition).New York; Columbus Charles E. Merrill Publishing Company

Meigs, R. F. and Meiges .W.B. (1984). Accounting; the Basic for Decision Making (6^th Edition) Sing Pare; McGraw Hill Inc.

Nigerian Accounting Standard Board (Disclosure of Accounting Policies) (Sas) 1984.

Owale J.M. (1990). Essence Of Record Keeping Business Times Monday June 25 1990.

Ramadason, M. (1980). Principles of Cost Accounting (1^st Edition) London; S. B. Press.

Udo Idung (2001). Issues in Business Management.

Wegenboard, P A, and Difrric, W.E. (1999). Accounting: An Introduction New York; McGraw Hill Inc.

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ABSTRACT

The success or failure and effectiveness or ineffectiveness of any banking or financial sector depend on the extent of customer patronage and the financial resources available to form and procure the required service-oriented facilities. In Nigeria, there are lots of problems associated with banking.

The problems include inadequate financial capacity, that is the weak capital base, lack of sound technical planning, the bad implementation of formulated policies linking the banking operations, inadequate supervision and monitoring of economic changes, and large scale financial embezzlement. Due to these problems, many financial firms are distressed and subsequently are closed up… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

INTRODUCTION

The need to monitor, evaluate, and make adequate plans for the future compels managers, scientists of various calling, and researchers alike to collect data on a regular basis on processes that vary as time passes. Observations on such processes when arranged in chronological order (in time sequence) are called time series.

A time series is a group of data that has been collected successively over a period of time. Some examples of time series are the daily cash deposit of customers, the weekly recorded cash deposit of the bank, and the weekly or monthly stock levels of a company, the number of patients treated by a particular hospital per annum. The method of analyzing and interpreting these data is referred to as time series analysis. Time series analysis is very important in business and economic for forecasting purposes.

As we tend to base our forecast of cash deposit results on what has happened in the past. The statistical series which tells us how data has been behaving in the past is the time series. It gives us the values of the variable we are considering at various points in time each year for the last ten years. Time series may be classified as follows:

SECULAR TREND: This is referred to as the general direction in which the figures appear to go over a long interval of time. It is important to distinguish between trends resulting from cyclical influence on the economy. For example, a change in the task of customers buying habits. The observation of a secular trend might show an upward trend or downward trend or a steady trend… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

 Statement of The Problem

Cash deposits and withdrawals are the main determinants of banks’ financial status. In a highly competitive industry like the banking sector, this issue posses some serious challenges and responsibilities to the banking sector which also the fidelity bank plc Owerri is a victim… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Research Objective

To examine the cash-deposits pattern of fidelity bank, which forms the basis for its growth… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

LITERATURE REVIEW

 Introduction

The principal source of funds for commercial banks in Ghana is the deposits they mobilize from households and other company surpluses. According to a lecture produced by Dighe (2005), deposits form 63% of commercial bank liabilities. This indicates that factors that affect deposits mobilization have a huge impact on the performance of commercial banks.

Developing economies are characterized by unstable macroeconomic environments such as inflation, inappropriate fiscal and monetary policies, interest rate controls (Kose et. al. 1999). The net effect is the change in liquidity which affects savings and capital formation. Where the macroeconomic environment is favorable to savings then the commercial banks are in a better position to increase savings.

On the contrary, where macroeconomic policies erode liquidity from the hands of the people then deposits reduce and may negatively impact on capital growth and investment in the country. This chapter seeks to examine the concept of liquidity, the macroeconomic factors that affect cash deposit pattern, and the effects of cash deposit pattern on capital growth and investment in an economy.

The Concept of Liquidity.

Liquidity has diverse meanings according to the context within which it is used. Jason (2001) in his article “Liquidity: Advanced Trading Concept” defines it to be the ease at which assets can be turned into cash.  The faster an asset can be turned into money, the more liquid it is (Freixas et. al  1998)… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Macroeconomic Factors that Affect Cash Deposits Mobilisation 

The macroeconomic factors that affect money in circulation and consequently cash deposit with the banks discussed in this piece of work are interest rates, fiscal policy, monetary policy and inflation.

 Interest Rate 

Interest rate is the price for money that depositors receive from the bank. This is the opportunity cost of capital that savers/borrower receive/pay by lending to/borrowing from the financial intermediaries. With regards to cash deposit pattern the ruling interest rates attracts more deposits when it is comparatively higher than the rate of investment. In the developing countries the trend of the government has been the use of interest rate ceilings as a regulatory mechanism to provide cheap credit to SMEs (World Development Report (1989).

Regulation of interest rate below the competitive market interest rates by government legislation leads to capital flight by the international investors especially where portfolio investment is significant and withdrawal of cash deposit domestically (Gilbert et al, 2001). McKinnon-Shaw (2001) hypothesis also confirms that regulating interest rates at or below the equilibrium damages economic development by reducing incentive to hold financial assets and encouraging unnecessary credit rationing.

This hypothesis further argues that freeing interest rate as part of the liberalisation policy will promote cash deposit pattern and ensure efficient allocation of credits to the sectors where returns can be maximized (Laurenceson , 2007)… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Taxation 

Fiscal policy relates government revenue to its expenditure. In Ghana taxation is the main source of government revenue and the effectiveness of which rests on its ability to generate required revenue and support investment (Tanzi, 1991).  Taxation is often defined as „the levying of compulsory contributions by public authorities having tax jurisdiction, to defray the cost of their activities‟. No specific reward is gained by the tax payer.

The money collected is used for the common good of the citizenry -for the production of certain services, as aforesaid, which are considered to be more efficiently provided by the State rather than by individuals e.g. maintenance of law and order at home, and defence against external enemies, etc. (Ali-Nakyea, 2008)… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

 Government Expenditure 

Government expenditure refers to all monetary expenditure on goods and services made by the government on behalf of the community. It includes both recurrent and capital expenditure on items like health, education, administration and so on. The recurrent expenditure refers to the expenditures that occur at regular intervals in the annual budget of the government.

These expenses include expenditure on defence, administration and debt servicing particularly payment of interest on loans, road maintenance, and cost of health and education services. Capital expenditure on the other hand, is the expenditure incurred on capital project.

That is, it is the cost of major projects which will not be a regular expense in future years. It includes expenditure on fixed assets like construction of dams, new school building, new roads, hospital building and other expenditure on productive ventures such as agricultural, industry and mining… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

The Link between Deposits Mobilization, Investment and Capital Growth

Investments and savings in Ghana have been classified as low and this has been attributable to low incomes and the inability of the financial institutions to mobilise investment funds locally (Loayza et al, 1998). Investment and capital growth in the country are dependent on the ability of the financial intermediaries to mobilize deposits from saver and prudently lending them to firms and individual borrowers (World Development Report, 1989).

This section examines the relationship between deposits, investment and capital growth. One of the arguments in favour of capital account liberalisation is widening the scope within which banks can mobilize more resources for investment (Gilbert at al; 2001) (Fry, 1997). SchmidtHebbel et al (1996) reviewed in Mussa and Goldstein (1994), Tesar and Werner (1992) that national savings are largely retained in the home country where they increase domestic investment and these are left with the local institutions to mobilise more cash deposit to increase savings… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH METHODOLOGY

This section illustrates the methodology that has been pursued to obtain the desired results as per the stated general and specific objectives.

 Research Design

The most important factor that determines/establishes the research design is the nature of the problem at hand, which is done to accomplish the intended objectives. Due to the fact that; the subject of the study is characterized as multi-dimensional responses, integrated approach is look upon as an appropriate methodology. Thus, to generate necessary information and come up with more rich and comprehensive data, both qualitative and quantitative approaches (Mixed approach) were employed.

The former approach might be focus on examining the real experiences of the respondents including their own expression and articulation with more subjective views, whereas the latter mostly concentrate on the critical interpretation of quantifiable empirical data. The rational for which selecting the integrated approach is due to the fact that evaluating the challenges and prospects of pattern of cash deposit require multifaceted patterns… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

 Multiple Regression Model

The type of the data for this study is time series for 9 years of data in the regression analysis from 1998-2007. The model is multiple regression models with one dependent variable and four independent variables:

Per Capita Income (PCI): (This is real GDP per capita income of people). Various economic theory and empirical evidences confirms that an increase in people income influences positively their savings capacity.

Investment (Inv): Investment and savings are more interrelated macroeconomic variables that feed each other. In most cases savings support investment as an input. On the other side investment creates job opportunity for people, adopts new technology, and improves standards of livings at national level. The expected sign here is positive… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Diagnostic test methods

The assumptions were made relating to the classical linear regression model (CLRM). These were required to show that the estimation technique, ordinary least squares (OLS), had a number of desirable properties, and also that hypothesis tests regarding the coefficient estimates could validly be conducted. The method used to test these assumptions by the researcher is described as follows:-

The average value of error is Zero

The first assumption required is that the average value of the errors is zero. In fact, if a constant term is included in the regression equation, this assumption will never be violated. But if the regression did not include an intercept, and the average value of the errors was non zero, several undesirable consequences could arise. (Brooks, 2008)… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

DATA ANALYSIS AND DISCUSSION

This part of the research is presented into two parts, the first part is an analysis of quantitative data and the second part is the qualitative data analysis. The quantitative data is obtained from the Central bank of Nigeria and multiple regression method is conducted. The second part is the qualitative data analysis and presentation which is obtained from the responses obtained from the questionnaires distributed.

Analysis of Quantitative Data

This section presents the empirical findings from the econometric result for the challenges and prospects of cash deposit pattern in Nigerian Fidelity Bank PLc. The model for Dependent variable, Total cash deposit of Fidelity Bank Plc and independent variables has been tested for the assumptions of the classical linear regression model (CLRM) before interpreting the result. According to the test results, the model satisfies all the assumptions for the CLRM which is discussed here under. These tests are indicated under the following sections.

Test Results for the Classical Linear Regression Model Assumptions

In this study as mentioned in chapter three diagnostic tests were carried out to ensure that the data fits the basic assumptions of classical linear regression model. Consequently, the results for model misspecification tests are presented as follows:

• Test for Heteroskedasticity

Ho: The assumption that there exists homoscedasticity

H1: There is no homoscedasticity (there is Heteroskedasticity)

In this study as shown in table 4.1, both the F-statistic and Chi-Square versions of the test statistic gave the same conclusion that there is no evidence for the presence of heteroskedasticity, since the p-values were in excess of 0.05. The explained sum of squares from the auxiliary regression, also gave the same conclusion that there is no evidence for the presence of heteroskedasticity problem, since the p-value was considerably in excess of 0.05.

Table 2: Heteroskedasticity test

• • Test for Normality

Ho: The residuals are normally distributed

H1: The residuals are not normally distributed

The normality tests for this study as shown in figure 4.1, the coefficient of kurtosis was close to 3, and the Bera-Jarque statistic had a P-value of 0.36 implying that the data were consistent with a normal distribution assumption and 36% of the data is normal.

Figure 3: Normal test for residual

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CONCLUSIONS AND RECOMMENDATIONS

The previous chapter presented the analysis of the findings, while this chapter deals with the conclusions and recommendations provided based on the findings of the study. Accordingly, this chapter is organized into two subsections. The first section presents the conclusions while the second section presents the recommendations.

Conclusions

This study examined the challenges and prospects of analyzing the cash deposit pattern in Nigerian Fidelity Bank PLc. Based on the result of descriptive and empirical analysis, the study had concluded the following:

The external factors such as Age Dependency Ratio, Money supply, and Investment and legal environment affects the operation and performance of financial institutions.. (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Recommendations

Banks should increase creating awareness to peoples because one of the main factors that affect the savings mobilization is literacy of saving of the people. The more the people are educated the higher will be the savings mobilization… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

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ABSTRACT

The need for good record-keeping and information-sharing practices has taken on added significance in today’s global environment. Not only do good records provide crucial internal information, law enforcement agencies now need to communicate agency-to-agency and across States in order to protect the Nation’s citizens. Crime Record Management System has been implemented as an accessible Web-based query application, which provides timely and accurate information on Offenders.

The software implemented is a typical automated crime records management system, based on client-server architecture allowing data storage and criminal record interchange between the police. Since manual crime records keeping by Nigerian police has been bedevil with high cost of saving data, as it is mostly associated with paperwork, frequent case of missing files because records is not properly secured and lack of good storage media which makes retrieval of records quite stressful and has leads to data redundancy… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

INTRODUCTION

 Background of Study

Before the advent of the British, Traditional law enforcement had existed in Nigeria. When the British came, they accorded some sort of recognition to some of their “police force” which were been used by the native rules to enforce their local laws and native judgment. However the first police force was established in 1861 by the British colonial administration in the territories known today as Nigeria. This 100-man contingent was essentially a consular protection force based in Lagos, which later became known as the “Hausa Force,” so-named after the ethnicity of the men recruited into the unit.

As the British expanded their reach to the east and north, they formed additional police forces comprised largely of recruits from outside the communities in which they were to be deployed. These early forces were notorious for their abuses and general lawlessness. In 1891, the consul general of the Oil Rivers Protectorate in what is presently eastern Nigeria expressed shock at the “numerous acts of lawlessness and looting” by the police, who were commonly referred to in the community as the “forty thieves” in police uniform.

Similarly, the governor of Lagos colony acknowledged in 1897 that the Hausa Force “no doubt behaved very badly in the hinterland by looting, stealing and generally taking advantage of their positions.” The primary purpose of the colonial police was to protect British economic and political interests. The police accomplished this objective through the often brutal subjugation of indigenous communities that resisted colonial occupation.

The use of violence, repression, and excessive use of force by the police has characterized law enforcement in Nigeria ever since. The British merged Lagos colony and the southern and northern protectorates in 1913 and named the new colony Nigeria… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Statement of the Problem

It is obviously believed that the police force is charged with the responsibility of protecting lives and property and assuring safety and well-being of all citizens through the detection and apprehension of criminals, prevention and control of crime. Nevertheless there are still some shortcomings:

1. Poor criminal record keeping in short and long term bases which makes the processing and retrieval difficult… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

 Research Objectives

The objective is to design and develop an application that will help to improve the efficiency and effectiveness of the police security measures in keeping criminal records, and to perform the following functions:

1. To provide the crime investigator(s) with timely and accurate information about a particular crime in a specified location… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

LITERATURE REVIEW

The Concept of Record Management Practices

Records management practice is an essential component of office administration. An effective records management program allows the organization to render better customer service, provides legal defensibility and leads to improved profitability. Hence, it is necessary to award high priority to records management to avoid organizational problems that may arise owing to poor handling of office records (Robles &Langemo, 2016).

As much as people try to deny it, office organization has a distinct link with productivity. The quicker an organization can locate a file or important legal document, the more productive it will be (Peters, 2011. That does not, however, mean that employees have to be neat freaks in order to be productive. It simply means that an organization needs to learn more effective ways to handle its daily paper flow (Shaver, 2011).

Different types of Records kept at Nigerian police forces

According to Gama (2010) the nature of organization and its activities determines the types of Records it generates and receives from other sources. Music dance and drama being a department in Makerere University, it performs various activities that result in to the accumulation of a vast amount of Records… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

The Importance of Records Management in the Organization

According to Sanderson & Ward (2013), the importance of records management is increasingly being recognized in organizations. It is therefore the responsibility of records managers to ensure that they gain the attention of decision-makers in their organizations. Gaining recognition is all about convincing management of the role of records management as enabling unit in an organization.

Improved decision making

Employees require information in order to carry out their official duties and responsibilities efficiently and effectively in a transparent manner. Records represent major sources of information and are almost the only reliable and legally verifiable source of data that can serve as evidence of decisions, actions and transactions in an organization (Wamukoya, 2016).

According to Northwest Territories (2012), the role of records management is to ensure that members of staff involved in different operations have the information they need, when necessary… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH METHODOLOGY

Research Design

The study used a descriptive research design because it provided a framework for interpreting the variables of the study. Descriptive research is used to obtain information concerning the current status of the phenomena to describe what exists with respect to variables or conditions in a situation. The technique was appropriate as it involves a careful in-depth study and analysis of the subject matter. The researcher also used the cross sectional survey design approach.

Study Population

Out of the 15 study population, only 14 was used as the sample size according to Krejcie and Morgan (1970). A simple random sampling technique was used to select the respondents in the organization where the study was conducted because of the proximity of the researcher‘s views of time and funds constraints. The sample frame is tabulated as below:

Table 1: Showing the composition of the sample frame

Source: Primary Data

Sampling Technique and Sample Size

Sampling Strategies

The researcher used simple random sampling. Simple random sampling refers to a situation where a sample is selected without bias from the accessible population (Hounsome, 2011). It was recommendable because it ensured that each member of the target population has an equal and independent chance of being included in the sample (Amin, 2011)… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

ANALYTICAL FINDINGS AND DISCUSSION

Introduction

This chapter provides the presentation, interpretation, and analysis of findings. The objectives of the study were to assess the importance of the Record-Keeping, challenges faced with management records as well as identifying the solutions for effective Record-Keeping at the Nigerian police force.

Description of the Respondents

The respondents’ demographic characteristics in terms of gender, level of education, length of service in the organization, and titles held in an organization.

Age Bracket of the Respondents

The respondents were asked to indicate their gender. The results are summarized in Table 2 below:

Table 2: Age Bracket of the Respondents

Source: Primary Data                 

According to Table 2: majority of respondents that participated in the study were 35.7% (30-39 years), 35.7% (40-49yrs), 20-29 (28.6%)considered respectively. The results consequently imply that majority of the respondents were between 30-39ycars (35.7%) and 40-49 years (35.7%) which was a suitable age bracket to provide basic information about the challenges and factors for Record Keeping at the Nigerian police force in Nigerian.

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CONCLUSION AND RECOMMENDATION

Conclusion

The Nigerian police force department has been working to streamline records management procedures to avert unnecessary lose, access, misplacements, misuse and inadequate security measure which is challenging to personnel in-charge of records at the Nigerian police force department which may lead to possible violations of privacy and confidentiality of individual records among others… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Policy Recommendations

The researcher recommends the following to the department of Works: The Nigerian police forces department must come up with a departmental records management policy or a records management procedural manual or some sort of standards to manage records so as to ensure uniformity in the management of records within the department… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

REFERENCES

Berg, M. (2012) Implementing information Practices s in health care organizations (Record Keeping): Myths and challenges: International Journal of Medical Informatics, 64 (2-3), 143-156

Chell (2016) Managing Business Records in Malaysia: awareness and attitudes among business Managers: Information Development, 15 (4), 1.

Cowling, C. (2013) Records management manual: London: University of London.

De Wet, S and Du Toit, A. (2016) The challenges of implementing a Record-Keeping at the national electricity regulator in South Africa. Records Management Journal, 10(2), 73-86.

Gartee, R. (2007) Electronic Health Records: Understanding and Using Computerized Medical Records; New Jersey: Pearson Prentice Hall. (Record Keeping)

Hare, C. & McLeod, L. (2017) Developing a records management programme (Record Keeping). London: Aslib.

Hounsome, C. (2012). The records management challenges of amalgamation. Municipal Monitor, June/July: 1-7.

ISO. (2001) International Organization for Standardization: Information and Documentation – Records management; 9.

Kalusopa, T., &Ngulube, P. (2012) Record Keeping in Labour Organizations. South African Journal of Information Management (1), 7-8.

McClanahan, K. (2013) Balancing Good Intentions: Protecting the Privacy of Electronic Health Information, Bulletin of Science Technology & Society. 20(1): 69-79. (Record Keeping)

Moloi, J., &Mutula, 5. (2007) E-records Management in an E-government setting in Batswana (Record Keeping). Information Development, 23 (4), 2-3.

Northwest Territories. (2012). what is Records Management? Records Management Bulletin, (3), 1-2. (Record Keeping)

Palmer, M. (2016). Records management and accountability versus corruption, fraud and maladministration. Records Management Journal, 10(2), 61-72. (Record Keeping)

Pember, A. (2014). The rise of the new age‘records management professional: records management education and training in Australia. Records Management Journal, 8(3), 63-75.

Penn,  I.,  Pennix,  G.  and  Coulson,  J.  (2014)  Record management handbook (2ndedition). Aldershot: Gower.

Saffady, W. (2014) Cost Analysis Concept and Methods for Record Keeping Management: Project: ARMA International, USA.

Saleemi, N. A. (2009). Personnel management simplified Revised and Updated: East African Ed. Nairobi: Savani‘s Book Center Ltd. (Record Keeping)

Sanderson, M.  & Ward, S.  (2013). Records management mission critical:  Library and Information update, October, 1-7. Retrieved April 2, 2014 from www.cilip.org.uk Shepherd, (2004).Managing records; Great Britain. (Record Keeping)

Ssenabulya, S.  (2013) Professional Records and Archives Management:  For practitioners, Students and records users, Lagos. (Record Keeping)

Stewart, J. R. and Melesco M. (2002) Professional Record keeping and Information Management. 2 Ed. New York: McGraw—Hill.

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ABSTRACT

The study focuses on assessing the impact of the use of accounting software in preparing the financial statements of commercial banks in Nigeria. The center of attention was on three commercial banks namely GT bank, FCMB, and First Banks; all in the Benin City, Edo State. A stratified sampling technique was used to select this sample.

The Banks were stratified as follows: computerized and networked bank computerized but not networked and partially computerized. The main objective of this work is to explore how Accounting software has forever changed many aspects of business and accounting practices especially in preparing financial statements and to consider the main reasons for the reluctance of some Commercial banks to adopt and utilize this new capability.

The focus of the research was on areas that the researchers considered very critical in accounting software… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

INTRODUCTION

Background of the Study

The increasing globalization of the world economy precipitated organizations the world over to compete in the global marketplace leading to the emergence of a new set of accounting challenges such as multiple currencies and follow a horde of accounting and tax rules. Thus, a more refined accounting software packages competent of managing international accounting intricate issues are increasingly in need (Adhikari, Lebow & Zhang, 2004). However, great technology advancement has rendered the options of using accounting information from a strategic point of view.

The adoption of Accounting Software becomes major aspect in determining the survival, growth, and success of an organization as firms require more information, be it monetary or non-monetary, to deal with a higher scale of uncertainties in the competitive market and require data processing capacity and system to ameliorate to suit their information needs (Van de Ven & Drazin, 1984) in this global economy era… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Statement of the Problem

Since the 1950s, when technology started to be applied in business (Otieno and Oima,2013), most developing countries in the world have abandoned the use of a pen and a paper and started to adapt to the use of accounting software to facilitate the generation of quality, quick and accurate financial reports… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Research Objectives

The following are the objectives of this study:

• To investigate the impact of accounting software on the bank payroll financial preparation and reporting in the banks… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

LITERATURE REVIEW

The use of Accounting Information Systems (AIS) is a widely researched topic. While there is much research on the impact of Accounting Information Systems (AIS) in general; there is little research specifically on accounting software and its impact on financial reporting. Accounting software, however, is widely used in many corporate bodies including SMEs.

For example, in Australia, the Yellow Pages (1997) reported that 76% of the small businesses surveyed had at least one computer, and 75% of this used accounting software. Burgess (1997) in a review of IT adoption by Australian small businesses concluded that the main software application package used was accounting (Burgess 1997 and Wenzler 1996)… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Accounting

Accounting is not only the oldest but also the most stable of the management disciplines.  In spite of its stability and continuity, accounting has seen major changes during the past century. It would be surprising if a century from now, accounting is the same as today. Although we cannot look so far ahead, we can analyze the current conditions for clues about what to expect in the next decade or two (Sunder 1999). Accounting provides financial information about a business or a not-for-profit organization… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Accounting Systems

Every company applies to account because it is generally accepted that companies have to reveal certain financial and management information to economic users and of course because accounting is an indispensable tool in the business decision-making process. Accounting is an important part of every company thus; businesses are required to keep proper books of accounts (Section 123 of the Companies Code (1963), Act 179). “Accounting can be divided into two basic categories: those which apply manual accounting and those which prefer accounting software” (Weber, 2010).

Manual Accounting System and its Shortcomings

Briefly, a system is a set of interdependent elements that together accomplish specific objectives. The manual accounting system is an information system and Romney & Steinbart (2009) defined an information system as an organized means of collecting, entering, and processing data and storing, managing, controlling, and reporting information so that an organization can achieve its objectives and goals. Tanis and Dalci (2002) emphasized that the information system has the following components; Goals and objectives, Inputs… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Figure 2.1 A Manual Accounting System Model

At first look, it is not very difficult and it is so indeed, but when there are thousands or millions of transactions the situation dramatically changes. Lots of transactions that must be processed in the accounting… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

IMPORTANCE OF ACCOUNTING SOFTWARE

accounting software is important to businesses in various ways. The use of computers is time-saving for businesses and all financial information for the business is well organized (Baren, 2010).

• Time and Cost Savings

Using accounting software saves companies time and money. The use of a computer makes inputting accounting information simple. Transactions are entered into the system and the system processes and posts transactions accordingly. Accounting software reduces staff time preparing accounts and reduces audit expenses as records are neat, up-to-date, and accurate. Better use is made of resources and time; cash flow should improve through better debt collection and inventory control. More importantly, the system helps present financial reports on time to aid in the economic decision-making process of external users.

• Organization and Accuracy

Accounting software enables businesses to stay organized. When information is entered into the system, it makes finding the information easy. Employees can look up any financial information whenever it is needed. There is less room for errors as only one accounting entry is needed for each transaction rather than two (or three) for a manual system. The accounting records are automatically updated and so account balances (e.g. customer accounts) will always be up-to-date… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

• Commercial Banking in Nigeria

Nair and Fisshab (2010) researched innovations in rural and agriculture finance in rural and community banks in Nigeria and found out that in Nigeria, commercial banks are the largest providers of formal financial services in rural areas. It was revealed that by the end of 2008, Nigeria had 127 Commercial banks with a total of 584 service outlets, representing about half of the total banking outlets in the country.

Facts also have shown that, before the late 1970s, rural dwellers in Nigeria had almost no access to institutional credit for farm and nonfarm activities, and in many rural communities, secure, safe… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH METHODOLOGY

The Research Design

The research strategy adopted by the researchers is the multiple case study approach. The reason for this choice is to increase the reliability of the report as findings of the companies will be compared to find out the extent to which they follow a regular pattern.

Population

This study focused on 25 registered Commercial banks in Benin City, Edo State.

Sample and Sampling Technique

A stratified sampling technique was used to select this sample. The Banks were stratified as follows: computerized and networked bank, computerized but not networked, and partially computerized… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH RESULTS AND DISCUSSIONS

The Need for Accounting Software

Of the three banks selected, two have already adopted Accounting software, First Bank and FCMB. However, GTBank is still in its adoption process. The two banks adopted Accounting software for several reasons including the under-discussed.

Increase in Efficiency and Effectiveness

At the turn of the millennium, the financial sector in particular, and the business environment in general, has become very competitive. In their quest to achieve the organizational goal of maximizing shareholders’ wealth through better customer service, the two banks adopted Accounting software suitable for their operations. They are of the belief that Accounting software help produces quality information that helps in the efficient and effective performance of their operations… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Operations of the company were voluminous

One of the main authorized businesses of a bank is to receive money (deposits) from the public and as well as lend or advance money as loans to the public. Banks, therefore, encounter a whole lot of people who are either coming in to make deposits or borrow. This, therefore, leads to a large number of transactions within which to process and also a huge database that must be maintained… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Source: Field Survey, May 2012

It must, however, be emphasized that the major factor considered by the banks before adopting their systems is to a large extent in line with what Waterfield et al (1998) said in their work that the use of computers in business is to ensure that all business and financial information is well organized effectively and efficiently.

It is however contradictory with Raymond and Bergeron (1992) who argued that businesses implement accounting software because of the advent of low-cost microcomputers among other reasons… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

SUMMARY, CONCLUSIONS, AND RECOMMENDATIONS

Summary

The research was organized to assess the impact of the use of Accounting software in the financial reporting of commercial banks in Nigeria. The study also had another objective of bringing out the problems encountered in the use of Accounting software. Advancement in technology is now the order of the day. Businesses are constantly looking for cost-effective, economic, and efficient ways of satisfying customers’ needs.

Thus, there is a need for businesses to be abreast of the current issues in technology to enhance their business. This is to help gain a competitive advantage over their competitors especially in this era where there are more banks springing up… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Conclusion

The study revealed that because of the numerous benefits that are associated with accounting software, more importantly, its ability to produce and present relevant and faithful representative financial reports to end-users, the government of Nigeria is assisting all Commercial banks to migrate onto common accounting software known as Terminus 24 through the Millennium Development Account.

This is going to serve as a platform in which all the commercial banks in the country are going to be networked to each other to facilitate faster and efficient banking… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Recommendations

Based on the empirical findings of the study, the following recommendations are offered to commercial banks in particular, and the players in the banking industry.

• The government, through ARB Apex Bank, should reinforce its computerization policy for commercial banks… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

REFERENCES

ABS (Australian Bureau of Statistics), (2000), Catalogue 8129.0 Business Use of Information Technology, Australia. Commonwealth of Australia

Baren, V., (2010), The Importance of an accounting software, available on http://www.ehow.com/facts_6786562_importance-computerized-accountingsystem.html#ixzz10yS7obSs; Accessed: 27/10/11

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Elliot, B & Elliot, J (2006): Financial Accounting and Reporting, 11^th ed.: Pearson Education Limited, Harlow, England

Frenzel, C. W., (2006), Management of Information Technology

Gelinas, U., Sutton S., and Hunton, J., (2005) Acquiring, Developing and Implementing Accounting Information System, 6th Ed.: Thomson South-Western Education College, Cincinnati

Gorton, M., (1999): “Use of financial management techniques in the UK-based small and medium-sized enterprises: Empirical research findings”, Journal of financial management and analysis, Vol. 12 No. 1, pp 56-64

Grabski, S., and Marsh, J. (1994), “Integrating Accounting and Manufacturing Information Systems; an ABC and REA-based approach”, Journal of Information Systems: pp 61-80

Greuning, H., V. (2006): International Financial Reporting Standards; A practical guide, 4^thed. The World Bank

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Kimunya, A., Fishstein, P., and Gaul, N., (2000): Guide to computerising your accounting system: The Manager, Vol. 8, No. 4

Nair, A., and Fisshab, A., (2010), Commercial banking: The case of Rural and Community Banks in Nigeria, International Food Policy Research Institute and the World Bank; July, Focus 18 Briefs

Nash, J., Heagy, C., and Courtney, H (1999): The design, selection, and implementation of accounting information systems: Dame Publication Inc., Houston

McMahon, G., and Holmes, S., (1991), “Small Business Financial Management Practices in North America: A literature review”, Journal of Small Business Management, April, Vol. 29, No. 2, pp 19-30

Paton, A., (1922): Accounting Theory; with special reference to the corporate enterprise, Kessinger Publishing (2009)

Proudlock, M., Phelps, B., and Gamble, P., (1999), “IT Adoption Strategies: Best Practice Guidelines for Professional SMEs,” Journal of Small Business and Enterprise Development, 6(3), 240-252.

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THE IMPACT OF INTERNAL AUDIT EFFICIENCY ON THE FINANCIAL PERFORMANCE OF COMPANIES (A CASE STUDY OF JULIUS BERGER PLC)

ABSTRACT

Internal auditing is a vital aspect of all organizations for the efficient and effective management of resources, the addition of value and improvement of operations for them to realize their financial goals. The internal audit department is a neutral source of information for the smooth management of resources, thus stakeholders have a level of confidence in the financial reports of the firm which reflects the efficiency of the department.

The study employed a descriptive research design. The population was made up of all the Julius Berger Plc… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

INTRODUCTION

Background of the Study

Internal audits constitute an independent appraisal function that reviews the internal control system of the organization established. Auditing ensures the effective, proper, and economic use of resources in an organization through the objective examination, evaluation, and reporting on the adequacy of internal control.

The effectiveness of the auditing functions lies in its independence; The independence in terms of organizational status and personal objectivity of the internal auditor facilitates the proper and effective performance of his duties.

It is therefore essential that the internal audit unit is appropriately staffed with people with the right qualification and given the training necessary. The internal auditor must constructively align its functions with the management policy and maintain a good working relationship and mutual understanding with management, external auditors, and other review and exercise due care in executing its function of planning, controlling, and recording of work.

The internal control system must be properly evaluated to ensure its adequacy and effectiveness. The evidence obtained in the audit function should constitute the auditor’s report which must be communicated to the management for appropriate action. It is also the auditor’s role to ensure that all recommendations and conclusions are monitored to determine that action has been taken on them… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Statement of the Problem

Internal audits constitute an independent appraisal function that reviews the internal control system of the organization established. Auditing ensures the effective, proper, and economic use of resources in the organization through the objective examination, evaluation, and reporting on the adequacy of internal control.

The effectiveness of the auditing functions lies in its independence; The independence in terms of organizational status and personal objectivity of the internal auditor facilitates the proper and effective performance of his duties and of enhancing the financial performance of the organization… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Research Objective

• To determine the impact of internal audit efficiency on the financial performance of companies
• To determine the impact of internal audit efficiency on the financial performance of Julius Berger Plc.

LITERATURE REVIEW

Introduction

Several theories will be reviewed and empirical evidence on the significance of internal audit efficiency to firm financial performance will be presented in this chapter.

Theoretical Perspectives

This study will make use of three main theories namely; agency theory, legitimacy theory, and stakeholder theory.

• Agency Theory

Agency theory is a contract under which a person (the agent) is employed by one or more individuals (principals) to conduct some services for them; consequently, any ensuing decisions for the firm are made by the agent. Jensen and Meckling (1976)   state that agency theory highlights management behavior, agency cost, and the own order of the organization.

The management of the firm is charged with the responsibility of maximizing shareholders’ wealth. According to the authors, there is not a particular theory that signaled and explained the conflicting interest of individuals participating in business operations and has the same goals of maximizing firm returns.

Jensen & Meckling (1976) explained it as a relationship between principal and agent, which involves the delegation of duties of managing the business affairs with an intention to maximize returns… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

• Stakeholder Theory

The theory assumes that moral values and business ethics are essential in managing an organization. Wheeler et al., (2003) explain that this theory came about as a combination of the organizational and sociological disciplines. The theorists believe that in organizations, managers possess a network of relationships that include suppliers, employees, lenders, and other business partners who have the company’s interests at heart.

They make key decisions to realize the objectives of the organization like resource allocation and control and the activities that impact the organization and in one way or the other on others also. Stakeholders have diverse interests in the organization, of either environmental or of an economic nature… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Empirical Literature Review

Maijoor and Vanstraelen (2006) did a comparative study to explore the issue of earnings administration in a European setting. They analyzed the impacts of national audit condition, audit firm efficiency (utilizing intermediary of audit firm size), and dependence on worldwide capital markets on income administration exercises. Utilizing information from firms in France, Germany, and the UK, they found that when it came to earnings administration activities differ from nation to nation.

Their examination discovered three critical discoveries. Firstly, stricter national audit conditions assume a critical part in obliging income administration exercises paying slight note to the extent of the audit firms between the three nations. Secondly, the impact of huge size audit firms on income administration exercises just exists in the   UK because of a stricter speculator insurance condition yet not in France or Germany.

Thirdly, firms that depend on worldwide capital markets are related to a more elevated amount of collections, which suggests that NYSE listings do not dissuade income administration… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Conceptual Framework

The study’s conceptual framework will be composed of the independent and dependent variables. Financial performance will be the dependent variable and the independent variables are the audit committee size, auditors’ experience, auditors’ independence, and auditors’ qualification.

Figure 1: Conceptual Framework

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RESEARCH METHODOLOGY

Introduction

In this section, the researcher sought to respond to the various research questions so as to meet the goal and intent of the study. This section deals with research philosophy, research design, sampling, research instruments, data collection, and analytical methods. The research methodology is described as a way to comprehensively address the research problem, (Kothari, 2004).

Research Design

Research design is the ordering of conditions for gathering and data evaluation in a way that strives to put together pertinence to the research justification with a cost-cutting measure in the procedure (Kothari, 2008).

The research used here was a descriptive survey design. Information about a group of people (one or more), who are asked a number of questions with their answers being recorded and inputted into spreadsheet tables. The questions may be about their opinions, attitudes, characteristics, or experiences… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Population

Kombo and Tromp (2006) describe the population as a complete category of elements or persons that at the minimum have one thing that they share in common. Mugenda and Mugenda (2003) interpret it as a whole group of individuals, events, or objects that have a common noticeable attribute and adjust to a given description. A census of all companies was used since it is accurate and involves the whole population. The study population will be Julius Berger Plc, which are 66 listed companies.

Data Collection

There are several strategies for information gathering as stipulated by Ngechu (2004. Choosing an instrument or apparatus, for the most part, depends on the traits of the subjects; investigative theme, issue question, targets, outlines, and anticipated information and outcomes.

This is on the grounds that each device and instrument gather particular information. There are two major sources of data normally used and they are primary and secondary information sources… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH FINDINGS AND DISCUSSION

Introduction

This chapter presents the various statistical approaches used to check the effect of internal audit efficiency on the financial performance of Julius Berger Plc. Data gathered from the field is shown and examined using descriptive and inferential statistics.

Response Rate

Figure 4.1: Response Rate

The study was done using the entire listing of firms listed in the NSE. Out of the 66 expected respondents, 60 were able to fill out and return the questionnaires; this led to a response rate of 91% to be achieved. The response rate was deemed to be adequate, since Sekaran, (2016) contends that any response above 75% is classified as optimal. Based on this, the response rate was excellent… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Profile of the Respondents

• Respondents Gender

The study sought to determine the gender disparity of the respondents. Figure 4.2  below displays the results of the analysis.

Figure 4.2: Gender of the respondents

From the findings, it was established that most of the respondents (58%) were male with a slightly lesser number of 42% of the respondents being female. The disparity calculated by 16% was not sufficient to create any bias in the study… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

• Discussion

The study exhibited that there was a notable contrast in the financial performance of Julius Berger Plc because of changes in the proficiency of internal auditors, the efficiency of work of the internal auditors, top management support, and independence of the internal auditors.

This evidently displays that variations in the financial performance of the firms could be deemed to be from changes in these independent variables (proficiency of internal auditors, the standard of work of the internal auditors, top management support, and independence of the internal auditors). The study revealed that a strong affirmative connection existed between Julius Berger Plc and the proficiency of internal auditors, the grade of work of the internal auditors, top management support, and independence of the internal auditors.

From the independent variables measured (proficiency of internal auditors, level of work of the internal auditors, top management support, and independence of the internal auditors) revealed that a considerable 97.8% of the financial performance of firms at the NSE is shown by adjusted R2 (0.978).

This establishes that 97.8% of financial performance was the result of the independent variables whilst 2.2% of the financial performance of firms on the NSE was the result of arbitrary variations and factors not studied in this research… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

SUMMARY, CONCLUSION, AND RECOMMENDATIONS

Summary

The internal audit function is important to the growth of firms as it provides essential services for the management of the firms. It is helpful in bringing a “methodical disciplined way to gauge and refine the control and governance procedures, the effectiveness of risk management” Institute of Internal Auditors.

It is a vital function and as evidenced by the increasing demand for this service in several organizations. The Internal Audit department is seen as an important factor when it comes to accounting systems being applied.  The financial reports express the work and efficiency of an internal audit department and its efficiency will help in enhancing the efficiency of activities of the company… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

• Conclusion

The study examined the effects of internal audit efficiency on the financial performance of Julius Berger Plc. The research concluded that the efficiency of the work of the internal audit sector has conspicuously and positively impacted the financial performance of organizations Julius Berger Plc.

The independent variables studied: professional proficiency of auditors, auditor’s independence, and efficiency of work of auditor’s and top management support showed that they all positively and significantly influence financial performance in a significant way… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

• Recommendations

 There is a need for firms to adopt effective internal processes and practices that address key internal auditing practices for the effectiveness of audit efficiency that cannot be overemphasized. Audit efficiency is mainly about the efficiency of people,  their training, and the moral caliber. As such the Julius Berger Plc should consider the skills, personal qualities of audit personnel, and the tutelage given to audit staff as the important factors that determine auditor efficiency… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

REFERENCES

Abbott, L. J., Parker, S., Peters, G. F., & Raghunandan, K. (2003). An empirical investigation of audit fees, non-audit fees, and audit committees.

Contemporary Accounting Research, 20(2), 215-234.

Al-Shammari, A. (2010). The role of the Audit Committees in Corporate Governance in Saudi Arabia. In Workshop paper. College of Business Administration-King Saud University (pp. 1-34)

Ashbaugh, H., & Warfield, T. D. (2003). Audits as a Corporate Governance Mechanism: Evidence from the German Market. Journal of International Accounting Research, 2, 1-21.

Audit efficiency (2005), Agency theory, and the role of audit, The Institute of Chartered Accountants in England and Wales (ICAEW), 1-14.

Barnes, L. (2008). Banking Sector Governance: Lessons from Hong Kong Listed Banks–A Three-Year Perspective.

Brown, L. D. and Caylor, M. L., Corporate Governance and Firm Performance.

Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit efficiency on earnings management. Contemporary Accounting Research, 15(1), 1-24.

Bett, C. C. (2014). The Relationship Between Effectiveness Of Internal Audit Function And Financial Performance Of Companies Listed.

Boone, J. P., Khurana, I. K., & Raman, K. K. (2010). Do the Big 4 and the second-tier firms provide audits of similar efficiency. Journal of Accounting and Public  Policy, 29(4), 330-352. (Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)

Broye, G., & Weill, L. (2008). Does leverage influence auditor choice? A Cross- country Analysis. Applied Financial Economics, 18(9), 715-731. (Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)

Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. (1998). The effect of audit efficiency on earnings management. Contemporary Accounting Research, 15(1), 1-24. (Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)(Internal Audit Efficiency)

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ABSTRACT

This research work was carried out to know the Relevance of accounting information in the decision-making process using the United Africa Company (UAC) of Nigeria PLC as a case study. The objective of this study is to examine the usage level of accounting information and to show how accounting information assists in decision making, the purpose, and significance of the study were highlighted, in addition, the limitations and scope of the study were also discussed, research questions raised and hypothesis stated… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

INTRODUCTION

Background of the Study

Decision making is a comprehensive process that comprises identifying the problems and decision criteria, allocating weight to those criteria, moves to develop, analyzing and selecting an alternative’ that can resolve the problem, implementing the alternative, and ending with evaluating the decision’s effectiveness. Accounting information relates to the output of the accounting department of an organization it is provided through the collection, analysis, presentation, and interpretation of data and information from another department in terms of monetary values.

Accounting information is a major means of helping managers of organization equity investors of an organization, potential equity investors, creditors, and bondholders of an organization, suppliers, and customers of an organization and another stakeholder to make decisions.

Accounting provides information for three major purposes:

• External Reporting: these reports are used by investors, creditors, government authorities and other outside parties. Routine Internal Reporting: these reports which are periodically generated are used by managers of· the company for their internal decision.
• Non-Routine Internal Reporting: this information or reports are generated to support projects and other decision that comes up as the need arises from them… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Statement of Problems

In a corporate setting, the decision-makers (managers) are generally distinct from the owner of the business enterprise. In like manner, financial managers’ function involves three main types of managerial decisions. One of the financial management decisions is about investment. The financial manager has not been able to evaluate efficiency and effectiveness on the timing and the risk of future cash flows of investment due to inaccurate account ting information on the state of liquidity of the organization… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Research Purpose

The relevance of accounting information as a tool for business decisions cannot be overemphasized. The objectives of this study are stated below:

• To ex-ray and establish that accounting information assist decision making.
• To examine the usage level of accounting information… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

REVIEW OF RELATED LITERATURE

Accounting is often said to be the language of business in the business world to describe the transaction entered into by all kinds of organizations. Accounting terms and ideas are therefore used by people associated with the business whether they are managers, owners, investors, bankers, lawyers, or accountants.

Accounting extends far beyond the actual making of records. Accounting is concerned with more than the record-making phase. In particular, the accountant should be interested in the relationship between the financial results and the events which have created them. He should be studying the various alternatives open to the firm, and be using his accountancy experience in order to aid the management to select the best plan of action for the firm… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Nature and Objectives of Accounting Information

What is information? Information is defined in the dictionary of business and management as “that which is assigned to data by means of the convention used in their representation. Information consists of data that has been retrieved, processed, or otherwise used for informative or inference purpose argument or as a basis for forecasting and decision making.

The encyclopedia of professional management states that information must be distinguished from data and this distinction is important. Data are merely facts and figures that have little to do with decision making, while information, on the other hand, is the essential raw material for decision making.

Accounting is not an end itself but an important information device thereby the optimum objectives are in use of accounting information through analysis and interpretation as a basis for business decision. Its function is to provide quantitative information, primarily financial in nature about economic entities that are intended to be useful in making quantitative choices among competing alternative courses of action that have for reaching consequences the entity concerned.

Accounting is not only an information system design to communicate meaningful economic information about a business firm or an entity to interested parties. It is also a discipline that provides financial and other information. The information which it provides is more so essential for effective planning, controlling, and decision making… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

The Value of Information

Accountants should aim to provide the right information to the right people in the right quantity, at the right time and at minimum cost. This raises the questions as to what is the optimal quantity, content, accuracy, and speed of transmitting the information. These alternatives have different costs and values and it is clear that the accountant should bear this in mind when collecting and presenting the information.

An important factor in vitally all practical decision is the risk and uncertainty involved. This means that it is important that the information supplied by the accountant shows the effect of risk and uncertainty and the range of likely outcomes. Information for decision making must, therefore, be oriented towards the future invariably involves forecasting, estimating, and extrapolation. The information has no value in itself; its value derives from improvements in the decision which are taken upon the information.

Furthermore, accounting information should direct attention to problem areas, thus facilitating the operations of management by exception. It should also be problem-solving, in other future actions, highlighting possible alternative solutions to organizational problems, and aid in the establishment of the best alternative… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Kinds of Accounting Information and Tools for Decision Making

Kinds of accounting information and tools for decision making are the function of the source, utilization, and classes of accounting that are financial management, cost tax accounting, and auditing which deal with the comparative analysis are in terms of:

• Underlying authority
• Purpose of report
• Method of gathering data
• Time – the period covered by the report
• Form of financial report… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Analysis of Financial Statement

The analysis is the resolution of data into their elements or component parts, the tracing of facts to their source, with a view of discovering the general principles underlying individual phenomena. It involves explaining the meaning of given facts and their elucidation and unfolding to show the purpose of these facts. It is the translation of data into intelligible or familiar terms.

The analysis of financial accounts is, therefore, the interpretation, amplification, and translation of facts and data contained in the financial statements the purpose being the drawing of relevant conclusions, therefore, making inferences as to business operations, financial positions, and future prospects. Analysis of financial statements can be horizontal or vertical, internal or external depending on the document being used the sources… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH METHODOLOGY

Introduction

This chapter discusses the various methods by which data are collected and analyzed in the process of carrying out this research work by research methodology. This means the methods and designs used by the researcher in the collection and analysis of the data. This chapter will expose the design of the study, the population of the study, sampling design and technique, source of data, or others are an instrument for data collection and method of data analysis.

Research Design

A research design is a plan for a research project which provides guidelines that directs the researcher toward solving the research problems. It is the approach to be used in conducting a specific inquiry. Two basis approaches were used in the study. They are the survey approach and the case study approach.

The survey approach studies both large and small populations by selecting and studying samples chosen from the population to discover the relative incidence and also the distribution and interrelations of variables.

A case study approach was also used to explain the “impact of accounting information” on the decision-making process in which the researcher got their information from some selected manufacturing firms like UAC.

SOURCE OF DATA

The study relied heavily on both primary and secondary source of data

PRIMARY DATA

The primary data used in this approach was obtained from a sample drawn from the staff of some selected manufacturing firms. All these were done through the questionnaire distributed, direct observations, and interviews with the staff of the organization. This is directed at achieving a more balanced research result and conclusion… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RESEARCH FINDINGS AND DISCUSSION

Introduction

In this chapter, the researcher analyses and interprets the data collected from the respondent through the questionnaire and oral interviews. The questionnaire raised and analyzed in this and issue to the researcher work 133 were raised and issued to the respondents. The presentation and representation of the information will be based on the 133 questionnaires collected below. The analysis would be based on percentage, but the hypothesis would be tested using regression coefficient techniques.

The following are the analysis of the questionnaire distributed and collected by the respondent.

Analysis of Data

The researcher uses a simple percentage technique in analyzing the response to the questionnaire.

Table 4.1

Accounting information generated and utilized by an organization is necessary for production decisions and suggested solutions to the problems.

From the table above, respondents agreed that accounting information generated and utilized by an organization is necessary for the production of decisions and suggested solutions to the problem.

Table 4.2

Accounting information generated by the accounting department has effectively been applied in the production and decision of the organization.

The information generated by the accounting department has effectively been applied in the production and decision of the organization. From the table above, respondent agreed that accounting… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

SUMMARY OF FINDINGS, CONCLUSION, AND RECOMMENDATIONS

Summary of Findings

The major aim of this research was to find out to what extent do the management of some select manufacturing firm make use of accounting information in the decision-making process. After careful analysis and interpretation of data generated in the course of this research work, the following findings were made in order to confirm the null or alternative hypothesis stated in this study.

Firstly, there is a problem in generating and utilizing accounting information necessary for management decision making processes. Secondly, accounting information generated by the accounts department has contributed to the decision-making process… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

Conclusion

The objectives of the firm differ from one organization to another. Based on the statement of the problem stated in chapter one, the researchers concluded that the application of accounting information makes the difference between failed banks, enterprises, corporate bodies on one side, and the successful one on the other side. For the improvement in the application of accounting information to be sustained, an adequate understanding of the difficulty in the application of accounting information is very essential… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

RECOMMENDATIONS

Accounting information is very essential to the users’ for their development, especially when it extends to decision making. In view of the above, the following recommendations were deemed necessary.

• Efforts should be made at employing professional staff with transparent honest ways of performance and also, due punishment should be given to fraudulent
• Seminar/ training should be given to the staff of the accounting department to enable them to specialize more in the field of accounting… (Scroll down for the link to get the Complete Chapter One to Five Project Material)

BIBLIOGRAPHY

Adewoye S O (2004). Basic statistics for engineering economics and management, Lagos: Olakayode Ojo communication, Enterprise.

Akuwudike H.C & Ugwu O.I (2000). Management Information system for the tertiary institution, Enugu: Gostak printing and publishing Co. Ltd.

Anderson A.L & Ranum .D (2005). Information analysis in management accounting, New York; John Wiley and Sons Inc.

Ani W. U (2005). Government and public sector accounting, Enugu: Immaculate publication ltd.

Collins D. (2004). Management and cost accounting sixth edition, Singapore; Senglie press.

Eugene C.G and Richard S.L (2006). Statistical quality control, Tata: McGraw – Hill Publishing Company Limited.

Lucey T. (2003). Management accounting fifth edition, London: Ashford color press.

Nnamdi A. (2005). Research methodology in behavioral science, Lagos: Longman Nigeria plc.

Nwaoha C. and Ekwe M.C (1999). Costing accounting, Enugu: computer edge publishers.

Okorie O. (2000). Advanced financial accounting, Enugu:  immaculate publication ltd.

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