the prospect of Accounting as a profession, implication to accounting student

 

TABLE OF CONTENT

Topics                                                                                          Pages

Chapter 1:    Introduction

• Background of the Problem
• Statement of the Problem
• Objectives of the Research
• Research Questions
• Statement of Hypothesis
• Scope of the study and Its Delimitation
• Organization of the Report

 

 

Chapter 2:    Literature Review

• Evolution of the Nigeria Capital Market.
• Major Participation’s in the Nigerian Capital Market
  • The Central Bank of Nigeria
  • Development Finance Institutions
  • Issuing Houses
  • Stockbroking firms
  • Securities and Exchange Commission
  • Stock Exchange
  • Share Registrars
  • Commercial Banks
  • Insurance companies and Pensims / Provident funds
• Dividend
  • Forms of Dividend
  • Factors influencing Dividend Policy
  • Stability of Dividend
  • Relationship between Dividend and Share prices
  • Information content of Dividends
  • Random Walk Theory of Share Price Movements
  • Random Walk and an Efficient Stock Market
  • Varying Degrees Efficiency
  • Week form Tests or Weak form of Efficiency
  • Semi-strong form Tests and semi-strong Efficiency
  • Strong form Tests and Strong Form Efficiency
  • Implications of Efficient Market Hypothesis
  • Empirical Studies of Capital Market Efficiency in Nigeria
  • Dividend Announcement and Capital Market Efficiency.

 

 

Chapter 3:    Research Methodology

• research Design
• Sources of Primary & Secondary Data
• Population & Sample
• Data Collection Techniques
• Data Analysis Technique
• Hypothesis Test Statistic
• Limitation of Research Methodology

 

 

Chapter 4:    Analysis and Presentation of Data.

• Presentation of Primary Data
• Analysis and Presentation of Data According to Research Questions
• Analysis and Presentation of Data According to hypothesis.

 

 

Chapter 5

• Summary of Findings
• Conclusion
• Recommendation
• Suggested Research Work

CHAPTER ONE

 

 

• INTRODUCTION

 

Many people think of accounting as a highly technical field which can be understood only by professional accountants.  Actually, nearly everyone practices accounting in one form or another on an almost daily basis

We live in an era of accountability.  Although, accounting has made sits most dramatic progress in the field of business, the accounting function is vital to every unit of our society.  An individual must account for his or her income,  and must supply personal accounting information in order to buy a car or home to qualify for a college scholarships to secure a credit card, or to obtain a bank loan.  Large corporations are accountable to their stockholders, to government agencies, and to the public.  The federal government, the states, the cities, the school district: all must use accounting as a basis for controlling their resources and measuring their accomplishments. Accounting is equally essential to the  successful operation of a business, a university, a polytechnic and a social program.

 

 

• DEFINITION OF ACCOUNTING:

Okechukwu (1999), defined accounting as, “the art of recording, classifying and summarizing, analyzing, interpreting and reporting on the financial transactions and position of an organization to interested persons or bodies.”  He gave this definition because whenever two or more persons comes together to form a union or an organization, the next thing is that money must be involved. Also, the accurate recording of the financial dealings of the companies, as well as the  correct reporting of the financial results of the union’s activities for a period to the members of that union, and to outsiders become of paramount importance.

Amachina and Ezeh (1996), defined accounting as, “a profession that co-ordinates the functions of financials accounting which is concerned with the recording, analyzing, summarizing and interpretation of business and other entities”.

Okafor (1996), defined accounting as “a systematic means of writing of economic history and plans of an organization in both quantitative and financial manner so that facts can be revealed, and properly analysing such fact for the purpose of advising management.

• OTHER AREAS OF ACCOUNTING INCLUDES

1. MANAGEMENT ACCOUNTING

Osuagwu (1998), defined management accounting as, “ the application of accounting knowledge, technique and skills to the provision of information designed to assist all levels of management in planning and controlling the activities of a business enterprise.”

Moreover, the chartered institute of management accountant (CIMA) defines management accounting as, “ an integral part of management concerned with identifying, presenting, and  interpreting information used for formulating strategy, planning and controlling activities, decisions taking optimizing the use of resources, disclosure to shareholders and other external to the entity, disclosure to employees and safeguarding assets.

 

1. COST ACCOUNTING:

Onovo et al (2002), defined cost accounting and costing principles, methods and techniques in the ascertainment of costs and the analysis of savings and excesses as compared with previous experience with standards.

Nze (1998), defined cost accounting as, “The accounting of the cost of production of goods or services or both of them”.

The institute of cost and management accountants defines costing as “a management information system which analysis parts, present, and indeed, future data to fit the variety of different problems confronting managers. In order to carryout their responsibilities for planning and controlling the resources of a business, managers must be properly informed’.

 

1. PUBLIC SECTOR ACCOPUNTING:

Ani  (2001), defined public sector accounting as, “the composite activity of collecting, analysing, recording, summarizing, reporting and interpreting the financial – transactions of government units.

The various government units includes:

1. The federal government (it ministries, departments and agencies).
2. The state governments represented by it ministries and department.

• The local governments

1. The government parastatals partly or completely financial by the government.

Some of the nature of government entities are:

1. They are established by the citizenry through the constitutional and charter process
2. They do not seek for profit from the activities in which they are engage
3. They depends on the legislative authorities
4. They owe responsibility to the citizens

From the various definitions of accounting mentioned above, we can see obviously that whether the accounting is concerned with financial accounting or management accounting or cost accounting, that all of them is geared towards provision of vital information that will aid the management in attainment of the objective f the organization.

Moreover, accounting aids to check fraud and make corrections ins the records of transactions kept by an organization through the services rendered by professional accountants.  In the case of private sector, the auditors checks the accounts and records of the company, in order to ensure that to the accounts are prepared in accordance of the laid down rules ins the companies and allied matters error in the financial statement of the company, where there is an error or fraud in the financial statement, the auditor is supposed to specify it in its’ report, finally, he will express his opinion on whether the financial statement of the company shows a true and faire view of the financial state of that company at the given date.

While  in the public sector, in sector 85 subsection (2) of the 1999 constitution of the Federal republic of Nigeria, the auditor-General is author

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