ACCOUNTING INFORMATION IN DECISION MAKING IN SMALL-SCALE BUSINESS IN NIGERIA

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ABSTRACT

This research work entitled “Accounting information in decision making in small scale and medium enterprises in Nigeria” is at exploring the role of accounting information in small-scale firms.

The primary aim of any business enterprise is to make profit. The success and survival of any business is a function of its profitability. However, the level of success is to a considerable extent, a function of the number and quality of the accounting records kept and systems in operation.

In trying to define a small-scale business or enterprise and its characteristics, the researcher will try to explore the problems, sources of funds and the role/importance of small-scale firms in Nigeria.

An attempt will be made to define accounting information and its role in the decision making process.

It was discovered that profitability of a small-scale firm is a function of the number of accounting records kept and the qualification of the entrepreneur.

The researcher therefore recommends that the entrepreneur should endevour to understand the basis in bookkeeping o as to able to prepare complete and accurate records of transactions. They should equally engage the services of experienced and qualified accounting personnel.

Following the above, the researcher concluded that for improved decision making through improved accounting information, entrepreneurs of small-scale firms should endevour to understand and apply basic book keeping or engage the services of experienced and qualified accounting personnel to carry out that function.

 

 

 

 

TABLE OF CONTENT

 

CHAPTER ONE

• Background of the study 1

1.1     Statement of the problem                                                         2

• Objective of the study 4
• Hypothesis formulation                                                            5
• Significance of the study 7
• Scope of the study          8
• Limitations of the study 9
• Definition of terms 10

CHAPTER TWO

LITERATURE REVIEW                                                                      14

2.0     General overview of a business entity                                    14

• Alternative form of business 18
• What is a small scale business 20
• General characteristics of small business 21
• Sources of funds 23
• The role and importance of small-scale business in the economy 24
• Problems of small-scale business 27
• Accounting information 28
• The accounting process 30
• The accounting information and the decision process 32
• The function of accounting information in decision making 33
• The relevance of accounting information in a business organization                                                                     34
• Uses of accounting information                                         35

CHAPTER THREE

SUMMARY, RECOMMENDATIONS AND CONCLUSIONS

3.0     Introduction                                                                                37

• Findings 37
• Recommendations 39
• Conclusions 41

Bibliography                                                                               43

 

CHAPTER ONE

1.0     BACKGROUND OF THE STUDY

Small-scale business is of great importance in the economy of Nigeria. They are to extent index of development and of the well being of the masses. Infact these business ventures have proven themselves to be vehicles of development and change in their various locations.

Osoba (1986) for instance, has in his own view studies when he stated, “Large scale industries have not played and cannot alone from now on be expected to play in the rapid growth and development of economics. This role includes substantial contribution of the sector to gross domestic product employment generation increasing local value added and techno logical development”.

Small business is often played with problems which have been too overwhelming her many of than to succeed in contributing to the development of the industrial sector.

These problems are not necessarily that of inadequate capital or lack of management that of inadequate capital or lack of management expertise but the researcher believes that there is a missing lack somewhere along the line.

 

1.1     STATEMENT OF THE PROBLEM

Small-scale business contributes a lot to the well being of the economy. Profitability is the singular index of growth and survival of small-scale business. The desire of every entrepreneur is to optimize profit in order to exist in business. But contrary to this expectation or desire, most businesses fold up no sooner that they are set up inspite of the fabulous incentives given that by the government.

The researcher therefore, observed that the cause of the problems and frequent of small-scale firms is lack of effective entail measures. Control is affected by keeping appropriate accounting records.

It has been observed that almost all accounting records have equal degree of control for instance; an accurate stock level avoids over-stocking and under-stocking.

This has the effects of avoiding wastes, which are a cost to the firm. Also, under-stocking disrupts production and results in costs being incurred by the firm. The attendant effects of not keeping accurate accounting records and incomplete information about transactions is that the proprietor may not know the true position of his business and also profitably be drastically reduced as a result of unnecessary costs being incurred. The result being business failure.

The problems occasionally constant business failures are therefore, lack of appropriate accounting records, inadequate experience in book keeping of limited accounting records. The following questions are pertinent to be able to accurately analyze the problems at hand.

Do small-scale firms keep accoun