ADOPTION OF ACCOUNTING INFORMATION AS THE MAJOR TOOL FOR DECISION MAKING

(A CASE STUDY OF SMALL–SCALE INDUTRIES IN ENUGU STATE)

 

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ABSTRACT

 

Accounting information has contributed to the rapidly growing environment in that the management must update themselves with every current information. That will help in achieving their objectives and help them in decision making.

Accounting information helps the management in planning and evaluation of the information as it is served as data organized for a special purpose of decision making.

 

TABLE OF TABLES

 

CHAPTER ONE – INTRODUCTION

• Introduction and background of the study
• Statement of problem
• Purpose of study
• Significance of the study
• Scope and limitations
• Statement of hypothesis
• Definition of terms

Reference

 

CHAPTER TWO – LITERATURE REVIEW

2.1     Overview of small scale industries

2.2     Types of accounting information

2.3     Characteristics of accounting information

2.4     Levels of management and decisions

2.5     Examples of decision and application of accounting information

2.6     Users of accounting information

2.7    Accounting information communication system

References

 

CHAPTER THREE – RESEARCH METHODOLOGY

3.1 Introduction

3.2 Sampling method

3.3 Research design

3.4 Sources of data

 

CHAPTER FOUR – PRESENTATION AND ANALYSIS OF DATA

4.1 Introduction

4.2 Presentation and analysis

4.3 The use of accounting information has enhanced pricing strategies in small – scale industries

4.4 Management relies on accounting information for its numerous decision

4.5 Personal interview

References

 

CHAPTER FIVE –DISCUSSION OF FINDINGS, RECOMMENDATION AND CONCLUSION

5.1 Discussions of findings

5.2 Recommendations

5.3 Conclusions

References

Bibliography

Appendix

Questionnaire.

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Almost all the organization aimed towards the attainment of its desired, planned and overall objectives. In every operation of organization more especially small scale industry aimed towards efficiency and proper effectiveness for this to be achieved to a large extent depends on the quality of available accounting information and how the information will be utilized by the organization. However, information is the life wire of every business, defined by Don T. Coster et al (1978) so for any business to succeed in today’s rapidly changing environment, the management must update itself with every current and relevant information that will be beneficial towards achieving their predetermined objectives because without it there is likely to be stagnation. The manager who is making a decision normally wants to be sure that this knowledge is complete. This is possible only through the effective presentation and its use in appropriate circumstances.

 

When looking into the importance and usefulness of accounting information to management and especially small scale industry, it will be relevant to state clearly that there are other information that management uses in decision making. Like information by Engineers, Lawyers, Doctors, Architects and other company’s officials, but however, that information by accountant goes a long way to determine the assets base of a company and its liabilities to determine its cost price of production in pricing its products and also in determining when profits or loss is made.

 

Accounting information measures the progress of a commercial enterprise and is used in decision making for the selection of a single course of action for several dissimilar and unrelated alternatives. It has been observed that decision making is the final process in managerial process, but however, the relevance of an decision by management depends on the accuracy and relevance of accounting information supplied by the accountant.

 

When the decision involves business and economy questions, accounting information is essential to the decision system because it provides quantitative information for three functions: planning, control and evaluation.

• Planning is the process of formulating a course of action, it includes setting a goal, finding alternative ways of accomplishing the goal and dividing which alternative is the best course of action.
• Control is the process of seeing that plans are, in fact, carried out. In other words, do actions agree with plans? At this point, the accountant might be expected to give information on actual costs, as compared with cost planned earlier
• Evaluation involves the whole decision system as a process of studying the decision system to improve it. It ask the question was the original goal met (Fed back)?if not the reason could have been poor planning or control or wrong goal was chosen.

 

 

 

 

A DECISION SYSTEM AND ACCOUNTING INFORMATION

 

 

 

 

 

 

 

 

 

 

 

… The central activity of managers is to make decisions, the quality of these decision determines the success and survival of organization (TURBMAN & LOOMBA 1976)

|Nothing is more important to management for decision making than a timely, objective summarized and directing – attention – to – problem areas of accounting information. Thus

“All decision are based on information in large parts the quality of management decisions will be a reflection of the quality of the accounting and other information which it receives (GARRISON 1982)

Accounting information may include important task, that is, the presentation of weekly, monthly or quarterly accounts. These routine accounts may include a trading and profit and loss accounts showing figures for the period concerned and the year to date and the balance sheet. The routine job is to help management in planning and forecasting future results. The process is known as budgeting and is considered, together with budgetary control.

It is of utmost important to make mention of other users of accounting information or reports apart from management like

• Shareholder who are interested in their capital investment.
• Government who really is interested in profit to help them determine task and other policies
• The creditors, who really as interested in whether the organization as creditor worthy.
• Employees, a good profit or consistent growth or build up in profit may be a signal to them to demand for more bonus.
• Finally, the society where the community is located really want to be employed have essential amenities through the influence of the firm.

Henceforth:

“Accounting information is therefore, data organized for special purpose of decision making (OSISIOMA, 1996)”

Really the researcher finds to agree on the words of Garr