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THE EFFECT OF CAPITAL STRUCTURE ON CORPORATE PERFORMANCES

THE EFFECT OF CAPITAL STRUCTURE ON CORPORATE PERFORMANCES

(A CASE STUDY OF SELECTED COMPANIES IN UGHELLI)

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ABSTRACT

This study examined the effect of capital structure on corporate performance with reference to selected companies in Onitsha, Questionnaires and interviews were used to collect information from the selected companies in Onitsha, Anambra State.  Analysis and observations were made which gave rise to the validity of the conclusion at the end of the analysis, the major finding were:

  1. That these is a relationship between capital structure and cost of capital.
  2. That capital structure have significant effect on corporate performance (in terms of profitability)
  3. That there is a high cost of capital which hinders the companies borrowing ability.

 

The recommendations for the study among others were:

  1. That companies should increase their efficiency in use of debt capital.
  2. That since cost of borrowing is so high, if a firm should be able to service fixed charges associated with senior securities and leasing, it can borrow.
  3. That for improved performance mostly on profitability, the optimum combination of fund from varying sources which is superior to any alternative combination is necessary.

 

The researchers then concludes that:

  1. The inability of many companies to adopt optimal capital structure has been increasing their cost of capital.
  2. Due to increase in the cost of capital for may firms, they were unable to borrow in order to meet up their capital investment hence the decrease in their performance mostly on profitability.
  3. The optimal capital structure is one in which the marginal real cost (the sum of both explicit and the implicit costs) of each available method of financing is the same.

 

TABLE OF CONTENTS

 

CHAPTER ONE

General introduction

Statement of the problem

Purpose of the study

Research hypothesis

Significance of the study

Scope and limitations

Definition of terms

References

 

CHAPTER TWO

Literature review

Introduction

The concept of capital structure

Security valuation

Review of previous studies

Theoretical foundation

References

 

CHAPTER THREE

Research design and methodology

Sources of data

Primary data

Secondary data

Scope and limitations

Population size

Data treatment and analysis

References

CHAPTER FOUR

Data presentation and analysis

Questionnaires analysis and presentation

Data analysis and presentation

Test and prove of hypothesis

 

CHAPTER FIVE

Summary, recommendation and conclusion

Summary of findings

Recommendations

Conclusion

Definitions of terms

BIBLIOGRAPHY

APPENDIX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

1.1   GENERAL INTRODUCTION

A Corporation, Private or Public need capital to enable it achieves its objectives.  Capital structure implies the nature and proportion of elements, which go to make up the capital invested in a business corporations that are in need of funds exchange their financial instruments for the money provided by the intermediaries or direct from savers.  This money the corporations convert to tangible assets as building, land, plant and machinery, motor vehicles etc.  Basically, a corporation uses three main sources of long term and permanent financing viz: common stock, preferred stock and debt financing (bond).  It is the combination of these finances to particular firm that is termed capital structure.

 

There is need for reasonable balance of different types of securities comprising the capital structure of a firm otherwise the firm will deplete its financing ability or finance at sub optimal cost.  In achieving this, the cost of capital is important for it has a major impact on the investment decision and the financing structure of the firm of which affect the riskiness and size of the firm.  Specifically, the issue has been on whether or not financial leverage effects the firm’s cost of capital, its value and profitability, hence its corporate performance.

 

Two major schools of thought (the Traditionalist and Modigliani Miller)  extreme views on the issues in question have been among those involved in the arguments.  According to Modigliani and Miller, in their proposition which states that “the market value of any firm is independent of its capital structure and is obtained by discounting its expected return at a rate appropriate to its risk class”1 in their proposition 2 however, it states that the cost of equity is equal to the cost of capital of an unlevered firm plus the after-tax difference between the cost of an unlevered firm and the cost of debt weighted by the leverage ratio2.  Their long standing and unresolved opposite views have become so controversial that it has led many into concluding that the literature is marked by serious confusion and contradictions.  This particular notion is manifested in the words of LINTER “the decision rule which have been proposed for determining the optimal capital structure and reliance on different sources of financing are mutually in-consistent, in the sense that they have led to often substantially different decision under given sets of circumstance”3.

 

We are concerned with whether the way in which investment proposals are financed matters; and if it does matter, what is the optimal capital structure.  If we finance with one mix of securities rather than another is the value of the firm affected? This study will be guide by the definition, which sees capital structure as the interrelationships among long term dept, preference share and net worth (ordinary share capital plus reserves and surplus).

 

Finally, this study will ask some staff or selected companies in Onitsha, Anambra State how effective and they think their capital structure have been and what has been the effects on the corporate performance.

 

SOURCES OF CAPITAL

This concern on how company or companies can raise the capital they need for their operations.  These ways can be broadly classified into internal and external sources.

 

A.    INTERNAL SOURCE OF CAPITAL

An existing business can raise its capital asset by withholding some part of the revenue it has generated.  Such internally generated capital can take one of several forms.

 

i.      Depreciation Capital

Depreciation capital can be created that means keeping some of the earnings aside as provision for capital consumption during the process of production.  This amount can rightly be regarded as a cost item since it compensation for the part of the fixed equipment that is being lost during use.

 

The inability to make allowance for this depreciation has led to the failure of businesses after take off.  Once a damaged key component of the capital equipment cannot be replaced, the production process is stopped.

 

ii.     Ploughing Back Profit

Some part of the profit made by the businesses is kept back in the business instead of sharing it out as dividend or personal income to the owners.  Such ploughed back funds are alternatively called retained earnings or undistributed corporate profits in the case of corporate bodies.  When this is done, it means that the operation of the business can be expanded without involving it in any debt.  The risk of liquidating the enterprise is reduced.

 

B.    EXTERNAL SOURCES OF CAPITAL

Funds are raised from external bodies and can be done in one of several ways again.  These bodies may not have any ownership relationship with the business before.  Alternatively, those that were part owners may add more to their original combination.  Examples of such external sources are discussed below.

 

i.      Bonds and Debentures

Bonds like debenture and mortgages can be sold to those external agencies that care to buy.  Interest on those bunds are calculated as cost for the purpose of taxation.  Therefore before profits can be declared for tax to be imposed, the amount of interest paid must have been deducted.

 

These bond holders lay claim on the assets of the business first before the shareholders in case of liquidation.

 

ii.     Issuance and Sale of Preferred Stocks

This class of shares can be sold to new persons that were never part of the previous ownership.  Such shares might as well be bought more by previous part owners who merely wish to increase their shareholding.  Holders of preferred stocks are paid dividends before the common stock holders.  But they cannot be served until the creditors have been settled.

 

iii.    Issuance of New Common Stocks

New shares of common stocks or ordinary shares or equity shares can be declared and sold to either existing shareholders or new ones.  This is the last group to benefit from the earnings of the business.

 

iv.    Direct Loans

Direct Loans can be syndicated from various types of financial institutions or individual moneylenders.  They earn interest on the amount lent out and do not qualify to have a share of the profit.

 

These creditors can force the business to liquidation when the loans cannot be settled as agreed.  A court of law will declare the business are new exposed to public auction in an attempt to settle the debts owed.

 

v.     Grants and Aids

Governments and non-governmental organizations can asset businesses with nominal or real capital in support of the production efforts.  This source of capital is the only one that does not involve the firms concerned in direct costs.  The donor agency bears the full cost of such assistance.  It is not a debt on the recipient.

 

1.2   STATEMENT OF THE PROBLEM

The use of debt as part of the capital of a business could either help or worsen the situation of a firm depending on how well the debt was used.  Generally, long-term borrowing is required for purchase of new fixed assets or expansion

 

 

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ACCOUNTING FOR PENSIONS AND GRATUITY (A CASE OF STUDY OF ENUGU STATE)

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ACCOUNTING FOR PENSIONS AND GRATUITY

(A CASE OF STUDY OF ENUGU STATE)

THE PROPOSAL

In the Nigerian economic set up, it is evident that he pension Accountant plays a role in the pension and  gratuity   .accounting.

Against this background of this research work titled: ACCOUNTING FOR PENSION AND GRATUITY IN ENUGU STAE”. I have made efforts to examine critically the pension and gratuity accounting in Enugu state.  The research work tried to ascertain whether the sysem of pension and gratuity accounting in use in Enugu state is efficient and effective.

I also ascertained from the employers of labour, users of pension and  gratuity accounting  information and the retrieve how far they have been benefiting  from the services o the pension Accountant other than the roles interfered on him by statute.

For better understanding of the research work, I have organized this write up into chapters; Chapters I to 3, which includes the introduction embody, literature review, methodology and sources of data collection and analysis.

Chapter 4 looks a the data presentation and analysis, the types of pension in Nigeria problems confronting the pension Accounting and solutions

 

In chapter 5, I took at the recommendations and conclusions. I hope that this research work will fulfill the main objectives which I set out to achieve in accounting. For pension and gratuity in Enugu state, the problems and prospects and it will be of immense benefit to the retiree and all these others who may wish to know the system of   accounting for pension and gratuity in Enugu state.

CHAPTER ONE:

  • INRODUCTION 1

1.1     Background of the Study                                                                  1

  • Purpose of the Study 3
  • Statement of the Problem 3
  • Research Question 6
  • Significance of the Study 7
  • Scope and Limitations of the Study 7
  • Definition of terms 8

CHAPTER TWO:

  • Review of Related Literature 12

2.1     Foreign Related Literature                                                       13

  • Local Related Literature 16

References                                                                               35

CHAPTER THREE:

  • Research Design and Methodology 36

3.1     Methodology                                                                           36

  • Sources of Data and Survey Instrument 36
  • Population and Sampling Procedure 38
  • Methods of Data Analysis 39

CHAPTER FOUR

  • Data Presentation 44

4.1     Types o Pensions in Nigeria                                                    44

4.1.1   Average Salary Scheme                                                                   45

  • Final Salary Scheme 45
  • Salary Grade Scheme                                                           45
  • Revalued Average Salary Scheme 46
  • Money Purchase System 46
  • Problems of Pension Accountants in Nigeria 47
  • Solutions to the Problems of Pension Accountant 49

References:                                                                              51

CHAPTER FIVE

Summary of findings, conclusion and Recommendation                            52

5.1     Findings                                                                                  52

5.2     Conclusions                                                                                      56

5.3     Recommendations                                                                             58

Bibliography                                                                           62

 

 


CHAPTER ONE

INRODUCION

  • BACKGROUND OF THE STUDY:

The management and accounting control of the public, such as pensions and gratuity is the heart of governmental administration. This research work describes and explains the statutory administrative and accounting  authorities set up to control the public purse such as pensions and gratuity accounting.  In doing so, the extent of powers of each financial pension division of department of  establishment and that o the auditor-general are delineated. This is followed by an examination of the principles and practice of the various forms in which the pensions are kept. A major characteristics of governmental account, that is pension and gratuity accounting is brought out for focus in process.  Then the accounting aspects of pensions and gratuity in relation to the statutory accounting are developed.

Government business, whether in term of policies, prog rammes, activities and injunction is run in accordance with the laid down formalities; the formalities become more rigorous especially in relation to the accounting and reporting  for the collection and use of  government funds which support the process of governance. The legal formalities in the area of pensions and  gratuity accounting and financial control include laws, rules, regulations, circulars and memoranda etc. The operation of these depend larg ely on the disposition of the executive, the judiciary and the legislatives. The bureaucracy, bottlenecks and concomitant evils associated with the civil service is always X-Ray in these areas.

The Pensions and Establishment division of the cabinet office, Enugu  state is one of  the arms of the government, put in place to achieve some specific objectives. It is made up of six sections namely:-

  • Teachers’ section;
  • Reimbursement service section;
  • Civil service section;
  • Reconciliation section;
  • Pension Registry and,
  • Condo nation section with the state audit department as an independent body that examines the work of the pension division.

 

 

  • PURPOSE O THE STUDY:

As already pointed out in he introduction, it would be recalled here that the   financial pension division of pension and training department by the decree 102 of 1979, Pension Act, bestowed on it with the responsibilities o  determining  the standard of  knowledge and skill to be attained seeking  to become members of the pension accounting  profession of Nigeria, the system in which pension and gratuity are calculated and also those that qualify f or payment of  pension and gratuity and raising  those standard  from time to time as circumstances  may require. And performing through the pensions and establishments division of cabinet office under the Act, the  functions conferred on it by the Act.

Against this background therefore, this research work tried to find out the system of accounting  for pension and  gratuity, their problems and prospects.

 

  • STATEMENT OF THE PROBLEM:

As far as this topic, Accounting f or Pensions and Gratuity in Enugu State is concerned, it had remained a myth. A high  percentage of accountants in the state know little or nothing about it.  The small percentage that possessed some professional knowledge  of the system are those who are involved in pensions and gratuity work in both federal and state establishments and very few indeed. This myth arises from the fact that the knowledge of  pensions and gratuity accounting could only be acquired in two ways:-

(1)     By sourcing in the federal/state pension division of the establishment departments.

(2)     More importantly by being sufficiently interested in the subject area to make a special study and review of  the various establishment publications, financial regulations/memoranda, circulars etc, issued  from time to time on various aspects of the subjects.

It is the wish of I, the project writer to overcome the long-felt need for a knowledge e in accounting f or pensions and gratuity bearing in mind that all public workers in the state civil service hope to aim at earning  pensions and  gratuity at the end  of their service period.

The primacy objective of  this research work is to identify  the contributions of  the pension accountants in the payment of pension and  gratuity in Enugu state. and the constraints facing  them.

To identify whether the users of accounting information are awaiting themselves of the services provided by the pension accountant.

In this connection therefore, I have made effort to look at the activities of the pension accountants both in public and private sectors. Also I equally focused my attention on the role played by institutions of higher learning in the training of accountants to meet the manpower needs o f our economy.

In conclusion, the objectives of  this research work can be summarized thus:-

  1. To identify y the system of accounting f or pensions and gratuity
  2. To trace factors that militate against early payment of pension and gratuity in Enugu state and to remind the government of Enugu state that it is its responsibility to provide the retiring officers with he necessary materials such as dossiers in case of  teachers, pension forms, Gen 39c and Ges 64R records o service to the retiring  officers.
  3. To avoid future shortage o und, so that the state will be in a better position to fulfill its financial obligations to its financial obligations to ever increasing members of retirees. It serves to remind the serving officers that they should plan their retirement well in advance to avoid future challenges of unplanned retirement.
  4. To review areas of discrepancies in accounting for pensions and gratuity in Enugu state and suggest solutions.
  1. To guide those wishing to make carriers in Accounting profession the demands of  the profession and how to go about it.

 

  • RESEARCH QUESTION::
  1. Is the level of awareness of the public about pension and gratuity accounting adequate.
  2. Are pensions and gratuity funds properly accounted for in Enugu sate?
  3. Do poor accounting system and lack of fund delay early payment of  pensions and gratuity.
  4. Do you think that educational qualification affects the outstanding of the  working officers of the system of  accounting or pensions and gratuity.

 

  • SIGNIFICANCE OF THE STUDY:

This research work when completed will give an in depth study of Accounting for pensions and gratuity in Enugu state, and at the end the researcher must have achieved his aim of adopting  a more regular and systematic method of  accounting  for pensions and  gratuity in the state.

It is also expected to help suggest way of improving the present deplorable conditions of the retirees in the state through its  findings and recommendations.

This research work will help to highlight ways and means of increasing he revenue base of the state by reorganizing  its present tax collection system in he state so that the multi-millionaires that had been eroding  payment of  tax are minimized and also as a signal to service officers that they should plan their retirement well in advance to enable them f ace the challenges o f retired life.

 

  • SCOPE AND LIMIKTATIONSW OF THE STUDY:

Life they say is not a bed of  roses. That some factors would work against the success of this project was naturally probable, hence I expected to accommodate them.  This work will cover he period 1990 to 1997. The study will therefore,  focus on the  payment of pensions and gratuity which I deemed necessary to restrict within Enugu state, principally within the period under reference.  However, reference will be made to past payments where necessary to enable us compare the past with the present system of  payment of  pensions  and gratuity and probably look into the future.

The problem of  getting  in touch with the circulars, memorable and other governmental publications was another problem.  Most of these publications were not found even in the establishment department of the state.

 

  • DEFINITION OF TERMS:
  • PENSION: Is a periodic payment made to a retired officer, usually monthly, who worked for the prescribed number of years.  It is paid as long as the individual is alive.  However, It terminates at the death of the pensioner
  • GRATUITY: It is a jump sum payable to a worker who has served his organization for a prescribed number of years.  Gratuity is paid once and his benefit is payable only at retirement.  The qualifying age for gratuity has been changed from 10 to 5 years by 1992 Pension Reform.
  • REIMBURSEMENT: Payment to a person who has expected money out-of-pocket.
  • CONDONATION/MERGER OF SERVICE: Is overlooking of some irregularity in one’s services rendered by an officer to avoid a break-in-service and his service be considered as straight forward services and to quality for pensions and gratuity.
  • MIXED SERVICES: An officer  with mixed services can be referred to as an officer who served in more than one public service in pension able circumstances.  The public service may be the state or  federal government service or statutory bodies/approved service like the Nigerian Railway Corporation or University of Nigeria.  It may be mentioned here that with the introduction of uniform pension conditions in Nigeria with effect from 1st April, 1974 as a result of public service review coupled with the creation of more states in the country, the federal military government took over pension liabilities of the former states up to 31st March, 1976.  Therefore, any civil servant in this sate or elsewhere appointed before 1st April, 1976 has mixed services, that is  federal (from date of appointment to 31st March 1976) and Enugu state (from 1st April 1976 to date of retirement) services, see Appendix D.
  • PENSIONABLE AGE: Is the age at which pensions and gratuity can be circulated for an officer and this has now been reduced from 15 qualifying years to 10 years by the 1992 Pensions Reform.  Services outside the above stated age will not be taken into account for purposes of computation of officers’ retiring benefits in the case of “leave without pay”.
  • LENGTH OF SERVICES:  May be taken as the period an officer entered the public service up to the date prior to his retirement. In this connection, the preceding note – “service as a minor” should be taken into consideration.
  • APPOINTMENT: May briefly be defined as sharing the retiring benefits between various governments and or statutory bodies according to services rendered to each.  The sharing is now done on time basis instead of SAPE (Statement of Aggregate Pension able Emolument) basis see Appendix D, and the preceding notes.
  • SCHEDULED AUTHORITIES/APPROVED SERVICES:
  • A scheduled authority is a body scheduled under the pension Act which operates a pension scheme comparable to the civil service and is regarded as a public service for example;
  • Nigerian Railway Corporation.
  • Nigerian Coal Corporation.
  • Nigerian Broadcasting Corporation.

(ii) APPROVED SERVICE:  An approved service is a service with a quasi-government/body which is now required among other things to formulate a pension scheme comparable to that of the civil service.  Example; University of Nigeria, West Africa Examinations Council etc.  Therefore with the introduction of a new Pensions Formula as from 1st April, 1994 services with an approved service which fulfills the above conditions may now be regarded as a public service.  In this connection, transfers into and out of an approved service/scheduled body to any other arm of the public service schools court as continuous services, see Appendix D.

 

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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An EXAMINATION OF THE SOURCE AND USES OF LOCAL GOVERNMENT FUND IN NIGERIA (2000-2004) (A CASE STUDY OF EZEAGU CENTRAL LOCAL GOVERNMENT DEVELOPMENT COUNCIL).

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An EXAMINATION OF THE SOURCE AND USES OF LOCAL GOVERNMENT FUND IN NIGERIA (2000-2004) (A CASE STUDY OF EZEAGU CENTRAL LOCAL GOVERNMENT DEVELOPMENT COUNCIL).

ABSTRACT

Local government is that level of government nearest to the people. It is said to be corner stone of the government system in any country.

The federal government believes that it is only through an effective local government system that the human and material resources of the nation could be mobilized for local government with its objectives is aimed at standard and stabilizing the function and financial resources at the local government level and to encourage initiatives and leadership potential.

The basic procedure of local government is revenue mobilization and its effective utilization especially more that there is no comprehensive study on sources and uses of funds in the local government.

 

The current trends of inefficiency and ineffectiveness of the local authorities should be considered with the frame work of available resources.

If the financial resources of the local of the local government are boughant and viable than this will go a long way in communicating strength and solidity to offer superstructure of government authorities.

CHAPTER ONE

  • BACK GROUND OF THE STUDY
  • STATEMENT OF PROBLEM
  • OBJECTIVE OF THE STUDY
  • RESEARCH QUESTIONS
  • STATEMENT OF HYPOTHESIS
  • SIGIFICANCE OF THE STUDY
  • DEFINITION OF TERMS

 

CHAPTER TWO

REVIEW OF RELATED LITERATURE

  • THE MEANING OF LOCAL GOVERNMENT
  • FUNCTIONS OF LOCAL GOVERNMENT
  • SOURCES OF REVENUE AVALIABLE TO LOCAL GOVERNMENT AUTHORITIES
    • EXTERNAL ATTRIBUTES OF LOCAL LGOVERNMENT FINANCE
  • THE IMPORTANCE/USES OF REVENUE GENERATED BY LOCAL GOVERNMENT
  • PROBLEMS OF LOCAL GOVRNMENT FINANCE APPROACHES OF THE IMPROVEMENT OF LOCAL GOVERNMENT FINANCE.

There are no discipline on the part of the leadership, management and staff of the local government in collecting revenue efficiently and also try to put them into effective use.

 

In the tight of the above, the researcher major objectives as regards this research work was to identity those source of finance available to local government, their uses and problem associated with their finance in Nigeria using Ezeagu central Local government development Council ad my case study.

The problem associated with sources, uses of local government finance was critically examine in this project.

In handling the above research work primary and secondary data was used. The sources of primary data was by the use of questionnaires and oral interviews, while the secondary data sources are text books.

The analysis of data was based on percentages. It is on the strength of the finding that recommendation and conclusion was made.

CHAPTER THREE

  • RESEARCH SESIGN AND METHOD ————————————
    • SOURCE OF DATA ———————————————————

3.1.1  PRIMARY DATA         ————————————————————

3.1.2  SECONDARY DATA ——————————————————–

3.2     POPULATION OF STUDY ————————————————-

3.2     INSTRUMENTATION ——————————————————-

3.4     SAMPLE SIZE —————————————————————–

3.5     VALIDITY AND RELIABILITY OF THE MEAUSRING INSRUMENT  —————————————————————–

3.6     SAMPLING TECHNIQUES

 

CHAPTER FOUR

4.0     PRESENTATION OF DATA ————————————————

41      INTERPRETATION AND ANYALYSIS OF DATA ——————-

4.2     TESTING OF HYPOTHESIS ———————————————–

 

CHAPTER FIVE

FINDINGS, RECOMMENDATION AND CONCLUSION.

 

An examination of the sources and uses of local government fund in Nigeria

(200 – 2004). A case study of Ezeagu Central Local Government Development council).

 

Proposal

Local government is that level of government nearest to the people. It is said to be the cornerstone government system in any country.

 

The basic objective underlying this study or this research work was to identify those sources of finance available to the grassroot government, their uses and problems associated with local government finance in Nigeria using Ezeagu central local government development council as my case study.

 

This research has been structural into five chapters to make for easy reading and comprehension.

 

The author, dealt with the bank ground of the research work which gives an overview of the basic procedure of local government revenue mobilization and its effective utilization.

She went further to the review of related literature the author lay hands on various Journals news paper, write various view as regard the sources and uses of local government fund in Nigeria. It also consider the current trend of inefficiency and ineffectiveness of local authorities.

 

Chapter three. Deals with research design and methodology. Primary and secondary data are used effectively.

 

Chapter four is presentation of data. The presentation interpretation, analysis of data and test of hypothesis in chapter one are done in this chapter using chi-square method.

 

Chapter five, dealt with findings, recommendation and conclusion. The authors finding is base on the hypothesis reveals that revenue available to local government authorities functions and the funds readily available to these council are also poorly managed. It is upon- this findings that the author make recommendation and draw conclusion.

 

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACK GROUND OF THE STUDY

The term Local government has been defined by many scholars with different view as regards its development. W.A. Robinson (2000) states that ‘Local government’ involves the conception of territorial non-sovereign community processing the legal right and the necessary organization to regulate right of its own affairs. This I turn presupposed the control, Vis-à-vis participation in state affairs.

According to U.N. Akpan (1999), out of various possible conceptions of the local level development, two have been particularly dominants in Nigeria since the colonial time. The first was christened the indirect rule system and is infact no other than a field administration model.

Gboyega Alex (1998), state that nation wide ordinance establishing the model first in the Northern provinces and later in the southern provinces was promulgated by the colonial government in 1916, two year after the analyation of the Northern and Southern protectorates Indirect rule was actually the rule by the British colonial officials through local chiefs in terms of its philosophy and practice, the emphasis of their model was the colonial regulation of conquered people and so did not encourage popular participation and representation in the native authorities. It was therefore, strictly different from the pre colonial structure of Government which emphasis balance of power and popular participation. Indirect rule distorted these pre-colonial institutions. The model was also not human development although it led to the beginning of a net work of infrastructures of roads, schools and dispensaries, through with the collaboration of native authorities, the colonial central government and missionaries.

 

Local Government has sources of revenue of their own such as community taxes and rates, Licenses and fees, earnings and sales, Federal and state statutory allocation etc. After the Second World War, the political development between Nigeria and /Britain led to the abolition of the indirect rule system and its replacement which emphasized full grown local government which was effuient particularly and relatively autonomous. The eastern region was the fist to embark on the experiment on 1950 while the other regions followed in 1952. A few years after wards precisely in 1976, the federal military government announced the reforms of the nations local announced the reforms of the nations local government system. Essentially, the reform resuscitated the idea of participatory and autonomous government which have access to resources both internally and externally to improve the social the economic of the various communities. The question as to why there was this sudden change of direction from at the earlier emphasis on local rules through traditional rules and bureaucrat was carefully examined. The request for autonomy becomes administration particularly since 1970’s. The anticipation of the autonomy came through the 1976 reforms. Actually 1979 constitution made the anticipated a reality, thus the period between 1976 to 1979 can be defined as the period when the idea of local government in Nigeria came to include autonomy for the level of government.

However, the autonomy expectedly remained circumscribed because of control Viz; financial, administration, judiciary, auditory and even miscellaneous which the various state governments exericed in local governments exericed in local government. The most prominent control is on rinace which affects local government development.

The term “finance” encompases personal finance, business finance, business finance and public finance.

 

According to mautia joy (2001) finance was defined as the art of providing the means of payment or as a body of facts, principles and theories dealing with the raising and using of finds by individual, business, firms and the government. Our interest in this project lies in the problems of rising and using of funds by the local government will emphasis of Ezeagu Central Local government development council.

 

Thus, a Uniform system of local government through the guidelines for the local government went on to identify the executive functions of local government.

According 1999 constitution section 7 sub section 1 (b) (e) (j) (i) (vi) of Nigeria constitution states various ways the local government can source its funds, although these ways has remained grossly in adequate for maintaining capital and recurrent council. Lack of adequate finance and subvention has been of the defects responsible for the indecency.

 

Until the revenue allocation act was biplated and received in 2002 by the revenue allocation fiscal commission, at he federal government has operated a system of block grants and subventions to local government througfh state government. Since the money coming from the federal account to the joint state and Local government did not directly.

  1. Is there and financial authority of the local government?

 

1.5     STATEMENT OF HYPIOTHESIS

To guide research, the following hypothesis was formulated.

1        Ho:    The available funds are able to meet the expectations and serve

of the local government.

H1:    The available fund are not able to meet the expectations and services of the government.

 

  1. Ho: the fund available to the local government authorities are not

prudently managed.

H1:    The fund available to the local government authorities are not prudently managed.

 

  1. Ho: The Local government is under fundered partly. From the

federation account

 

H1:    The Local government is under fundered partly. From the

federation account

 

  1. Ho: There is financial autonomy of the local government.

H1:    There is no financial autonomy of local government

 

1.5     SIGNIFICANCE OF THE STUDY

The factors militating against a successful performance by the local government authorities may be dual in native. They be managerial and financial in native. They be managerial and financial in native. Finance is an important part of most organizations decision, and a clear understanding of the way in which decisions are made is essential if the role finance is to be seen in its true perspectives.

Finance is very crucial because if influences planning and achievement pf set objectives.

Local government being the level of government nearest to the people is the corner stone of the government system in any country. If the financial resources of the local goal area buoyant and viable then this will go a long way in community strength and solidarity to other super structures or government authorities.

The important of local government in the nation must be recognized. It is not a profit oriented organized. But a service oriented one and this will surely affect its revenue. To respective local governments, federal presence level of government.

It has been notice that the allocation to the local government have not been steady. The flunctuational of the statutory allocation always put the local government of their budgets estimate for any given year. In most financial year the realization on revenue is spent on recurrent expenditure for running the council while little or noting is left for capital expenditure. This accounts for the absence of development projects by various local government will be elaborated in table in chapter four.

 

 

LOCATION AND AREA

Ezeagu Central local Government Development area is one out of seventeen local government area and thirty nine development centers of Enugu state, ie the total of fifty six local government area in Enugu state. It occupies a geographical western position in the state. It is located at Mgbagbuowa and also surrounded by Ezeagu South, East and North West local Government area.

 

1.2     STATEMENT OF PROBLEMS

          The basic problem of local government includes:

  1. The problem of revenue mobilization and its effective utilization.
  2. Accountability of funds and properties of the Local government.
  3. The problem of effective displine leadership in the local government.

 

1.3         OBJECTIVES OF THE STUDY

a             To examine the problems in local government finance and establish the factors responsible for poor revenue generation and ineffective execution of the local government programs and project.

  1. To identify the problems especially as it affect finance with a view of making adequate recommendation for improvement

1.4         REASEARCH QUESTIONS

  1. Are the availability of funds able to meet the expectation and services of the local government?
  2. Are the funds available to the local government authority prudently managed?

The Significance of this study is there, to find ways of improving local government finance for effective channeling, implantation and executive of the program with in Ezeagu Central local government Council as my area of concern.

 

LIMITATION OF THE STUDY 

1.6         There are a lot of limitations that surrounded this study. The inanely fact ones was time factors, non availability of funds at the time of this research, poor response to question also bring some difficulties. Majority of the local government staff are semi-illiterates.

 

Having noticed that such people work in the Local government, measures were taken to the question simply for easy answer.

 

However, despite these limitation, there was progress in the                     research        since other necessary information was gotten.
1.7            DEFINITION OF TERMS

              Local Government/Authority: The third tier system of government after the state federal government.

 

*             Finance: – A body of fact with the raising of fund by local government authorities it encompass personal, business and public finance.

*             Local levies: – these include all the internal source of revenue collected within the local government area.

 

*             Local Government Allocation: The percentage of funds, the Local authorities gets from the national fund.

 

 

 

REFERENCES

Odoh. N. (1998)        Public finance for Polythenics

JTC Publisher Enugu P.15

 

 

Agbo .LO. (1995)      Government and politic in Nigeria

JTC Publisher Enugu P.15

 

Gboyega A. (1998)   Local Government and Political Participation                    in western states

                                  (Ph.D. Thesis), Ibadan, PP 70-78.

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AN EVALUATION OF IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM IN UNITED BANK FOR AFRICA (UBA) NIGERIA PLC KADUNA

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ABSTRACT

This research was carried out on the topic, problem and prospect of the computerized Accounting system in Nigeria Banks. Using the United Bank for Africa (UBA) Nigeria Plc, Ahmadu Bello way branch as a case study. The researcher intention was to find out how the use of the computerized accounting system is of benefit to Nigerian Banks to know whether the computerized accounting system can increase the speed at which withdrawals and deposits are made, to know the extent to which banks’ staff have acquired  the knowledge for the proper application of the system and to find out the problems associated with the use of the system. To achieve these, the researcher made use of both primary and secondary sources of data. The primary source of data used for this work were the questionnaire and interview though the questionnaire was mainly used. It was administered on the total number of staff in the processing department of the bank i.e. the sample size for this work. The sample size was ninety five (95). That is to say there were ninety five (95) employees in the processing department of UBA Nigeria Plc, Ahmadu Bello way Branch. The questions asked in the questionnaire were based on the research questions answers to which were not 40 positive. That is to say, though a large variable of the respondents responded positively, some had opposite views. All said and dome, the researcher came up with findings, that the use of the computerized accounting system had improved the effectiveness of the banks operating. It has also increased the speed at which customers of the bank can make deposit or withdrawal. The findings of this research project also had it that employees of the bank still need to be trained in computer technology so as to increase their knowledge of computer operation. Some problems found out be associated with the use of the system where the issues of fraudulent transactions which can be done easily without being detected through the computer, unauthorized transaction and change in programme instructions so as to affect some accounting information. After concluding that the use of the computerized accounting system had done good to the banking sector of Nigeria considering the positive changes witnessed by banks in Nigeria since its introduction, we recommended that Nigerian banks diverse. Their resources into implementing modern computer based system. They should try to meet up with their foreign counterparts who are applying more advanced computer technology in their operations. Banks in Nigeria should develop means or ways of detecting fraudulent transactions. That might be committed by same employees and also provide opportunities from time-to-time for their staff to go for computer training and skills improvement.

 

 

CHAPTER ONE

  1. Introduction                                                                  1

1.1    Background of the study                                              4

1.2    Statement of the study                                                 6

1.3    Objective of the study                                                   7

1.4    Research questions                                                      8

1.5    Significance of the study                                               9

1.6    Scope of the study                                                        10

1.7    Historical Background of the case study                      10

 

CHAPTER TWO

  1. Literature review                                                           13

2.1    History of computers                                                    13

2.1.1 Generations of computer                                              15

2.1.2 First Generation of computer                                       15

2.1.3. Second Generation of Computer                                 17

2.1.4 Third Generation of computer                                      18

2.1.5 Fourth Generation of Computer                          18

2.1.6 Fifth Generation of Computer                                      19

2.2    Types computers                                                          20

2.2.1 Types of computer based on function                          20

2..2.2 Types of computer Based on structure                       22

2.2.3 Types of computer based on usage                               23

2.3    The computer hardware system                           24

2.3.1 The Generation processing Unit (C.P.U)                       25

2.3.2 The peripherals                                                             26

2.4    The computer software system                                     28

2.5    Method of procession data as it

computerized accounting system.                                35

2.5.1 Input                                                                             36

2.5.2 Processor                                                                      36

2.5.3 Storage                                                                          36

2.5.4 Output                                                                          36

2.6    Method input                                                                37

2.7    Techniques of processing                                              41

2.7.1 Batch processing                                                          41

2.7.2 On line processing                                                        41

2.7.3 Real time processing techniques                                  42

2.7.4 Looping or cycling processing techniques                    42

2.7.5 Interactive processing techniques                                43

2.7.6 Data base control system                                             43

2.8    Data processing department and control                     44

2.8.1 Internal Data processing control                                  44

2.8.2 External Data processing control                                 45

2.9    Computer based Accounting system                            45

2.9.1 The need for computerized accounting system            46

2.9.2 Advantages of computer based

         Accounting system                                                       47

  1. Disadvantages of computer based accounting system 49

 

CHAPTER THREE

  1. Introduction                                                                  51
  2. Research design                                                            51
  3. Area of study                                                                 51
  4. Population of the study                                                52
  5. Sample                                                                          52
  6. Instruments for data collection                                    53
  7. Validation of the instruments                                       53
  8. Reliability of the instruments                                       54
  9. Methods of data collection                                            54
  10. Method of data analysis                                                54

 

CHAPTER FOUR

4.0    Data presentation and analysis                           57

4.1    Data presentation                                                         57

4.2    Data Analysis                                                                62

4.3    Testing of hypothesis                                                    72

4.4    Summary of findings                                                    75

 

CHAPTER FIVE

  1. Summary, Conclusion and Recommendation              77

5.1    Summary                                                                      77

5.2    Conclusion                                                                    79

5.3    Recommendations                                                        79

Appendix I                                                                     81

Appendix II                                                                   82

References                                                                    87

CHAPTER ONE

1.0.  INTRODUCTION

During the primitive age very little or no notes were taken into proper record especially those activities and transactions involving money. The records and notes were usually taken either in memory (human being) or some marks on the ground or trees.

         As man developed from this primitive era to more complex economic society, there occurs notable growth and expansion in his way of life and activities he undertakes. During this time, the most disturbing problems that man faced was that there were no accounts and records. Being properly kept and stored. These therefore allow for inefficiency and breach of contract and trust.

         The more developed man became the more the need for systematic record keeping and storage. The complexity of the society lead to chronological order of manual development in record keeping. Important records can be kept manually for future use but still in tedious way.

At a more technological era, more work was done in the accounting system. Accuracy, efficiency and durability became pressing problems that faced the manually kept and processed records in the accounting system, hence the development and introduction of electronic mechanical machine into the accounting system became very vital.

A systematic technological advancement however gradually gave birth to what is known today as the computer. A computer is an electronic device capable of accepting data as input, applying prescribed processes on such data and giving out an output which is called information, computer can also be said to be a machine that manipulates in accordance with given rules in a pre-determined manner. It is an electronic device that is used to process complex and variety of data within the shortest possible time: This is because it has very high speed of operation.

Data can get into the computer for processing via the input devices such as keyboards, diskette, CD Rom, punch cards, flash drive etc. the actual processing of data within the shortest possible time: this is because it has very high speed of operation.

Data can get into the computer for processing via the input devices such as keyboard, diskette, CD Rom, punch cards, flash drive etc. the actual processing of data takes place in the arithmetic and logical unit (ALU). The control unit (CU) is where all the activities of a computer system are being monitored or coordinated and planned. There also is the memory that is the unit in charge of storing or keeping all data or information in a computer system for a long and short period of time. This storage is made possible under the supervision of the ROM and RAM.

There are various types of computers. They are classified as either analogue, digital or hybrid computers. A computer can also be a single purpose computer or a general purpose one. The computer is being used as an accounting device to perform various types of routine office jobs which formerly required the services of the clerical officer. Where the computer is installed and used effectively. It could perform payroll calculations, update accounts receivable and payable, control inventories, process insurance data, prepare dividend, keeping depositors accounts, distribute costs and expenses.

Accounting system in common use ranges from simple system in which accounting records are maintained by hand to sophisticated system on magnetic disk. The accounting to be used in any given company should be well tailored to the size and to the information need of the business in a computer based accounting system, he accountant need only to enter the data needed for the computer to prepare journal entries. All the writings and postings to general ledger and subsidiary accounts are then handled by the computer.

  1. BACKGROUND OF THE STUDY

Computer being a new remarkable thing in the banking system in the country has increased the rate of which financial records such as ledger, customers accounts, balance sheets etc. are prepared. Since there immemorial banks usually process information such as calculations of money, updating of customers account etc manually, or with the aid of pocket calculators. In recent times, the number of customer operation account with the banks have increased. As a result of this, banks

 

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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ABSTRACT

          This project is on computer an important system in the processing of accounting information the question is, to what extent is computer recreant in the processing of accounting information.

Technology affords better ways of doing things. No one doing serous business today will claim to be totally oblivious of the importance of computers are vary helpful and generally time saving, some business can still so without it.  Therefore while considering if to get computer one should be rational and really should evaluate the benefits derivable from a computer by the business visa-vis the planned investment outlay.

It is against this background that the major concern of this research was made to identify desirable from computerization of accounting information system.

Chapter one, is the introductory chapter.  It gives an over view of the research.  It examines the research problem the statement of problem the purpose of the study significance, scope and limitations of study, research hypothesis and definition of some terms.

Chapter two provides a working definition on related literature. The following were considered.  The computer, organization of accounting information system, impact/ relevance of computer in processing of accounting information planning for a computerized accounting system, benefit / cost of computerization in an organization and doing business without computer.

Chapter three examines the research methodology used in the study, it describes research design, analysis procedure, source of data, collection of data, population and description of questionnaires.

Chapter four presents the result of the data analysis and the testing of hypothesis.  Chapter five discusses the research findings based on data analysis.  The conclusion of the research findings and recommendations are made in this chapter.

It is hoped that this study will stimulate more research on related topics.  Finally, it is hoped that the findings from this study will add to the existing knowledge in administration.

CHAPTER ONE

  • Introduction 1

1.1     Background of study                                                         1

  • Statement of the problem 6
  • Research hypothesis / question 8
  • Significance of the study 10
  • Scope and limitation 11
  • Definition of terms 12

Reference                                                                           15

 

CHAPTER TWO

  • Review of related literature 16

2.1     The computer                                                                    16

  • Organization of accounting inf. System 19
  • Impact/ relevance of computer in

processing of accounting information.                               21

  • Planning for computerized accounting system 26
  • Cost and benefit of computer to an organization 62
  • Business without computer 66

Reference                                                                           72

CHAPTER THREE

  • Research design and methodology 73

3.1     Research design                                                                 73

  • Population 73
  • Sources of data 74
  • Data collection 76
  • Data analysis procedure 76
  • Description of questionnaire 77

CHAPTER FOUR

  • Data presentation & analysis 79

4.1     Data analysis                                                                      79

  • Testing of Hypothesis 92

 

CHAPTER FIVE

  • Findings, conclusion & recommendation 115

5.1     Summary of findings                                                         115

  • Conclusion 117
  • Recommendation 118

Bibliography                                                                      119

Appendix i                                                                         121

Appendix ii                                                                        128

CHAPTER ONE

INTRODUCTION

  • BACKGROUND OF STUDY

The basis for financial planning and analysis is the financial information financial information is needed to predict, compare and evaluate the firms earnings ability it is  also required to aid in economic decision making investment & financial decision making.   The financial information of an enterprise is contained in the financial  statement or accounting report.

Accounting is the guide post for management every enterprise should know the activities carried on by it and the financial implication of its operations.  The financial score of an enterprise is kept by the accounting system accounting information unit in business context is a unit in an organization that processes transaction to provide score keeping.  It points out the problem faced or likely to be faced by the enterprise.  It also brings to the notice of the firm the opportunities that are likely to arise.  It indicates possible action, when needed.  Accounting is the process of identifying, measuring and communicating economic information to permit judgment and decision by users of the information.

Accounting information could be classified under two heading or three headings.  Under two headings.  It is classified as.

  1. Financial accounting which provides information about profit and loss and financial position of the organization at a given period and management accounting which provides management information needed for planning and control in an organization.

Under three heading.   It is classified as:

  1. Routine – Internal report: That is day to day reports to management for planning and control of the organization function for instance performance report financial reports and accounts.
  2. Non-routine report: This aids management for examples budget forecast, estimates and projections and articulation of computer organizational goals.  No lay down format
  • External report : this is for external interest groups like government and creditors.

In the present country, the accounting information system has improved tremendously owing to advancement in technology.  The development of computer has been acclaimed as the most important technological development of the twentieth centaury

Davis (1981-88) defined computer as a machine that is capable of manipulating or processing data under its own control without the need for being.  “I computer has an electronic device that has the ability to accept data, internally score and automatically execute a program of instruction performed mathematical logical and report the result.

Computer is the latest craze in Nigeria today and it will continue to be relevant as the country develops. It has gained acceptance in all sectors of the economy.

The computer system as an important in the processing of accounting information cannot be over emphasized . the complicated nature of decision which must be taken in business organizations and government institution most especially in the area of financial and accounting operation often makes the use of computers mandatory if efficiency and effectiveness is to be maintained. As pointed out by Chukwu D.C.

The intelligent use of computer by the industrialized  nations are led to efficient and effective private and public sectors which produce high quality goods at low cost and are seller able to whether the violent storm of keen foreign competition.

Developing economics like Nigeria enjoy low cost goods and services provided by develop economics and at the same time tries to protect their local industries from stiff foreign competition goods and services provided by these developing communities are inferior and dearer compared to that of developed countries.

Speed and accuracy of services are the watch word in most computerized industries mainly in fully industrialized. This makes it possible for them to realized their ultimate objectives (i.e. wealth maximization)

Through the use of computers economic pictures of the organization could be enhanced by cost displacement. Operational and revenue improved by the introduction of computers in all sectors of the economy. The tread towards representing information in manual dates to Hollezith (1890). In recent time there has been a move towards doing away with manual record keeping and transmitting the information electronically leading to what is called “ Paperless optice” However, it normally turns out that what goes automated is not the function as it has been performed to do what would normally be uneconomical and in some cases impracticable. Instead one looks for a character of function, typically consisting of transition of current work of a number of people which can be redesigned so that he computer can do something equivalent although usually not identical. Once such a duster of work has been identified and the computer application designed one must also redesign the jobs of the people with whom the computer application will have to face.

The work of some workers will be substantially affected by the introduction of computers it does not mean, for instance that an accountant cases to be an accounted rather, the computer greatly aids his diverse operation as an accountant.

In fact, computer is gradually taking over all sphere of human endeavors especially the processing of accounting and cam perform any function provided information fed into it is accurate, complete and factual

 

 

 

1.2     STATEMENT OF THE PROBLEM.

In our world today computers are used in large and small business education, science and engineering, health care, sports, in the home entertainment and leisure, artificial intelligence expert system, government and military. Due to the vest use of computer in almost every sector of the economy, the need for controllers or information generated by the computer becomes unavoidable.

One can rightly say that quick customer