THE PROBLEMS OF WORKING CAPITAL MANAGEMENT IN THE PRIVATE SECTOR.

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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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ABSTRACT

This project work “The Problems of Working Capital Management in the Private Sector” affords the reader a step by step approach to the study of the rast filed of private sector and the problems encounter in the management of these private sector.

The first chapter of this work provides relevant introductory materials and objectives guiding business within the region of private sector. The second chapter provides the central philosophy of a successful management, meaning of working capital management and the inefficient management of working capital. In this work, we shall come to know that profit is the sole aim of every business and must be targeted at any point in time.

This work will help most especially the private sectors to know how to go about maximizing profit. I remain grateful to director school of financial studies Onovo and also to all my well wishers.

CHAPTER ONE

 

INTRODUCTION

• BACKGROUND OF THE STUDY

Book-keeping is the recording of the financial transaction of

business in a methodical manner so that information on any point relating to their may be quickly obtained.

The method of proceeding is based upon depreciate principle, which are discussed and illustrated.  The kind of information which a trader desire to have and which is readily available is summarized below:

1. the trader may discover;
2. the value up his purchases;
3. the value up his sales
4. his expenses
5. The amount of cash in the office or bank etc.

The ultimate position of the business is to make a profit, by

providing goods services or employment.  Its very transaction plays it part in determining the final profit or loss for a trading period, accuracy in recording is important.

Accounting is defined as a discipline concerned with the recording, analysis and forecasting of income and wealth of business and other entities.  Generally it records in money to terms the flow of economic transactions between or within economic entities.

A clear distinction between accounting and book-keeping is not easy to make because book-keeping is in fact a part of accounting.

Accounting figures are not use unless they are made to tell useful stories to the business owner.

 

BRIEF HISTORY OF ACCOUTNIGN IN NIGERIA

Nigeria is a further British colony.  Among the influence of Britain on Nigeria is modern commercial accounting.  It will be erroneous to attribute the genesis of accounting in the country to the advert of the Europeans.

For as has been said earlier, in as much as there was flourishing commerce among the various segment that make up modern Nigeria,  a considerable measure of trens-share as trans Atlantic traders there must have been some  form of accounting before that time.  Indeed, the virgin of accounting in Nigeria must  be assumed to be akin to its origin all over the world.

Commercial transaction, trade by barter with time, this rudimentary method.

Proved unsatisfactory as the sale and sophistication of commercial engagements increase with the magnetization of the tradition at economic though the introduction of various units of exchange cowries, beds, manila etc.

The method of accounting evolved further and become more refined, which method is as yet, un-researched (to the best knowledge of the author).  This normal evolution of an accounting system.  Whether through indigenous invention or through across the boarder importation via routine influences, suffered  a violent dislocation and  upheaval, like every other things as a result of the impact o colonization.

The British master established trading outposts all over Nigeria, with time, they equally introduced coinage currency.

In these trading outposts, especially the charted trading companies, modern book-keeping techniques were used.  Those trading concerns grew is size card complexity and in order to maintain the necessary political and social orders for trade and development.

They began to exercise governmental control.  They set up schools where they taught, among others, numerous subjects some of the products of these schools were employed as charts and book-keeping on the job.

As British laws extended to the country and as local laws were fashioned along the line of British companies operating locally found themselves subject to the same regulations of accounting practices and procedures as prevailed in British foreign accounting and audit forms soon established locally.

British trained accountants come to work in the country and set up the internal revenue department government accounting systems soon were extended through the colonial office in loaded.  For quite a while all the trained accounting personnel in the country were British.  But with time, local personnel were employed in the lower cedes of the civil service and the Nigeria Railways.

The first indigenous professional accountant, Mr. Akintola Williams qualified in England and Wales.  By 1960 a few more Nigeria had qualified in British and some back to Nigeria and they formed the association of accountants in Nigeria (A.A.N).

The aims of the association of account in Nigeria were to institute better training arrangement for accountants in Nigeria, promote accountancy as a profession and see to the welfare of its members.  The initial membership of the association was fourteen.  The association receives the parliamentary charter in1965 when the Institute of Charter Accountant of Nigeria (ICAN) Ac was passed as act No.15 of 1965.  The act empowers the association to regulate the practice of the profession in the country, from time to time set and modify standards for the practices of the profession and also to discipline.  The act make sit an offence for anyone who is not a member of the Institute to engage in public practice of accountancy in Nigeria.

Although the Nigeria Institute has the necessary power to regulate the practice of the profession.  It for a long time merely adopted these standards developed by the British accounting standards committee and the institute of chartered accounting in England and Wales.

On September 9^th 1982, however, the institute established the Nigeria accounting standard based (NASB) to issue statement of accounting standard (SAI).

 

• OBJECITVE OF THE STUDY

The arm and objective for this type or research work is to

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THE EFFECTS OF NIGERIA MONETARY AND FIRM POLICIES ON COMMERCIAL BANK’S FROM 1990 – 2000

(A CASE STUDY OF FIRST BANK PLC. OKPARA AVENUE, ENUGU)

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ABSTRACT
Issues concerning money have contained to cover invest for some money theories.  Money makes life what is and contributes tremendously to the rise or fall in the economic situation of a particular country.  It is as a result of the continuous charge in the behavour of money count theorist come by the financial and economic policies to cushion the harsh effect money causes and to equally improve on the already existing goods policies.
Emphasis is laid on monetary and fixed policies as concern this project work.  Monetary policies is expressly concerned with the control of monetary supply in the economy. It consists of the instruments and tools which is used by this government to regulate the supply of money in the economy in order to influence the activities in the economy.  Such tools include open market operation. Monetary policy and tow decision expansion and contrationally policies on the other hand fiscal performs the some function as monetary policy only that it makes use of budgeting and taxation. As these polices are made by the government, there is some associated effects it has in the economy as was project work is aimed at knowing actually the effects on First Bank Okpara Avenue Enugu as Commercial Bank.

 

 

TABLE OF CONTENTS
CHAPTER ONE

1. INTRODUCTION

1.1           STATEMENT OF PROBLEMS
1.2           OBJECTIVE OF THE STUDY
1.3           SIGNIFICANCE OF THE STUDY
1.4           STATEMENT OF HYPOTHESIS
1.5           SCOPE OF THE STUDY
1.6           LIMITATION OF THE STUDY

CHAPTER TWO
2.0           LITERATURE REVIEW
2.2           AN INSIGHT OF THE MONETARY, FISCAL AND OTHER FINANCIAL SECTORS POLICIES FOR THE YEAR REVIEW
2.3           MONETARY AND FISCAL POLICIES
2.4           THE TRADITIONAL THEORY OF MONETARY POLICY
2.5           HOW MONETARY POLICY WORKS TO CONTROL SPENDING
2.6           HOW DOES MONETARY POLICY INFLUENCE ECONOMIC ACTIVITIES
2.7           CONTROL OF COMMERCIAL BANKS BY THE CENTRAL BANK
2.8           FISCAL POLICY – TYPE
2.9           FISCAL POLICY AS A BUILT IN STABILIZER
2.10         FISCAL POLICY AND ITS ECONOMIC INFLUENCE
2.11         FISCAL POLICY IN PRACTICE
2.12         THE FISCAL MONETARY MIX
2.13         SUMMARY OF RELATED LITERATURE

CHAPTER THREE
3.0           SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
3.1           FINDINGS
3.2           CONCLUSION
3.3           RECOMMENDATION
REFERENCES

 

CHAPTER ONE

1. INTRODUCTION

According TO Oyindo (1991) monetary policy could
be defined as this combination of measures designed to regulative supply of money to an economy.
Specially, it is designed to regulate the availability cost and direction of credit in order to attain stated national economic objectives.
Monetary policy usually involves the expansion or contraction of money supply.  This manipulation of interest rates to make borrowing easier and cheaper of more difficult and dealer depending on preventing economic condition and channeling of fund to growth sectors for interest out put monetary policy that regulates the level of money or liquidity in this economy in over to activities some desired policy objectives.

It ensures that the supply of money and cost of credit to an economy is adequate to support desirable and sustainable growth without generating inflecting pressures that could lend to undue depreciation in the value of local currency.  It consists of instruments and tools which  is used by government to regulate the supply of money in economy in other to influence this activities of economy such tools include.  Open market operation preserve regulate, cash ratio moral suasion etc

According to Lord Jan Keymes (1936) fiscal policy refers to a manipulative instrument in the banks of government deigned to achieve that mean-economic objectives of the economy.  It deals with decorate exercise of the movement’s power to tax and spend for the purpose of bring the nations output and employment to certain desire level the effect of useful instrument monetary and fiscal policies in commercial banks in this subject matter of this project works.

The subject of money is as contemporary as the daily newspaper and as old as the history of civilized man the bible says: the love of money is the root of all this (2tim 6: 10) although an exclusive love of money may not be desirables the use of money has always seemed necessary, politician debuted though exaction, endlessly although most people know only that far as they are concerned they never have enough money.

It is an indisputable fact that money being a desired and useful servant of man, at times misbehaved sometimes a country has so much money that the money free of everything keeps increasing in an inflationary special.  Then the value of money tomorrow in terms of its purchasing power will be less than today on this hands, some times the country seems to have a little money that no one or hardly enjoy has enough to spend when money ins in two short supply, as in the great depression of the 1930’2 when of factors do not turn to as rapid as they can heard lines of unemployed workers forms money can be a great blessing or a great course.

Money, of course does not come out of this air, some our has to create it.  It is here that this commercial banking system  carries into the picture. Commercial banks are certainly heavily places to store money, in form of banks deposits or to borrow money.  More importantly, they have the unique role in every country’s economy, including Nigeria, of being able to create money, quite, still, this money is not corrected by banks out of nothing. E ach bank can loan only funds which it actually has.  Nevertheless, when a number of banks are all making loans at this same times or buying investments, even money is being created.

Bank cannot, however, makes loans and investment and thereby create money in an unlimited fashion, the ability of the banking system to act to the money supply depends you this reserve requirement establishments by the monetary and fiscal policies.  Banks are not require to have hundred percent (100%) behind that exposit.  Instead they have a factorable reserve requirement, which allows then to add to their earning assets and thereby increase their deposit liabilities.  One of the deposit liabilities of the commercial banks their demand deposit, is a part of the money supply.

Efficient management of money stock and their related part growth of any economy.  The earlier mentioned accountancy, fiscal and either banking policies rely on the techniques of financial programming which seek to ensure some consistence  among the economic sectors.  The monetary attempt to established on optimum quality of money consistent attempt to estimate and optimum quality of money consistent with the target for GDP growth, inflation rate and external reserves. Using the computer optimal money supply, the economic absorptive domestic credit is denied, thereby permitting growth targets to be determined for some of the intermediate policy variable of money supply and aggregate.

Digestive credit.  The permissible segregate domestic in them allocated between theis governed and private sectors.  The portion taken up by the government is determine by the size of the budget deceit to be financed by the banking system comprising the CBN and Commercials and Merchant banks.  This balances is calculated to the private sector this process has allocated the CBN to influence credit growth either directly under the regime of credit ceilings or indirectly through market based instruments, subject to the size foot fiscal defect financed by banking system.

In the era of direct monetary control, the major instruments of policy comprised credit earning imposed on banks administratively fixed interest rates and exchange rate, mandatory on the effectiveness of monetary policy and are financial sector became consommé, the phased movement to the direct approach was initiated in 1992 under which greater reliance is placed are the use of market based on instruments such as reserve requirements, the discount rate of own market operations, to effectively operate the new system indirect monetary control required a deregulation, the target of deregulation usually interest rate, the market for government debt instruments and exchange rates.
Other measures taken to strengthen the financial sector to enhance monetary and fiscal policies include during excess liquidity in the system.

Although the power of the CBN to control the monetary and banking system has been enhance in percent years though the enabling laws, so that other issues which impinges on the banks ability to effectively discharge its primary mandate remain emerge, unresolved.  As we are aware that primary function revolves ground maintaining monetary stability and sound financial structure which would ensure an effective payment system.
It remains a fat that over the year fiscal expansion has been the basis of CBN’s ability to perform this role.

Although available provision figures show that some progress has been made in  this direct monetary and fiscal and banking activities are still constrained by fiscal operations.
Commercial Banks are set into reasonable by the problem, the CBN encounters in formulating these policies these problems are relative when compared with other banks at times, these monetary policy designed by the CBN for Commercial Merchant and  other banks can never be favourable to some section of this bank.

 

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AUDITING AS A CONTROL IN PUBLIC SECTOR ACCOUNTING

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Chapter one   

1.0            Introduction

1.1     Background

1.2            Statement of problems

1.3            Purpose of the study

1.4            Scope pf the study

1.5            Research questions

1.6            Null hypothesis

1.7            Significance of the study

Chapter two 

2.0            Review of related literature

2.1     History of auditing as a profession

2.2            Legal framework of public sector auditing

2.3            Auditing and corruption in Nigeria

2.4            Auditing and fraud detection in government institutions

2.5            Internal auditing in government agencies

2.6            Compliance and efficiency auditing in the public sector

2.7            Relevance of auditing standards in the public sector.

2.8            Auditing and internal control in the public sector.

2.9            Summary or related reviewed literature

 

Chapter three

3.0            Research methodology

3.1     Design of the study

3.2            Area of the study

3.3            Population of the study

3.4            Sample and sampling procedure

3.5            Instrument for data collection

3.6            Validation of the instrument

3.7            Reliability of the instrument

3.8            Administration of the instrument

3.9            Method of data analysis

Chapter four

4.0            Data presentation and result

4.1     Summary of result

Chapter five

5.1            Discussion of result

5.2            Conclusion

5.3            Implication of the research findings

5.4            Recommendation

5.5            Suggestion for further study

5.6            Limitation of the study

References

Appendixes

LIST OF TABLES

4.1     Reception of senior and junior staff of federal ministry of   finance Enugu on the extent auditors role promote transparency accountability deter waste and encourage good government in the ministry.

4.ii.    T- test analysis of the difference between the mean perception scores of the staff of federal ministry of finance Enugu

4.iii    Perception of senior and junior staff of federal ministry of finance Enugu on the extent professional ethics and auditing standards  were applied by the auditors in the ministry.

4.iv    T- test analysis of the difference between the view scores of the staff of federal ministry of finance Enugu

4.v     Perception of senior and junior staff of the federal ministry of finance Enugu on the extent Bribery and  corruption has reduced the efficiency and proficiency of public sector in servicing its control purpose in the ministry

4.vi    T- test analysis of difference in perception of senior and junior staff on causes of audit failure in the federal ministry of finance Enugu

4vii    Views of senior and junior staff of federal ministry of finance Enugu on the interference of nepotism, faviour and political affiliation in the appointment and removal  of auditors in the federal ministry of finance Enugu.

4vii    T- test analysis of difference in perception of senior and junior staff on the interplay of nepotism favoritism and political affiliation in the appointment and removal of auditor in the ministry

 

ABSTRACT

This work border on the auditing as a control in public sector accounting   a case study of federal ministry of finance Enugu. Its main theme is the purpose auditing serve in the public sector as a control for all financial accountability and otherwise in the public sector. Importance of the study was to help the financial controllers of government agencies understand that auditing of public sector is as more important as that of the private sector. The area of the study was federal ministry of finance Enugu.

This study is divided into five chapter, chapter one gives the general introduction about the reason why the work was embarked upon. Chapter two report the views of other authors that have conducted work  relevant to the theme of the study. Chapter three described the actual process and methods of the research the researcher used. Chapter four gives the details of researcher is analysis of data collected form the respondents  using the t-test statistics in testing the null hypothesis.

Finally in chapter five the researcher presents recommendation as well as suggestion for further research.

 

 

CHAPTER ONE

INTRODUCTION

1.1              BACKGROUND OF THE STUDY

From time past productive resources owned by one person or group of persons. It has been a convention that the managers of the productive resources from time to time report back to the owner (s)  of the resources on how thye fare with the resources entrusted to them.

In a similar view Millichmp 1999 opined that most business today are operated by limited companies, which are owned by their shareholder and managed by directors appointed by the shareholder. Corporally the public own central government resources including nationalized industries but they are managed by the government.

As a result of this divorce between resources management and ownership it has become expedient and pertinent that has become expedient and penitent that an independent body or person (s) different form both management and ownership be situated to examine the account rendered by the manager to the owner of the economic resources for such accounts to be reliable credible and trust writing by the owners and other interested user of financial report hence the emergence of auditing as a profession.

Auditing which has become the owners “third eye” is very important in the public sector of Nigeria economy in view of fact that over 65% of the assets base and other productive resources of the country come under the control of the public sector of the economy. These assets need to be safeguarded in order that the real owner (the public) can enjoy their full benefits.

The relevance of auditing as it regards proper accountability and safeguard to the nation asset base was borne out of the fundamental roles the public sector accounting play in effective and efficient governance of the country. Ani 2001 save the rotes of public sector accounting to include the following.

1. a.                 Control purpose:  To ensure efficient financial administration through system of internal control and management
2. b.                Planning Purpose:   To provide historical bases for model budget and plans as guide to the formulations of policies
3. c.                  Accountability purposes:  To provide a system of financial accountability by which will promote stewardship of assets deter waste dishonesty and extravagance and promote effectiveness of reasonable cost.
4. d.                Appraisal Purpose:  To provide outsider with financial data that will help them to reach informed decision.

The basic functions of auditing therefore are of two types :

Primary and secondary functions.

The primary function of auditing is to enable the auditors to report as to whether the financial prepared my manager presents a true and fair view of the state of the financial affairs of the organization during the period under review while the secondary functions as are to detect fraud and errors and prevent fraud and errors in the accounting system. But how relevant has public sector auditing become in view of the current decay in the management of public resources in Nigeria? In the nutshell corruptions bribery mismanagement of  government resources and lack of honesty that characterize the economic life in Nigeria has dragged the efficiency and proficiency of public sector auditing in Nigeria to the mud.

Public office holder and the entirely of the agents of government at all levels in Nigeria have made the public sector audit system which to was enshrined in our constitution to ensure proper accountability transparency and good government a mere subject of contemplators system should not permit looting of real asserts and public funds and mismanagement of the scare economic resources as it obtain in Nigeria public sector.

The factors or problem that lead to the ugly scenario described above are not far fetched. This is because most of the auditors appointed by the executive arms of government at all level of governance to take the mantle of auditors responsibilities in the public sector are benefit of the contravention  ethical and professional qualities and standards which an auditor must have.

The professional qualities and auditing standards issued and approved by American institute of certified public accountants and adopted by Nigeria Accounting Standard Board (NASB) includes:

a.       Competence:      An auditors must be thoroughly  trained and move his competence before he can sign an audit report. This implies that he must belong to a professional body approved by the parliament.

b.      Independence:  An auditor cannot give an unbiased opinion unless he is independent of all parties involved and must be seen to be so.

c.       Integrity:  Qualified accountants are renowned for their honest discretion and tactfulness.

In Nigeria these qualities and standards enumerated above are almost absent and auditors are not appointed inconsonance with relevant statutory provision of audit regulatory authorities or laws such as relevant sections of company and allied Matters  act 1990 (CAMA) and the Nigerian constitution. Nepotism tribalism and police affiliation and compensations are criteria used in Nigeria to appoint auditors into the public sector. These have made audit system in the public sector a weak ineffective and above all unreliable when it is compared with what obtains in the civilized world where we repatriated the practice of auditing to Nigeria. The independence of auditors in the public sector  do not consider whether guaranteed and therefore are impaired. The manner in which auditors are also appointed in the public sector as not consider  whether the person to be appointed has competence and all the technical where withal and know how required of an auditor the qualities of honesty discretion and tactfulness which are paramount and the aroma of auditing world over are exiting in Nigeria only in theory.

Based on these distortions and decadence in the system of auditing in the public sector it has become a clarion call that a reappraisal of public sector auditing in Nigeria be done to reposition and revamp the system so as to reap all the benefit inherent in an functional audit system hence my choice of the topic (auditing as a control in the  public sector accounting)                                                     

 

1.2               STATEMENT OF PROBLEM

The enumerated problem below are found to be inherent in the audit system of the public sector in Nigeria.

1. The impact of auditors role to promote transparency accountability and encourage good governance are not felt in the public sector.
2. It was difficult to ascertain the extent professional ethics and auditing standards were applied by auditors in the public sector
3. Bribery  and corruption in the public sector has reduced the efficiency and proficiency of auditing in serving its control purpose
4. It was difficult to ascertain the extent nepotism and political affiliation interfere in the appointment and removal of auditors in the public sector.

 

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(A CASE STUDY OF CENTRAL BANK OF NIGERIA).

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ABSTRACT

 

This research work was undertaken in order to evaluate the role of Fiscal policies in the development of Nigeria economy. A major issue in Nigerian economy recovery relates to the prospect of adoption of the most relevant fiscal policies in its economy. In view of this, the researcher addressed the following problems to be curbed in this research study.

1. Lack of required component of fiscal policies
2. Inconsistency in the use of fiscal policies.
3. Improper implementation of fiscal policies
4. Inability of the country to improve on existing fiscal policies.

Due to the nature of this research work, ordinary method of data analysis and interval method were used. Both primary and secondary data were used. Secondary data were gotten from Newspapers and magazines, textbooks, journals and periodicals etc. questionnaires were used in generating primary data.

From the analysis made, the researcher discovered that between 1998 and 2000 fiscal years, the country has witnessed many changes in its fiscal policies which are hinged on the combination techniques applied on the components of fiscal policies, the mode of implementation of fiscal policies and the degree  of success in the implementation of process.

Based on the findings made in this research study, the researcher recommends that the country should embark on the following in order to develop its economy.

1. The depreciation of naira must be urgently considered.
2. There should be stream – lining of activities of certain government amend agencies
3. The government should make further fiscal adjustments.

 

 

TABLE OF CONTENT

CHAPTER ONE: INTRODUCTION

1.1            Background of the study

1.2            Statement of the problem

1.3            Objectives of the study

1.4            Major research hypothesis

1.5            Scope and limitation of the study

1.6            Significance of the study

1.7            Definition of terms.

CHAPTER TWO: LITERATURE REVIEW

2.1            History of fiscal policies in the Nigeria pre-independence

2.2            Definition and meaning of fiscal policies

2.3            Difference between fiscal and monetary policies

2.4            Tax as a tool of fiscal policy

2.5            Expenditure in fiscal policy

2.6            Tax and expenditure in fiscal policy

2.7            Limitation of fiscal policy implementation

2.8            The role of the central bank in the formulation and implementation of fiscal policy.

 

CHAPTER THREE

3.1            Introduction

3.2            Research design for the study

3.3            Sources of data

3.4            Methods of data analysis

3.5            Population and sample size

3.6            Design and administration of questionnaires

CHAPTER FOUR: PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

4.1            Introduction

4.2            Presentation of data for 1998 fiscal year

4.3            Analysis of data for 1997 through 1998 fiscal year

4.4            Analysis of the federal government revenue and expenditure of 1999– 2000

4.5            Analysis of the state of the economy (1999 – 2000)

4.6            Interpretation of data.

 

CHAPTER FIVE: SUMMARY AND DISCUSSION OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS.

5.1            Introduction

5.2            Discussion of findings

5.3            Summary of findings

5.4            Conclusion

5.5            Recommendation

Questionnaire sample.

Bibliography

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The economy of any country, irrespective of its structure is regulated by certain policies developed by the government. Some of these include economic policies, social policies, monetary policies etc. however of all these policies economic policies are most fundamental. The economic factors are cynical because they serve as a foundation for the success of the other policies of government. The constituent element of these economic policies need to be manipulated simultaneously to achieve the desired results. The techniques of manipulating the economic factors play an important role two. One of the essential arms of economic policies – the fiscal policy, serve as a means of planning, organizing, controlling and coordinating the tempo of activities in the economy. Fiscal policy in itself can be said to be made up of specific course of action involving the formulation of tax structure and expenditure patterns. The direction of these expenditures and taxes are specific in nature for results or changes. Before the world war, fiscal policy as a key to economic restructuring and development has been in existence. Many economists had propounded theories as a means to economic prosperity from the destruction of the world war, but in the early 20the century, Lord John Keynes put forward on articulated and constructive solution to solving economic problem. Lord Keynes in his book explain that the revamping of an economy could be achieved through the redirection of government expenditures from war machines to soft loans to increase investment, generate employment and consequently increase aggregate demand as a means of getting hold on the hyperinflation that existed after the Second World War.

In Nigeria, the earliest known forms of fiscal policies were used. It was established as far back as 19th century by the British Administration. Then the political system became complex due to the existence of the indigenous government under Emirs, Obas, Obongs, Obis etc. along with the colonial masters. In effect, payment for the administration of the country were made to the British government.

The government policy used by the colonial masters on revenue for development was adopted from Dr. Earl Grey report (1852) in which he advocated economic development amongst civilized people. Through self determination under the British supervision. Because of the existence of local authorities which led to indirect rule policy, the policy suited Nigeria. The revenue generation method which was based on duties paid on imported goods was pursued because it avoided disruption of the indigenous social and economic system and its incidence did not directly affect the average Nigerian. Besides, revenue from duties the British government support however, began to dwindle due to increase public criticism in Britain against spreading of Brutish influence in West Africa. 1870, the government supplement stopped and was reduced from #5,000.00 to #2,000.00 to #1,000.00 in 1862, 1863 and 1865 respectively. The expenditure was solely directed towards improving the comfort of the British officers and the maintenance of law and orders. These and then. The revenue and expenditure volume also increase considerably well into the 20th century. Considering this modern time, fiscal policy as a means of economic development are not developed in isolation. They are formulated and implemented simultaneously with monetary policies, foreign policies by the government with the aim of having a synchronized approach in tackling economic problems. The generally accepted fiscal policy measure incorporates welfare economics as a means of reducing adverse effects that may arise thus reducing the standard of living of the citizens of the country.

From the foregoing, this research is aimed at identifying the role of fiscal policies in the development of Nigerian economy.

 

1.2     STATEMENT OF THE PROBLEMS.

Fiscal policies can be valuable tool for economic growth and development if accurately and timely implemented. Therefore by the end of this project the following questions will be answered.

1. Do Nigeria fiscal policies posses the required components and impact needed to fiscal economic growth?
2. Are the fiscal policies consistent or not?
3. Are they properly implemented?
4. Can any improvement be made

 

1.3     OBJECTIVES OF THE STUDY

1. To examine the fiscal policies formulation in Nigeria from 1998 – 2000
2. To identify the role they play in the development of Nigerian economy
3. To determine if these roles have been consistent with stated objectives of the government.
4. To determine the extent of implementation of formulated fiscal policies.
5. To make recommendation where appropriate.

 

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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.

DEDICATION

          This project is dedicated to God, the solution to all my life’s questions.

 

CHAPTER ONE

1.0            Introduction                                                                            1

1.1     Background of study                                                     1

1.2            Statement of the problem                                                        6

1.3            Research hypothesis / question                                               8

1.4            Significance of the study                                                         10

1.5            Scope and limitation                                                      11

1.6            Definition of terms                                                                  12

Reference                                                                       15

 

CHAPTER TWO

2.0            Review of related literature                                            16

2.1     The computer                                                                16

2.2            Organization of accounting inf. System                         19

2.3            Impact/ relevance of computer in

processing of accounting information.                                    21

2.4            Planning for computerized accounting system               26

2.5            Cost and benefit of computer to an organization           62

2.6            Business without computer                                           66

Reference                                                                       72

CHAPTER THREE

3.0            Research design and methodology                                 73

3.1     Research design                                                             73

3.2            Population                                                                     73

3.3            Sources of data                                                              74

3.4            Data collection                                                               76

3.5            Data analysis procedure                                                          76

3.6            Description of questionnaire                                          77

CHAPTER FOUR

4.0            Data presentation & analysis                                        79

4.1     Data analysis                                                                 79

4.2            Testing of Hypothesis                                                    92

 

CHAPTER FIVE

5.0            Findings, conclusion & recommendation                       115

5.1     Summary of findings                                                     115

5.2            Conclusion                                                                     117

5.3            Recommendation                                                           118

Bibliography                                                                  119

Appendix i                                                                     121

Appendix ii                                                                    128

 

 

CHAPTER ONE

INTRODUCTION

1.1            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:

i.        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.

1. Non-routine report:  This aids management for examples budget forecast, estimates and projections and articulation of computer organizational goals.  No lay down format
2. 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 services and fast accounting operation is far from being actualized in some of our organizations. Quick services and fast operations means move work being done in shorter time. A firm with these qualities will have unrivaled customers attraction.

Musa (1985) noted that information processing probably the most significant industry in the world economy today and in the foreseeable future. It has expanded and continues to expand at a rapid rate. This expansion is in part related to the increase in cost effectiveness of computer hardware. Cost effectiveness has increase by a factor far bout  1000 every decade. As long as this rate charge continues, the rangers of tasks that can be handled most economically by computing is likely to grow rapidly. Since software is the major part of most computer systems, the field of software engineering can expect similar rapid growth

At this junction we look at what is actually the relevant of computer in the processing of accounting information.

According to Mcral C.N. the computer can be used in a wide variety of ways and often it is only the potential user who can appreciate and suggest thes uses. It is impossible that the user will exploit the potentials of the computer of he depends ion experts.

The computer soon absorbs most of the calculation and data processing within an organization. These have traditionally been the accountants responsibility and it is likely that certain aspect such as accuracy and control will remain his responsibility

It is known that overtime duties are common in accounting system as the working hours do not seem to be sufficient to finish a given days job. This of course means extra costs on the firm for overtime allowances and utility bills.

Some areas of accounting are hardly delved into by accountants because of high demands in time and human brain. Untold time and money is spend in rectification of mistakes made by workers in the course of manual processing of accounting information in particular and to business organization in general.

The researcher would also like to know how a business can apply computer, as well as planning for a computerized accounting system to finally to find out why some organization prefer using manual to using computer in business.

 

1.3     RESEARCH HYPOTHESIS / QUESTION.

          RESEARCH HYPOTHESIS

To come out with a reliable result the following hypothesis will be formulated and tested statistically.

1. Ho: Computerization of accounting information system does not hinder the effectiveness of the accountant.

H1: Computerization of accounting information system does not prevent increased speed of operation, processing and accuracy of output.

1. Ho: Computerization of accounting information system does not prevent increase speed of operation, processing and accuracy of output.

H1: Computerization of accounting system prevents increase speed of operation, processing and accuracy of output.

III      Ho: Computerization of accounting information system not hamper the reliability and better storage of accounting information.

H1:    Computerization of accounting information system hampers the reliability and better storage of accounting information.

IV.     Ho: The use of computer does not militate against accounting profession.

H1: The use of computer militate against accounting profession.

V.      Ho: Computerization does not effect the employment of accountant to a large extent.

H1: Computerization affects the employment of accountant to a large extent.

RESEARCH QUESTION

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