FINANCIAL ACCOUNTING SYSTEM IN PRIVATELY OWNED ENTERPRISE

(A CASE STUDY OF J.N IJEZIE AND SONS (NIG)

ABSTRACT

 

          Financial Accounting system in a privately owned enterprise, has been the source for cheek and guidance in management controls.

Research on financial Accounting system in a privately owned enterprise has been carried out with a case study of J.N Ijezie and Sons (Nig).

In guiding the study, research questions were formulated, using simple percentage data collected are critically analyzed and the following ascertained:-

1. Accounting aids in planning, control and decision-making.
2. It helps in knowing the following:- the profit or loss made by the enterprise or company at a given period of time and aids in the detection of fraud.

• The accounting information obtained from the management is of great help to the recording of business transactions.

1. Engaging in financial accounting system leads to good prospect for the privately owned enterprises.

Privately owned enterprise does not strictly follow the accounting laid down rules and regulations and the result of it is that adequate information for further accounting processes is lost. Some privately owned enterprise do not employ qualified or professional Accountant (s) in their organization.

To the above findings, it is recommended that proper books of accounts be kepts. Private enterprise or company can adopt financial accounting system. The statutory laid down rules and the regulations to be adhered to the private companies and proper books of account and documents immediately adopted.

The first chapter opens with the general back ground of the study are then went thorough the statement of the problem, the objectives of the study.

Chapter two starts with the literature review on the research on financial Accounting system in privately owned enterprise. Chapter three deals with the means of collection of data.

Chapter four deals with the research questions and its findings in a privately owned enterprise of J.N IJEZIE AND SONS (NIG.)

Chapter five  now deals with the summary of findings and results, it also raise issues for further research on the topic.

CHAPTER ONE

INTRODUCTION

• Background
• Statement of the problem
• Purpose of the study
• The scope of the study
• Research questions
• Significance of the study
• Definition of terms

CHAPTER TWO

REVIEW OF LITERATURE

• Definition
• Accounting principles
• Documents relating to sales
  • Document relating to purchase
  • Document relating receipt of goods
• The entries of basis data in subsidiary books
  • The day book
  • The cash book
• The concepts and convention
• The principles of double entry
• Classification of Accounts
• Trial balance
• Legal requirement

 

 

 

CHAPTER THREE

METHODOLOGY

• Research design
• Types and sources of data
• Areas of study / population
• Sample and sampling techniques
• Research instrument
• Reliability and validity of instruments
• Method of data collection
• Method of data analysis

 

CHAPTER FIVE

• Discussion of Results

5.1     Discussion of findings

• Conclusions
• Implications of the research findings
• Recommendations
• Suggestions for further studies
• Limitations of the study

Bibliography

Appendix

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

          DEFINITION: Accounting is a science and art of recording business transactions in a systematic way, so that the book will exactly show the owners’ affair at any point in time. Or summary put thus: Accounting is the recording of business transaction either in words of figures for references purposes.

Another commonly quoted definition that is produced by the “American Institute of Certified and Public Accountants (AICPA) in 1941 which states:- Account is the act of recording , classifying and summarizing, in a significant manner and in terms of money , transactions and events are in parts at least, of a financial character and interpreting the results thereof”  this definition implies that  accountancy has a number of components. Some technical (such as recording data) and some that beg further questions (such as “in a significant manner”. Significant to whom and for what? ) It should be well noted that financial accounting comprises the organization and its owners, the employee and the outside world. By owners we mean the proprietors in the sole trading business, partner in partnership, members in co-operative society, shareholders in Limited Liability Company.

As a discipline, accounting deals with the recording, analyzing and forecasting of incoming liabilities and wealth of business and other entities. This recording of the flow of economic transactions is in money terms. And it has legal, principles, concepts and conversion requirements. Generated financial data is recorded in the proper bocks adopting the laid down rules or procedures for such. The data when processed provides the accountant with the adequate information which is to be used for the preparation of financial statement that could be presentable to all users of such statement.

Brief History of case study- J.N IJEZIE & SONS (NIG). This is privately owned enter prose established in 1985. About 21 years ago and was registered in Nigeria lawfully.

The office was located at ziks Avenues by Edinburgh junction including the workshop. It deals in the processing  of palm- kernel and the extraction of palm kernel oil.

Though, it is privately owned, it has the administrative unit, accounting units, purchasing and store unit, personnel and selling unit. The work shop was equipped with a machine used in extracting palm kernel oil from the kernel

A physical view of the business activities presents it as well organized with hard working staff. The enterprises in its performance has a good prospect for the future sustenance. Currently, it has about 30 direct staff with some contract or distributors

At the commencement of the operators, the strength of the staff was eleven with J.N IJEZIE  as the Director and another man G. Ede as the manager who then serve as general overseer.

But as a researcher in this enterprises my main business centers mainly on the financial accounting system which the evidence already shown by recorded information that reveal deficiencies in the accounting system.

 

• STATEMENT OF THE PROBLEM

The research study as regards to the “FINANCIAL ACCOUNTING

SYSTEM IN PRIVATELY OWNED INTERPRISE” tries to determine the problems arising from setting up a standard owned financial accounting system in a privately owned enterprise with practical application to J.N IJEZIE & sons (Nig). And to guide this study are the following:-

1. How to ascertain the problems existing in financial accounting system of the above enterprise.
2. Unable to adhere to the standard requirement for establishing financial statement.
3. No proper financial accounting system
4. No value for Accounting information and because of this, necessary accounting information’s are lacking

 

• PURPOSE OF THE STUDY

The purposes of this study are: –

1. To ascertain the problems existing in the financial accounting of the privately owned enterprise.
2. To make business organization appreciate and adhere to the standard requirements for establishing financial statement.
3. The concerned business organization is made to known and establishes proper financial accounting system.
4. Reasons for accounting information are highlighted.

 

• THE SCOPE OF THE STUDY

This study is strictly formulated to give solution to the question of

how financial data can be adding financial accounting system in a privately owned enterprise: like J.N IJEZIE & SONS (NIG).

• RESEARCH QUESTIONS

1. What are the problem existing in financial accounting system of the privately owned enterprises?
2. How can we effect proper records in a financial accounting system in privately owned enterprises?
3. How can proper financial accounting system be established in newly rivals owned enterprises?
4. Is the financial accounting system information useful after all?
5. What are the roles of financial accounting in the privately owned enterprises?
6. What are the merits of the private enterprise engaging in financial accounting system?
7. What are the proper accounts in the financial accounting system?

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