THE EFFECT OF FINANCIAL ACCOUNTING REPORTING IN THE MANAGEMENT OF A BUSINESS.

(A CASE STUDY OF EMENTTE LTD)

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CHAPTER ONE

1.0     INTRODUCTION                                                                       1

1.1     Background of the study                                                             1

1.2     Statement of the problem                                                             5

1.3     Objective of the study                                                                  6

1.4     statement of hypothesis                                                                7

1.5     Scope of the study                                                                                 7

1.6     Significant of the study                                                                8

1.7     Definition of terms                                                                      8

1.8     Limitation of the study                                                                 9

CHAPTER TWO

2.0     LITERATURE REVIEW                                                            10

2.1     Accounting as a language of business                                          10

2.2     Users of accounting information                                                  15

2.3     characteristic of Good information                                              17

2.4     Management of information                                                        20

• Basic Accounting concepts 21
• The financial accounting branch 26
• Other accounting branches 32

 

CHAPTER THREE

3.0     RESEARCH DESGIN AND METHODOLOGY                        44

3.1     The research design                                                                     44

3.2     Areas of the study                                                              44

• Population of the study 44
• Sample and sampling technique 45
• Instrument for data collection 45
• Validity of the instrument 46
• Reliability of the instrument 46
• Method of data administration 47
• Method of data analysis                               47

CHAPTER FOUR

4.0     DATE PRESENTATION AND ANALYSIS                              48

4.1     Data Presentation and analysis                                                     48

4.2     Test Of Hypothesis                                                                     53

 

CHAPTER FIVE

5.0     SUMMARY OF FINDING CONCLUSION AND RECOMMENDATION                                                                         56

5.1     Finding                                                                                        56

5.2     Conclusion                                                                                  59

5.3     Recommendation                                                                         60

Reference

Appendix

 

CHAPTER ONE

 

• INTRODUCTION
  • BACKGROUND OF THE STUDY

This project is one that studies the effect of finical accounting reporting  of the management of a business. Financial accounting covers those activities that relates to the preparation  of certain  reports  which  are known as  financial statement

These statement report the financial status of a firm at a particular time.

The practice of accounting stated since organized life evolved. The early man lived in caves from where he developed into living in communities. Later arose the concept of  specialization. That is each person  went  about doing those   activities  of life for which he was most  gifted. This gave rise to individuals producing certain goods in quantities in excess of what they needed while there were other goods which they need but they did not produce them selves the result was exchange. the first system of exchange was by barter. Later money evolved and replaced barter.

During the stage of barter   recording were done but only the quantities of good exchanged   were recorded. For example in things fall apart,  used white marks drawn on the  walls as record of his indebtedness to others. However as soon as money  evolved all recording were done  in  montary terms.  Another perspective worthy of note about the history of accounting is the impact of the different stage of organized business on accounting. At the stage of specialized in using their skills in creaft and developed the quid system. Here the job was done by one man at most with the aid of members of his family. The guilds system grew and outsiders were employed to work for the owner.

The industrial revolution expanded thee output and gave rise to the factory system of working. As the size of these factories grew it became impossible for one person to set up a factory alone. This gave rise to partnership and of course the joint stock companies. The joint stock act of 1844 is a very important landmark in  the evolution of accounting. It marked the evolution of accounting. It marked the beginning of auditing.

The result of this act is what is known to day as limited liability or public limited liability companies.

The essential feature of the limited liability companies is that ownership is separate from management. Large numbers of owner (shareholder) across the globe invest in companies while a few directors are elected to mange these companies.

This partiarlar development gave impetus to the evolution of auditing as an aspect of accounting. Also the size of these companies and the stiff  competition for funds, markets, new ideas and products gave rise to more rigorous accounting techniques like cost and management accounting to aid management in decision making.

Taxation is another branch of accounting  required to  and management in decision  making. Tax has a lot of implication for management decision on one hand and is an important source of revenue on the other.

Even in the public sector it has been observed that accounting is indispensable as a result government public sector accounting has now evolved to take care of this information need.

One can not do a comprehensive review of the history or evolution of accounting with has  that have been in use.  They are the change and discharge system, and the double entry system.

In the charge and discharge system, the change is made up of the balance held at the beginning of a period to which is added any receipts from the owner discharge is the on flays made to or on behalf of the owner.

It has been cleaned that the double entry system evolved in the  14^th century.

However, it was in the book written by a monk, Luca Pacioli in 1494 titled summa de arithmetic geometric, proportion et proportion that the double entry system was first documented.

 

• STATEMENT OF THE PROBLEM

An effective information system is  very important for the functioning of any business. The financial accounting system in most business do not portray fully the principles of accounting systems.

Financial accounting  information involves technicalities such as quantitative analysis adequate recording reporting etc. Some business organization may unknowingly employ incompetent and unskilled manpower and as such the financial accounting information  prepared may not show a true and fair  view of the financial strength profitability and future prospects of the organization.

Some organization have to realism that accounting information is the only medium through which both the management and external users get a clear picture of an organization. If they fail to realizes appreciate an accountants analysis inrespect of the accounting information  generated, this  often leads to poor management decision which will have negative effects on the performance of business organization.