THE IMPACT OF FINANCIAL ACCOUNTING ON THE CORPORATE PERFORMANCE OF BUSINESS ORGANIZATION

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ABSTRACT

 

The research work “The impact g onofthe Finance  corporate performance of Business Org ascertaining how financial accounting reporting has helped in advancing the objectives of corporate organizations. In the process, it investigated the effected that financial accounting bear on the performance of a business. Furthermore, if sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. The primary sources of data collection employed were questionnaire, oral interview and observations, while the secondary sources of data included textbooks, journals. in the analysis of the data collected, the chi-square was used to analyze the responses gathered. The study revealed that a loot of problems were inherent in financial reporting ranging from non-disclosure of vital information, subjective judgments of prepares of the financial information and most times non-compliance to relevant statues. There were recommendations given such as strict compliance to the relevant statute were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure

 

that the financial statements show a “true and fair view a relevant statues at all times.

 

CHAPTER ONE: INTRODUCTION

 

 

1.1   Background of The Study: ———————————————1

 

1.2   Statement of The Problem: ——————————————– 3

 

1.3   Objective of The Study: ———————————————— -4

 

1.4   Research Hypotheses: ————————————————– 6

 

1.5   Significance of The Study: ———————————————-7

 

1.6   Scope of The Study : —————————————————– 8

 

1.7   Limitation of The Study: —————————————————8

 

1.8   Definition of Terms: ——————————————————— 9

 

1.9   reference: —————————————— ————————–10

 

CHAPTER TWO: REVIEW OF RELATED LITERATURE

 

2.1  Overview of the financial Accounting System: ———————–11

 

	7
2.2	Financial Accounting Records: ——————————————-	11
2.3	The Subsidiary Books the General Journal (proper) —————-	12
2.4	Source Document: ———————————————————–	17
2.5	The Ledgers: ——————————————————————-	19
2.6	Classification of Accounts: —————————————————	19
2.7	The Trial Balance: ————————————————————–	20
2.8	The Trading Profit and Loss Account: ————————————-	20
2.9	The Balance Sheet: ————————————————————	21
2.10	Principles and Assumption Underlying Financial Standards: ——–	21
2.11	Accounting Standards: ——————————————————–	28
2.12	Controversial Issue in Financial Accounting Reporting: ————–	31
2.13	Cross Sectional Analysis of Selected Companies in Enugu State: -36
2.14	Brief History of the Companies: ———————————————	36
References: —————————————————————————-		45
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY
3.1	Research Design: ————————————————————–	47
3.2	Sources of Data: —————————————————————	48
3.3	Method of Data Collection: —————————————————	50
3.4	Determination of Population Size: ——————————————-	51
3.5	Determination of Sample Size: ———————————————–	51

 

	8
3.6	Method of Administration and Questionnaire:	—————————–52
3.7	Method of Date Analysis: ——————————————————	53
3.8	Decision Rule: ———————————————————————	54
Reference: ——————————————————————————–		56

 

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND

 

INTERPRETATION

 

4.1  Date Presentation: —————————————————————57

 

4.2  Data Analysis: ——————————————————————– 58

 

4.3  Hypothesis Testing: ————————————————————-69

 

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND

 

RECOMMENDATIONS

 

 

5.1   Summary of Findings: ———————————————————- 84

 

 

5.2   Conclusion: ————————————————————————85

 

 

5.3   Recommendation: —————————————————————-86

 

 

Bibliography:——————————————————————– —87

 

 

Appendices: ———————————————————————–89

 

 

CHAPTER ONE

 

 

INTRODUCTION

Background of the Study

The impact of financial reporting on the corporate performance of a business organization is becoming more apparent to user groups of a financial statement. Accounting is a not an exact science neither are business operations without some subjective and judgmental errors when it comes to reporting them. A financial reporting therefore is a document statement which informs the various interest groups to a business on the operations and performance of their business in a period under review its present state of affairs as well as its anticipated future, in accordance with the statutes. If a financial report is to service its purpose it ought to be characterized by the following.

 

1. Relevance

 

1. Understandability

 

1. Reliability

 

1. Completeness

 

1. Objectivity

 

1. Timeliness

 

10

 

 

In the accounting process of an organization is to provide the information required to prepare a financial report which shall have the above characteristics then the transaction doing the period must be recorded prompt by and accurately and interpreted in conformity with the Generally Accepted Accounting Principles (GAAP), Statements of Accounting Standard Board (NASB), International Accounting Standard committee and the companies and Allied Matters Act cop LFN (CAMA) Financial accounting reporting become necessary with the obvious need for accountability of stewardship from the managers to whom investors entrusted their financial resources. The Railway age in the UK. Occurred between 1830 to 1870 and for the first time the world same the emergence of multimillion corporations with large numbers of shareholders. It was a period of disorder but it brought the basis for the present day system of corporate financial report. Financial reporting is a duty of stewardship assigned to the directors of a company by section 334 of the company and Allied Matters Act Cap L20 LFN, equally the mandatory responsibility of companies to keep accounting records derives its strength from section 331 and 382 of the same act. These sections explicitly defined the necessary content and manner in which financial records should be kept.

• STATEMENT OF THE PROBLEM

The            study   “The   impact   of   Financial

performance     of   business   organization”

reports of selected companies in Enugu State with a view to determine the

following ;

 

 

1. The extent to which a standard financial report contributes to or detracts from the growth of a business organization.

 

1. The extent to which the financial reports of corporate business organization comply with statutory provisions.

 

1. The uniformity and conflict which exist in the financial reporting regulations given the multiplicity of regulators.

 

 

Therefore, bused on the above statements, the researcher shall investigate the financial accounting reporting standards and every regulation th