ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA


ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

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ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

ABSTRACT

 

Nigeria’s economy is characterizedverybylarge numberarelativ of micro enterprises, and in between lie small and medium enterprises (SMEs). The unique

 

feature of most SMEs is that, they can be easily established since their requirement in terms of capital, technology; management and even utilities are not as demanding as it is the case of large enterprises. Consequently, small enterprise sector is one of the leading employers (next only to peasant agriculture) in Nigeria and has been recognized as significant sector in employment creation, income generation, poverty alleviation and a base for industrial development. It is estimated that there are over 30 million enterprises in the sector employing between 15 to 16 million people. Despite the enormous potential of the private sector, poor record keeping is identified as a constraint hampering its growth in Nigeria. Businesses are unable to keep track of daily activities and banks are unwilling to lend to SMEs all due to lack of financial information. Hence, this study seeks to investigate whether SMEs practice bookkeeping or not, and the contributions of bookkeeping to the growth of SMEs in the Uyo in Akwa Ibom State of Nigeria. The study considered a total population of 450 comprising SMEs, 15 Banks as well as NBSSI office in the Local Government Area. Out of this figure, a simple random sampling technique was used to select a sample size of 136 for the study. From the findings of the study, it was revealed that, 80.8% SMEs were practicing bookkeeping and the manual system was predominantly used. The recommendations however were that, NBSSI must be strengthen and well resourced by government to offer support services in the area of organizing effective training programmes for SMEs operators. There must also be an intensive publicity in the local dialect through the mass media to sensitize SME operators on the need to maintain proper books of records.


CHAPTER ONE

 

 

INTRODUCTION

 

 

 

 

 

 

1.0 BACKGROUND

 

 

Small and Medium-sized Enterprises (SMEs) play a major role in economic development through employment creation and income generation. SMEs are sometimes referred to as Micro, Small and Medium Enterprises (MSMEs). They cover non farm activities such as manufacturing, mining, commerce and services. There are different criteria for categorizing SMEs. Commonly used criteria are total number of employees, total investment and sales turnover (Burns & Dewhust 1996; Bushong 1995; Holmes et al. 2003).

 

In the context of Nigeria, SMEs are those enterprises engaging up to 29 employees, in most cases family members, with capital amounting up to N100,000. Majority of SMEs fall under the informal sector. SMEs are formalized undertakings engaging between 1 and 29 employees, with capital investment from N100, 000.

 

According to World Bank (2006); Nigeria is characterized by low capital formation, SMEs are the best option to address this problem. SMEs tend to be more effective in utilization of local resources using simple affordable technology. SMEs play a fundamental role in utilizing and adding value to local resources. In addition, development of SMEs facilitates distribution of economic activities within the economy

ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

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Small and Medium-sized Enterprises (SMEs) play a major role in economic development through employment creation and income generation. SMEs are sometimes referred to as Micro, Small and Medium Enterprises (MSMEs). They cover non farm activities such as manufacturing, mining, commerce and services. There are different criteria for categorizing SMEs. Commonly used criteria are total number of employees, total investment and sales turnover (Burns & Dewhust 1996; Bushong 1995; Holmes et al. 2003)... banking and finance project topics

ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA

Project Information

  • CATEGORY : BANKING AND FINANCE
  • TYPE : PROJECT MATERIAL
  • FORMAT : MICROSOFT WORD
  • ATTRIBUTE : Documentation Only
  • PAGES : 92 Pages
  • CHAPTERS : 1 - 5
  • PRICE : ₦ 3,000.00

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