THE IMPACT OF FINANCIAL ACCOUNTING ON CORPORATE PERFORMANCE OF BUSINESS ORGANIZATIONS IN NIGERIA. A study of Nigerian Breweries plc.
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THE IMPACT OF FINANCIAL ACCOUNTING ON CORPORATE PERFORMANCE OF BUSINESS ORGANIZATIONS IN NIGERIA. A study of Nigerian Breweries plc.
ABSTRACT
The research
work “The impact
of Financial Accounting
Reporting on the
corporate performance of
Business Organizations”, basically
aims at
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 and comply with the
relevant statues at all times.
TABLE OF CONTENTS
Title page ---------------------------------------------------------------------- ii
6
Certification:
----------------------------------------------------------------- -- iii
Dedication: ----------------------------------------------------------------------
iv
Acknowledgment: -------------------------------------------------------------
-v
Abstract:
---------------------------------------------------------------------------vi
Table of contents: --------------------------------------------------------------vii
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
9
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.
a. Relevance
b. Understandability
c. Reliability
d. Completeness
e.
Objectivity
f. 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.
11
1.2 STATEMENT
OF THE PROBLEM
The
study “The impact
of Financial Reporting
on the corporate
performance of business
organization” aims at
investigating the financial
reports of selected companies in Enugu State with a view to determine the
following ;
a. The extent to
which a standard
financial report contributes
to or
detracts from the growth of a
business organization.
b. The extent
to which the
financial reports of corporate
business
organization comply with statutory
provisions.
c. 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 their bear
on the financial statement and to the extent the selected company (s) has
either complied with or disobeyed the relevant statutes.
THE IMPACT OF FINANCIAL ACCOUNTING ON CORPORATE PERFORMANCE OF BUSINESS ORGANIZATIONS IN NIGERIA. A study of Nigerian Breweries plc.
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The research work “The impact of Financial Accounting Reporting on the
corporate performance of Business Organizations”, basically aims at
ascertaining how financial accounting reporting has helped in advancing
the objectives of corporate organizations... accounting project topics
THE IMPACT OF FINANCIAL ACCOUNTING ON CORPORATE PERFORMANCE OF BUSINESS ORGANIZATIONS IN NIGERIA. A study of Nigerian Breweries plc.