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
PROJECT TOPICS AND MATERIALS ON ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA
Nigeria’s economy is characterized very by large
number a relative 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.
TABLE OF CONTENTS
Content Page
Title
Page i
Declaration ii
Dedication iii
Acknowledgement iv
Abstract v
|
|
CHAPTER
ONE
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|
|
1.0
|
Background
of the Study
|
1
|
|
1.1
|
Statement
of the Problem
|
3
|
|
1.2
|
Objectives
of the Study
|
5
|
|
1.3
|
Research
Questions
|
6
|
|
1.4
|
Significance
of the Study
|
6
|
|
1.5
|
Limitation
of the Study
|
7
|
|
1.6
|
The
Scope of the Study
|
7
|
|
1.7
|
Methodology
|
7
|
|
1.8
|
Layout
of the Study
|
8
|
CHAPTER TWO
|
2.0
|
Overview
|
10
|
|
2.1
|
Definitions of
Small and Medium Enterprises
|
10
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|
2.1.1
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Qualitative
Definition
|
10
|
|
2.1.2
|
Quantitative
Definition
|
12
|
|
2.1.3
|
The Nigerian
Situation
|
12
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|
2.2
|
Bookkeeping
Definitions and Concepts
|
13
|
|
2.3
|
Basic Steps in Bookkeeping
|
14
|
|
2.4
|
Financial
Management in SMEs
|
15
|
|
2.5
|
Financial Reporting
and Analysis
|
16
|
|
2.6
|
Benefits
of Financial Information
|
17
|
|
2.7
|
Costs of
Financial Information
|
18
|
|
2.8
|
SMEs
Contribution to Economic Growth and Development
|
19
|
|
2.9
|
Nigeria Government Policies in Promoting SMEs Development
|
20
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|
2.10
|
The
Conceptual Framework
|
22
|
|
|
CHAPTER
THREE
|
|
|
3.0
|
Overview
|
25
|
|
3.1
|
The
Study Area
|
25
|
|
3.2
|
Research
Design
|
25
|
|
3.2.1
|
Population
|
26
|
|
3.2.2
|
Sampling and
Sampling Size
|
26
|
|
3.2.3
|
Instrumentation
|
27
|
|
3.3
|
Method of Data
Collection
|
28
|
|
3.4
|
Data
Analysis
|
28
|
|
|
CHAPTER FOUR
|
|
|
4.0
|
Overview
|
29
|
|
4.1
|
Demographic
Features
|
29
|
|
4.1.1
|
Age Distribution
|
29
|
|
4.1.2
|
Gender
|
30
|
|
4.1.3
|
Educational
Background
|
31
|
|
4.2
|
The Length of Period
in Business
|
32
|
|
4.3
|
Forms of SMEs
Business Organisation
|
33
|
|
4.4
|
Nature of Business
|
34
|
|
4.5
|
Number
of Employees in SMEs
|
35
|
|
4.6
|
Organisations
Dealing with SMEs
|
36
|
|
4.7
|
Training
Programs for SMEs
|
37
|
|
4.7.1
|
Effectiveness
of Training Programs to SMEs
|
38
|
|
4.8
|
Business
Records
|
39
|
|
4.8.1
|
Reasons
for not Practicing Bookkeeping
|
40
|
|
4.8.2
|
Bookkeeping
Management
|
41
|
|
4.9
|
Availability
of Credit Facilities to SMEs
|
41
|
|
4.9.1
|
Accessing
Loans From Banks by SMEs
|
43
|
|
4.10
|
Difficulties
Businesses Encounter in Bookkeeping
|
44
|
|
4.10.1
|
Reasons for no
Bookkeeping by SMEs
|
45
|
|
4.10.2
|
Benefits
of Bookkeeping
|
46
|
|
4.10.3
|
Difficulties
Businesses Face for not Practicing Bookkeeping
|
47
|
|
4.11
|
Those Responsible
for Bookkeeping
|
48
|
|
4.12
|
Analysis of Data
From Banks
|
50
|
|
4.12.1
|
Banks Support to
SMEs
|
50
|
|
4.12.3
|
Banks Criteria in
Granting Loans to SMEs
|
50
|
|
4.13
|
Major Problem of
SMEs in Accessing Loans from Banks
|
51
|
|
4.14
|
Lending Rate to
SMEs
|
52
|
|
4.15
|
Role of Business
Records in Granting Loans to SMEs
|
52
|
|
4.16
|
Analysis of Data
From NBSSI
|
52
|
|
4.16.1
|
The Role of
National Board for Small Scale Industry
|
52
|
|
4.17
|
The
Specific Activities of NBSSI With SMEs
|
53
|
|
4.18
|
Challenges
of NBSSI/BAC in Dealing with SMEs
|
53
|
|
4.19
|
Bookkeeping
Practices of SMEs
|
54
|
|
4.20
|
Challenges Businesses Face for Failure to Practice
Bookkeeping
|
54
|
|
|
CHAPTER
FIVE
|
|
|
5.0
|
Overview
|
55
|
|
5.1
|
Summary
of the Study
|
55
|
|
5.2
|
Summary
of Findings
|
56
|
|
5.3
|
Conclusions
|
59
|
|
5.4
|
Recommendations
|
60
|
|
|
References
|
62
|
|
|
Appendix I
|
65
|
|
|
Appendix II
|
74
|
|
|
LIST OF TABLES
|
|
|
Table
4.1:
|
Researches on SMEs
Annual accounts uses
|
18
|
|
Table
4.2:
|
Population and
sample size
|
27
|
|
Table
4.3:
|
Age Distribution
|
30
|
|
Table
4.4:
|
Gender
|
31
|
|
Table
4.5:
|
Educational
Backgrounds
|
31
|
|
Table
4.6:
|
Duration of SMEs in
Business
|
32
|
|
Table
4.7:
|
Forms of Business
Organisations
|
33
|
|
Table
4.8:
|
Kinds of Business
Ventures Respondents
|
34
|
|
Table 4.9:
|
Number
of Employees in Business
|
35
|
|
Table 4.10:
|
SMEs and
Organise Groups
|
36
|
|
Table 4.11:
|
Forms of
Training to SMEs
|
37
|
|
Table 4.12:
|
Effectives
of Training
|
38
|
|
Table 4.13:
|
Business
Record keeping
|
39
|
|
Table 4.14:
|
Reasons
for no Recordkeeping
|
40
|
|
Table 4.15:
|
Satisfy
with Business Records
|
41
|
|
Table 4.16:
|
Ways of
Recordkeeping
|
42
|
|
Table 4.17:
|
Difficulty
in Trying to Access Credit Facility
|
42
|
|
Table 4.18:
|
Reasons
for lack of access to loans
|
43
|
|
Table
4.19:
|
Difficulties in
Bookkeeping
|
44
|
|
Table
4.20:
|
Reasons for no
Bookkeeping
|
45
|
|
Table 4.21:
|
Benefits
of Bookkeeping
|
46
|
|
Table
4.22:
|
Micro Credit
Support to SMEs
|
50
|
|
Table 4.23:
|
Criteria
Banks used in Granting Loans
|
51
|
LIST OF FIGURES
|
Figure
1:
|
Problems Business
face for not Keeping Records
|
48
|
|
Figure
2:
|
Those Responsible
for Bookkeeping
|
49
|
12
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
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Nigeria’s economy is characterized very by large number a relative 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... accounting project topics
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN UYO LOCAL GOVERNMENT AREA