THE ACCOUNTING PROFESSION AND ITS ROLE IN THE SOCIETY
The aim of this research project is to look into in details
the accounting profession and then enumerate its function s and rise in
The accounting profession is regarded in the course of
history as social institution, that when ever people met in the economic
area a reference is needed to keep score, this is accounting.
Since the turn of the 19th century, the accounting profession
has grown tremendously all over the world. Infact, during the first
sixty years of the 20th century, major economic and social force have
thrust the accounting profession to new frontiers and responsibilities.
The factors contributing to this growth are th increase of the large
corporate business in number, size and complexity in addition to
government influence in the affairs of business by taxation and
Technological advice especially in the field of computer, which has
rapidly changed the process of data accumulation and interpretation are
also factors contributing to the growth of the accounting profession.
The role of the computer in accounting profession has
facilitated the traditional accounting function such as payroll, cost
accounting and general book-keeping. It is also used for analytical
purposes such as cost benefit analysis.
New types of work are added to the practice of the accounting
profession, installation of accounting system, management of social
activities auditing and a host of other activities relating to financial
production and organizational problem and government units. The
accountant apart from the examine, supplying and communicating financial
information to its various uses, gives his opinion on wide variety of
representation such as sales, statistics, lease agreement advice on
financial matters and tax matter budgeting, cost control planning etc.
He had also contributed immensely quota in a complex society in ways
other than the ones stated above such as attacking problems of urban
congestive, medicine, crime control, economic development etc.
This accounting profession is a wide based and complex
profession, this is because the above activities performed by accountant
conflict complex problems and this creates the need for a high degree
of expertise by the accountant in various specialties to enable him
solve some of the problem created by management and society.
New kinds of problems like auditing and installation of accounting system can also beaded.
1.1 STATEMENT OF THE PROBLEM
In discussing the problems of accounting profession when
related to the individual and society, we have already know that
accounting is the actor of recording, interpreting and communicating
financial information as an aid to decision making.
Firstly, is the government influence the affairs of business
Through taxation and regulation has introduced new accounting problem and broadened the scope of accounting.
In addition, we individual face some problems of decision
making like how much income received in a given period of time? What
expenses they will incure? Are these amount large or sooner than in some
other period? If the income exceeds expenses, what do I do with the
If the income is insufficient to meet, what were the sources and
amount of income for the year and to whom and in what law are pertinent
to those accounting and reporting procedures?
We individuals resolve these question through primitive
records and reports. But the soundness of the judgment and decision
depends on the quality, timelessness of the information.
The processing of information at this level must be systematized and managed by experts.
1.2 OBJECTIVE OF STUDY
As we have introduced, the subject of accounting and
accounting profession and how it relates to individuals in particular
and society in general. It will also be useful to state the objectives
of our study.
In this particular study,
- To asserstain the role and functions of accounting profession in management and society
- To study the impact of accounting on society including its significance to individual and society will be discussed.
- To determine the extent to which accounting generally affects
the economic activities of the private and public sectors in Nigeria.
- to examine how managers adequately and efficiently apply the role of accounting in their organizations.
Finally, we shall discuss the features of the profession which
includes the professional quality of the accountant made possible
through education standard established and enforced by such profession
legal responsibilities and dedicated to services.
1.3 SIGNIFICANCE OF THE STUDY
In this study, the researcher has set out to examine the role of
accounting profession in the society and as well in an organization
mostly concerned with Zenith Bank Plc, Aba with highlights of the
inherent problems encountered in the accounting departments of most
organizations. It is expected that this work will be of interest to the
owners of business enterprises, the government and the public.
To shareholders, owners of the enterprises, interested persons and
the government, this study is expected to kindly their interest the more
and they will take note of various recommendation mentioned here and
help steer the management team towards forming a sound accounting
departments which would enable organizations to present an accurate
financial information of the firm.
This study will also help to serve as literature to individuals or
corporate bodies who want to carry out further research on the role of
accounting in the private and public sectors in Nigeria.
1.4 RESEARCH QUESTIONS
- Has accounting principles has any control over public and private sectors in Nigeria economy?
- What training method can improve the manager’s skill, knowledge and
experience such that high concentration will be given to the accounting
control in private and public sector?
- what will be done so that there will be perfect accountability in the accounting section of any organization?
- what type of accounting standard or technique will be applied to see
to the maintenance of accuracy in the accounting control of public and
private sectors in Nigerian economy?
- How will managers of the enterprises are able to recognize the role
of accounting in their sectors so that these case of improper
accountability will be minimized or eradicated.
1.5 SCOPE AND LIMITATION OF THE STUDY
The research topic suggests a study on the Accounting profession and
its role in the society in Nigeria. The scope of this study will focus
at Zenith Bank Plc, Aba .
1.6 DEFINITION OF TERMS
The following terms were used for the purpose of this study.
Is that sector of the economy established and operated by the
government or, its agencies, distinguishable from the private sector,
and organized on behalf of the whole citizens.
This is that sector of economy established and operated by individual. Its agencies is totally different from public sector.
Is the composite activity of collecting, analyzing, recording,
summarizing, reporting and interpreting the through financial position
or transaction of any organizations or government units.
This is a state of forgetting or being quite forgotten, i.e. to show
that if any organization fail to give proper accountability of the
financial position it will then be forgotten.