THE ROLE OF MODERN ACCOUNTING IN MASS MEDIA (A CASE STUDY OF FRCN, ENUGU)
Title page i
Table of contents vii
1.0 Introduction 1
of problems 7
of hypothesis 9
and Objectives of study 9
of the study 10
1.6 Scope of
the study 11
of the study 12
of terms 13
2.0 Introduction 14
of related literature 14
and Expenditure drafts 20
of accounting system 21
aspect of control account 23
2.5 Definition and scope of Internal control
and payment of cash 25
3.0 Introduction 32
of the study 32
of the study and sample size 32
of data collections 33
techniques used for analysis 34
of hypothesis 35
for the choice of the methodology 35
PRESENTATION AND ANALYSIS
4.0 Introduction 37
presentation and analysis 38
of findings 40
CONCLUSSION AND RECOMMEDATIONS
5.0 Summary 43
5.1 Conclusion 45
5.2 Recommendations 46
Accounting can be defined as
an act recording classifying, summarizing and reporting of business transaction
for preparation periodic statement of
performance and caused to provide
information to management for decision making.
It’s an act of controlling a
business by keeping records, preparing form those records certain statistics
called ‘ accounting ration” and using those rations to detect financial
difficulties before they become serious and uncontrolled so that certain
measures may be taken.
One of the objectives of a
business is to make a profit and we
defined a profit as a function of how the
resources of the business in
terms of manpower, raw material, capital are employed. One of the chief aims of
accounting is to reveal whether or not a business is been conducted profitably.
Accounts, collects from
those which relates to past performance and termed is historic accounts and
prepared for stewardship purposes that is satisfy in the shareholders,
government, creditors as well as the public as large, that the business has
been conducted honestly and efficiently over the period of which the account is
This aspect is called
Management of an organization
rely on a sound accounting system to achieve the following:
and control the operation of the organization.
prepare a reliable financial statement.
ensure proper, firmly and desirable allocation of funds to its’ different
Allocation of fund to it’s
different sections, accounting system enables for orderly preparation and
preservation of accounting data and appropriate analysis for the preparation of
a reliable financial statement. Any organization without an accounting system
is on the verge of collapse. The importance of accounting system cannot be over
1.1 HISTORICAL BACKGROUND
The motive that underlined
this project is to probe into modern rules of accounting system of the federal
radio cooperation of Nigeria (FRCN) with the aim of finding out whether it is
efficient and effective as planned working out the system compared to the size
of the organization.
Further more, the station
has gone through different names before it finally attained it’s present name
as the federal radio cooperation of Nigeria Kaduna. It was first known as the
broad casting company of Northern Nigeria Limited (BCNN). It was established as
a radio and television broadcasting state from which it’s formal name was
radio, television Kaduna (RTK) was derived.
The cooperation has gone through a lot of
various government changes since the station was formed, e.g. The nineteen
Northern state of Nigeria
as a linguist broad casting cooperation in which broadcasting was aimed in
languages related to the state that owns it as at that period. Languages like,
Hausa, Kanuri, Fulfulde and Nupe as well as English language, it was the same
nineteen Northern state that financed the cooperation in a form of subventions
as a means of revenue to the station. To keep it in operation and it in
operation and it wan done annually.
In the year 1976, the
federal military government took over the television aspect of the station, the
present Nigerian television authority, as that part of incorporated into it and
while northern states continues with the maintenance of the radio cooperation.
In addition, the corporation
source its’ fund from the government
under that act that established the existence of the cooperation the act state.
If that corporation should establish a fund which shall be provided to it by
government of the federation for smooth running of its activities that is all
the expenses of the corporation and shall order assets form time to time that
the corporation might need.
A methods was developed as
how this fund should be accounted for and where and what the fund have been
used for. The method introduced is the accounting code. This coding schedule
helped and specified where and how expenditure have been incurred.
Each department is a budget
centre and expected to prepare it’s
budget and pass it to the budget control committee to it merger with the
other sub budget for their flow of funds.
Currently, the cooperation
has been allowed by the federal government to do commercial services which were
stopped by the government some years back. It is to enable the cooperation
raise money instead of depending solely on government subventions which usually
come every month after the returns to the preview expenditure which has been
sent to Abuja.
The fund raised is as a
result of commercial bank account which makes the account to be accommodated without withdrawal of the
account is to enable. The government know how much the corporation can generate
a substantial amount which is reasonable, the government makes it policies that
such a corporation will be expected to maintain itself and as such should not
enjoy form government subventions. the cooperation will be expected to maintain itself with the money in the account
to refuse the inflow from government and to concentrate partly on the
More so, the responsibility
in the account department of the corporation being with the chief executive of
the zone as the managing director and he reported to the director general at
the headquarters. The deputy dissector assist the managing director closely
followed by the assistant director who
reports to the deputy director on their department policies and also
reported to the managing director.
Assistant director for
finance, he supervises and coordinates the whole activities of the department,
proposes operational activities and development to suit the department. He
makes reports on the activities of the department and individuals of the
department to the managing dissector to a positive control and also on the prospect
of their decision to the director general and the chief accountant.
is the head of account.
makes sure polices of the department are followed and he initiated some
introduces the accounting procedure to be followed in times with accounting
is the zonal adviser on financial maters funds in the corporation.
is in charge of the budget and budgetary control.
STATEMENT OF PROBLEMS
There is that basic fact
that the present economic recession periods need proper accounting for every
kobo that the government may spend
likewise the inflow and outflow
of funds for that reason, there is the need for a sound accounting policy or
system has been emphasized and carefully followed up by the department
concentrated with the control of finance of any organization whether public or
When the accounting
procedure has been laid down and followed properly and effectively. It could
cut out redundancy programmes or expenditure and there by creating some
substantial amount of savings.
It is therefore, of a great
concern that the reservations made which followed the general claims that the
accounting system are not kept properly inmost of the public sections or
corporations, where large sum of public funds are pumped. In a year.
Research should go some
extent to find out why or what is the principal factors that courses these
ineffectiveness in public corporations, improper keeping of accounting records.
The contribution in this research is not to fetch the researcher but will
be able to federal radio corporation
Nigeria Kaduna federal and state government education circle and the public in
STATEMENT OF HYPOTHESIS
Ho: Accounting does not help in the proper record
keeping for a
Hi: Accounting helps to plying vital role in
the keeping of proper
In this case we say that Ho is accepted and hi
As a result of guidance of
this study, the writer will evaluate the problem so tested by using assumption
and intelligent guess statement. This assumption are the variance in the
AIMS AND OBJECTIVES OF THE STUDY
know the types of accounting system in operation and to be able to come out
with a conclusion that will neither be negative or positive.
also aim at knowing the section where the account system is inadequate or
not accountable at all then make likely
possible recommendation that will be useful to be organization.
also find cut whether or not proper attention are paid towards financial
transaction, maintenance or accounting records and internal control system use
carried out in accordance with the laid down rules and regulations of
accounting standard policies as stipulated in the system (SAS).
find out how the accounting information will be useful to the third pasty.
identify areas of ineffectiveness in the accounting system, with a view of
the entire accounting system of the organization
SIGNIFICANCE OF THE STUDY
The significance of this
study is to high light the effectiveness or otherwise of the accounting system
of public corporation.
This study would enable the
department up date itself with accounting system.
of keeping record and related information concerning the organization
study would also highlight areas of weakness in the control system or
would be of prime guide to the employers and the third party to have knowledge
on the system of keeping and maintaining records of the account and to
establish a relationship between the finance department and other departments
in recording financial transactions.
Finally, the study will make
useful suggestion on the accounting system of financial reporting and
management information flow in the organization.
SCOPE OF THE STUDY
The project seeks to
highlight the modern vales of accounting system in public corporations. In
order to enable readers to under stand and benefit from the operations of
Further more, it is the
intention of this project to bring into lime light the problems faced by
accounting system in public corporation (old system of accounting ) and to find
the lasting solution to the problems.
LIMITATION OF THE STUDY
To undertake a research work
is not an easy task, the researcher has to encounter one problem or the others,
the researcher faced some problems in the cause
of carrying out this exercise among the major problems faced include the
The cost uncovered for
carrying out this project is not a small amount. As a result of this the
student carrying out the research could afford money and so the. Study was
The research is a very
important aspect of academic programme of the polytechnic but still the
researcher has to share the limited time available to meet some of their
equally important academic work. The period to the project coupled with other
academic exercise is not enough for the study of this type. The best use the
available time was however made by the researcher.
DEFINTION OF TERMS
Budget centre:- This refers to how the organizational department
prepares it’s budgets.
Accounting codes:- Is the method by which account are number.