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THE ROLE OF ACCOUNTING IN THE CONTROL OF PRIVATE AND PUBLIC SECTORS OF THE NIGERIA ECONOMY A CASE STUDY OF CHIDEX GROUP OF COMPANIES AND POWER HOLDING NIGERIA LTD



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THE ROLE OF ACCOUNTING IN THE CONTROL OF PRIVATE AND PUBLIC SECTORS OF THE NIGERIA ECONOMY A CASE STUDY OF CHIDEX GROUP OF COMPANIES AND POWER HOLDING NIGERIA LTD



ABSTRACT

 

In recent times, private and public organizations, in Nigeria have been faced with cases of financial crisis, which have resulted in most of the organization going into extension. Those who are able to survive more are in gunil pace. Obviously, the causes of financial crisis in our private and public sector have been attributed to be unrecognized in nature and total negligence of the role accounting in our private and public organizations. This research work will look the role of accounting in the central of private and public sectors in Nigeria. It will try to analyzes the implication of applying the accounting  principles in our private and public organizations and then look at how these principles confirmed the operation of the private and public sectors of the organization in Nigeria.

 

TABLE OF CONTENT

 

Title page-      –      —    –      –      –      –      –      –      i

 

Approval page-       –      –      –      –      –      –      –      –      ii

 

Certification-   –      –      –      –      –      –      –      –      iii

 

Dedication-     –      –      –      –      –      –      –      –      iv

 

Acknowledgement- –      –      –      –      –      –      –      v

 

Abstract- –      –      –      –      –      –      –      –      –      vi

 

Table of content-    –      –      –      –      –      –      –      vii

 

CHAPTER ONE

 

1.1      Introduction-  –      –      –      –      –      –      1   

1.2  Short Background history of the case study-    7

 

1.3  Statement of the problem- –      –      –      –      11

 

1.4  Research Objective and purpose-      –      –      –      12

 

1.5  Significance of the study –  –      –      –      –      12

 

1.6  Research questions –  –      –      –            –      14

 

1.7  Statement of Hypothesis-  –      –      –      –      15

 

1.8 Scope and Limitation of the study-     –      –      16

 

1.9  Definition of terms-    –      –      –      –      –      16

 

CHAPTER TWO

 

Literature Review-  –      –      –      –      –      –      18

 

Historical development of account in Nigeria-       –      25

 

The nature of accounting principles-     –      –      28

 

Types of accounting principles–    –      –      –      31

 

Factors affecting accounting principles- –      –      36

 

The role of accounting in the control of public sector-38   

 

Problems of accounting in the control of public sector in Nigeria-  – –   41

 

How accounting is used to control public sector in Nigeria economy-  43

 

The role of accounting in the control of public sector 44

 

How accounting been used in the control of private sector-    –      –      45

 

The role that accounting played in the control of private sector –  –   – 48

 

CHAPTER THREE

 

Research methodology and design-      –      –      –      50

 

Introduction-  –      –      –      –      –      –      –      50

 

Research methodology – –            —           –      50

 

Research design-    –      –      –      –      –      –      51

 

Population sampling  –   –     —    –      –      –      52

 

Reliability of data-  –      –      –      –      –      –      52

 

Sampling technique-      –      –      –      –      –      53

 

Development –       –      –      –      –      –      –      –      54

 

Observation-   –      –      –      –      –      –      –      55 

 

Data analysis- –      –      –      –      –      –      –      56

 

Data collection-      –      –      –      –      –      –      56

 

CHAPTER FOUR

 

4.0  Data presentation and analysis–    –      –      –      58

 

4.1  Introduction-  –      –      –      –      –      –      –      58

 

4.2  Data presentation and analysis –   –      –      –      59

 

4.3  Test techniques-     –      –      –      –      –      –      72

 

4.4  Decision rule-  –      –      –      –      –      –      –      72

 

4.5  Testing the hypothesis– –      –      –      –      –      73

 

4.6  General comment-  –      –      –      –      –      –      80

 

CHAPTER FIVE

 

5.0  FINDINGS RECOMMENDATION AND CONCLUSION- 82

 

Summary of findings –  –      –      –      –      –      82

 

Recommendations on finding –    –      –      –      85 

 

Recommendations  for further studies-      –      –      87

 

Conclusion –  –      –      –      –      –      –      –      88

 

Further suggestion to the studies work-     –      91

 

Bibliography – –      —    –      –      –      –      –      92

 

Appendix-       –      –      —    –      –      –      –      –      94

 

CHAPTER ONE

 

1.1  INTRODUCTION

 

In most developing countries Nigeria, government participation in economic activity is usually significant. One of the way through which the Nigeria economy grows is through the establishment of public enterprises. Public enterprises are statutory bodies operating services of an economic or social character or both on behalf of the colonial  era. Especially after independence in 1960, Nigeria public enterprises have witnessed a steady growth until recently. As “o lies (1988.133) puts it.” Beginning as a twinkle in the period between the era of the second world war and Nigeria attainment of independence, and the creation of public co-operation has risen to flood revel since independence and has maintained a steady growth.

 

The rationales behind the establishment of public enterprises in Nigeria are many. Some to the reason include: generating revenue that would add to available national capital for the support of development on welfare programmes, making it impossible for important profitable enterprise to be controlled by a few individuals or group, organizing certain critical activities for national survival and economic stability and providing employment opportunities (Ademotecum 1983)

 

       However after a long period of growing starts intervention in the Nigeria economy through public enterprises, the mid 1980’s. onward has sometimes and put policy. This has been brought by the persistent has been running over the years. Consequently, there has been a willingness to look at the alternative policy strategies for the achievement of economic developments. As the fore front of the sea

 

Strategies in the minimization of the state in the economic including privation of public enterprises.

 

In Nigeria public enterprises are engaged in a whole spectrum of economic activities including agriculture mining, constriction, manufacturing, commerce and other services. The classifications of public enterprises in Nigeria have been made according to a variety of criteria and by different authority. The public service review commission (1975:101) classified.

 

  Public sector into:

 

public utilities

 

Regulatory or service body

 

Financial institution

 

Commercial and industrial enterprises being a mixed economy, individuals also own and operate enterprises. A firm is classified a private enterprises when it is founded and managed by an individual and or a group of individuals. The firms are operated within the local government.

 

The rational for the establishment of private enterprise are numerous just like the establishment of public enterprise. They include among others, provision of employment opportunities, generating in come for the owners of the enterprises government is also interested in profit performance of the enterprises which determines the fax liability of the firm moreover the generate public are concerned with the sense of social responsibility which the business exhibits to the environment in which it is located and its within ness to contribute to the upliftment of the environment.

 

The activities of the public and private enterprises have been on the increase in resent times, which necessitated the introduce of and accounting practices to check and monitor the financial activities of these enterprises in his book titled, “principles of accounting”, Image (1985 defines accounting as a process by which data relating to the economic activities of an organization are measured, recorded and communicated to interested parties for analysis and interpretation.

 

The earliest method of accounting in Nigeria was the use of money to record the amount of agriculture commodities like yams, cassava and livestock, which passed from one person to another.

 

The historical development of modern accounting practical has been closely related to the economy development of the country. As business organization grows in size and complexity, management and outsides become more clearly different from the outside group which includes owners of the firm (stock holders) creditors, government employers and the general public.

 

The differentiate the need to have accounting department in the enterprises to give accurate financial information for use in judging the performance of the management and to satisfy the outside demand of the general public who are already interested on whether the enterprises is growing of not.

 

The role of accounting in the public and private enterprises in Nigeria is primarily to ensure accurate accounting in these sector and present fine financial position of the enterprises. The role is of utmost important and in any organization. An organization can only grow or make profit when its recourse is well managed. And resources can only be well managed when the accounting departments of the organization give accurate financial information to know how much the enterprise is having. It is only when. This is done that the firm allocate its resources and knows what is to be done.

 

The role of accounting seems to be more pronounced in the public enterprises. In recent time, there are cases of in appropriation of funds in the public enterprises and improper accountability. These factors have led to a lot of public enterprises going into oblivion. If the government has recognized the role of accounting all these causes should not have arise. No enterprise can move forward without having a well organization financial department to give accurate financial information about the firm

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THE ROLE OF ACCOUNTING IN THE CONTROL OF PRIVATE AND PUBLIC SECTORS OF THE NIGERIA ECONOMY A CASE STUDY OF CHIDEX GROUP OF COMPANIES AND POWER HOLDING NIGERIA LTD


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In recent times, private and public organizations, in Nigeria have been faced with cases of financial crisis, which have resulted in most of the organization going into extension. Those who are able to survive more are in gunil pace. Obviously, the causes of financial crisis in our private and public sector have been attributed to be unrecognized in nature and total negligence of the role accounting in our private and public organizations. This research work will look the role of accounting in the central of private and public sectors in Nigeria. It will try to analyzes the implication of applying the accounting principles in our private and public organizations and then look at how these principles confirmed the operation of the private and public sectors of the organization in Nigeria... Click here for more

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