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EFFECTS OF PROPER BOOKKEEPING AND BASIC ACCOUNTING PROCEDURES IN SMALL SCALE ENTERPRISES IN NIGERIA

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CHAPTER ONE 1.0 INTRODUCTION AND RESEACH CONTEXT 1.1 Background to the Study Accounting standards are needed so that financial statements will be fairly and consistently describe as a financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. While keeping track of your business?s finances may seem overwhelming, it?s not that hard when you know the bases of accounting and bookkeeping. Bookkeeping and accounting share two basic goals: 1. To keep track of your income and expenses this would improve your chances of making profit. 2. To collect the financial information necessary for filling your various tax returns. This sound pretty simple, it can be, especially if you remind yourself of these two goals whenever you feel overwhelmed by the details of keeping your financial records Wang, Hartmann, Gibbs & Cauley, (2009). There is no requirement that your records be kept in any particular way. As long as your records accurately reflect your business?s income and expenses, the IRS will find them acceptable. The actual process of keeping accounting books is easy to understand when broken down into three steps. i. Keep receipts or other acceptable records of every payment to and every expenditure by your business. ii. Summarize your income and expenditure records on some periodic basis (daily, weekly, or monthly) iii. Use your summaries to create financial reports that will tell you specific information about your business, such as how much monthly profit you are making or how much your business is worth at a specific point in time. Whether these are done by hand on ledger sheets or use accounting software, these principles are exactly the same. 1.2 The Problem Statement. It has been ascertained that most small-scale enterprises fail to keep proper books of account and also fail to observe basic accounting procedures. As a result, they are not able to portray the exact financial position of their businesses. This tends to impede the ability of the enterprise to obtain the much needed loans from the financial institutions and other sources for expansion and diversification. The financial statements, such as the profit and loss accounts, the balance sheet and the cash flow statement of small-scale enterprises cannot easily be prepared. Under such circumstances, annual profits cannot readily be determined. The main research problem in this work is to account for the reason behind their inability to keep proper accounting records. It is important to state that the absence of proper records does not only impair the growth of the small-sc

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SettingsEFFECTS OF PROPER BOOKKEEPING AND BASIC ACCOUNTING PROCEDURES IN SMALL SCALE ENTERPRISES IN NIGERIA removeEFFECTIVE HUMAN RESOURCES MANAGEMENT ON PRODUCTION LEVEL IN A MANUFACTURING COMPANY (A STUDY OF FAN MILK PLC IBADAN) NIGERIA removeANALYSIS OF FACTORS RESPONSIBLE FOR LOW PRODUCTIVITY OF THE NIGERIAN WORKERS. (A CASE STUDY OF POWER HOLDING COMPANY ENUGU ZONAL OFFICE) removeTHE EFFECT OF HUMAN RESOURCE EVALUATON ON PROFITABILITY OF ACCESS BANK removeTHE EFFECTS OF SALES PROMOTIONS ON CUSTOMER GROWTH IN THE NIGERIAN MOBILE TELECOMMUNICATION INDUSTRY. THE CASE OF GLOBACOM NIGERIA removeAN EVALUATION OF INTERNAL FINANCIAL CONTROLS IN PUBLIC HOSPITALS. remove
NameEFFECTS OF PROPER BOOKKEEPING AND BASIC ACCOUNTING PROCEDURES IN SMALL SCALE ENTERPRISES IN NIGERIA removeEFFECTIVE HUMAN RESOURCES MANAGEMENT ON PRODUCTION LEVEL IN A MANUFACTURING COMPANY (A STUDY OF FAN MILK PLC IBADAN) NIGERIA removeANALYSIS OF FACTORS RESPONSIBLE FOR LOW PRODUCTIVITY OF THE NIGERIAN WORKERS. (A CASE STUDY OF POWER HOLDING COMPANY ENUGU ZONAL OFFICE) removeTHE EFFECT OF HUMAN RESOURCE EVALUATON ON PROFITABILITY OF ACCESS BANK removeTHE EFFECTS OF SALES PROMOTIONS ON CUSTOMER GROWTH IN THE NIGERIAN MOBILE TELECOMMUNICATION INDUSTRY. THE CASE OF GLOBACOM NIGERIA removeAN EVALUATION OF INTERNAL FINANCIAL CONTROLS IN PUBLIC HOSPITALS. remove
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ContentCHAPTER ONE 1.0 INTRODUCTION AND RESEACH CONTEXT 1.1 Background to the Study Accounting standards are needed so that financial statements will be fairly and consistently describe as a financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. While keeping track of your business?s finances may seem overwhelming, it?s not that hard when you know the bases of accounting and bookkeeping. Bookkeeping and accounting share two basic goals: 1. To keep track of your income and expenses this would improve your chances of making profit. 2. To collect the financial information necessary for filling your various tax returns. This sound pretty simple, it can be, especially if you remind yourself of these two goals whenever you feel overwhelmed by the details of keeping your financial records Wang, Hartmann, Gibbs & Cauley, (2009). There is no requirement that your records be kept in any particular way. As long as your records accurately reflect your business?s income and expenses, the IRS will find them acceptable. The actual process of keeping accounting books is easy to understand when broken down into three steps. i. Keep receipts or other acceptable records of every payment to and every expenditure by your business. ii. Summarize your income and expenditure records on some periodic basis (daily, weekly, or monthly) iii. Use your summaries to create financial reports that will tell you specific information about your business, such as how much monthly profit you are making or how much your business is worth at a specific point in time. Whether these are done by hand on ledger sheets or use accounting software, these principles are exactly the same. 1.2 The Problem Statement. It has been ascertained that most small-scale enterprises fail to keep proper books of account and also fail to observe basic accounting procedures. As a result, they are not able to portray the exact financial position of their businesses. This tends to impede the ability of the enterprise to obtain the much needed loans from the financial institutions and other sources for expansion and diversification. The financial statements, such as the profit and loss accounts, the balance sheet and the cash flow statement of small-scale enterprises cannot easily be prepared. Under such circumstances, annual profits cannot readily be determined. The main research problem in this work is to account for the reason behind their inability to keep proper accounting records. It is important to state that the absence of proper records does not only impair the growth of the small-scCHAPTER ONE 1.1 INTRODUCTION In Nigeria today, the major factor that every organization need to consider is the workforce. The human resource of every organization is the employees that put in efforts to achieve the organization?s corporate goals. The function of human resources does not stop at production and services goals only but goes further to establishing of good conducive working condition for the organization which will enhance the production of goods and services in ways that will provide additional benefit to the organization. The successes and failures of an organization are greatly apportioned to the labour while capital, land and entrepreneur are considered dependable on labour. Appraisal and discipline of employees based on their performance and attitude to work must be effectively done to achieve maximum impact and output from the employees. In other to achieve the objective of profit maximization, human factor is to be managed effectively to attain better performance. To ensure this, more attention must be paid to how labour is recruited into the organization, their performances, motivating factor and other relevant factors. Recently, the attentions of management have been drawn to miss opportunities in the proper logistics management. Management now seeks way to save cost and explore opportunities in logistics with the overall goal of improving productivity. The cost involved in recruitment exercise, staff training and development, staff welfare, provision of good working condition, good enumeration are major cost concern in human resources management. However, they constitute the major factors needed to attain the corporate goal of the organization. The resources of every organization are grouped in three main categories: men, money, machines and materials. These are combined in various proportions in the production of goods and services for consumption. Money resources is the capital involvement in the establishment of the various input (machinery, tools and raw materials) that are needed for the production process while human resources is the effort of man directed to the production of goods and services in the organization. Competent workers are potent instrument for effective production of goods and services. If targeted production is to be achieved, companies must invest in employing and training experts into the organization. Every Nigerian manufacturing company should manage their workforce effectively for the attainment of their stated goals. 1.2 METHODOLOGY 1. The population on to be used in this study is the staff of FAN MILK PLC IBADAN 2. The simple design will be comprised of both random sampling and non random sampling 3. The instrument to be used in collecting data is through questionnaire and the plan intended to put it into operation. 4. The type of data to be collected is the bio-data of human resources management and labour productivity in a manufacturing industry- FAN MILK PLC 5. Experimental design and procedure: The step in collecting data for this project will include going to FAN MILK PLC IBADAN, to distribute our questionnaire which will be filled by the respondents. It also includes editing of the various responses provided on the questionnaire, coding responses in order to identify the categories and tabulating the number of response under each category. 1.3 HISTORICAL BACKGROUND OF FAN MILK PLC The company FAN MILK PLC was incorporated in Nigeria in November 1961, and the diary plant went into production by 3rd of June 1963. The first directors of the company were Eric Enarbong (Chairman) and founding members. Fredric Clerke, Wiulliam Hardy, larsSkensved and Chief B. Olufemi Olushola. The initial share capital was 50,000 pounds of which 10% was held by Nigerian investors. The name FAN MILK and the FAN YOGO exclusively made available by Eric Ebony dairy plant located at Eleyele Industrial Layout Ibadan. But in-spite of its modest size and been equipped with the most modern equipment in the market at that time, the Original range of dairy product was limited to plain full cream with chocolate flavored milk. Both products were held and packed in the revolutionary and unorthodox triangle pack which FAN MILK was the first company to involve in WEST AFRICA 1.4 OBJECTIVE OF THE STUDY i. To determine the factor most crucial to manufacturing output ii. To find out the relationship between human resources management and productivity of labour in the Nigerian manufacturing sub-sector. iii. To identify the factor that explains productivity iv. To analyze the role of productivity in manufacturing industry. v. To establish the role productivity in manufacturing industry. vi. To determine the unit of measurements and the procedure by which it is obtained. vii. To perform the measurement and compose it to the desired level. viii. To accept, rejector takes action to modify the result. 1.5 HYPOTHESIS i. The success of an organization depends largely on efficient personnel administration. ii. The human resources factor contributes the large portion in production. iii. Human effort also contributes a lot to the success of an organization. iv. Also the resources of human factor like land, capital profit and entrepreneurship contribute to the development of an organization. 1.6 SCOPE OF THE STUDY The work is limited to the manufacturing subsector only. This explains its limited applicability to the other sector of the economy, also labour productivity is emphasized. This study is also designed to examine the effectiveness of human resources management and labour productivity in manufacturing industry in Nigeria with particular reference to FAN MILK NIG. PLC. Due to the constraint interest in this exercise, the study is to a reasonable extent limited to the human resources management and labour productivity in manufacturing sector. In an organized society several institutions exist to provide goods and services for the need of the society. Some of these institutions are profit making while some are not. However, those institution that provides good and services for the need of people with the primary aim of making profit for the owners are referred to as business enterprises. To an average Nigerian, the word (business) means the buying and selling of commodities whereas in actual fact, business goes beyond that. As an all-inclusive term, business encompasses all profit-oriented economic or commercial activities carried out by an individual or a group of people as a means of livelihood. This work is limited to the manufacturing sector only. This explains why its limited applicability to the other sector of the economy. Also labour productivity is emphasized and not total productivity. 1.7 LIMITATION OF THE STUDY The secrecy of the company under study ? FAN MILK PLC officials affected the quality and quantity of information used. This is because some officials were unwilling to disclose some information needed for the study. We had to make use of limited available information to draw the conclusion. Also, with the use of correlation co-efficient we found it difficult to determine which of the two variables is dependent. Human resources or labour productivity also affect the quality and quantity of human resources management.INTRODUCTION The issue of low productivity of Nigeria workers has in recent years been a matter of great concern to the nation. The rate at which productivity grows is influenced by two things: - (i) The rate of society’s demand and the rate of inflation. Increased productivity is very vital for the health of the country because it will help to improve the conditions of the environment, enhance security and improve the standard and quality of life of the citizens. This is why David Ricardo in his study of population said that food needs to grow at a geometrical rate in order to meet the demand of the growing population. This emphasizes the need for increased productivity. YusufT.M. (1962:50) was of the view that productivity can be defined as the ratio between output and all the resources used in production i.e. capital, labour, raw materials etc. the most efficient use of all available resources. With these definitions; One may ask why is the Nigeria worker inherently characterized by low-productivity in spite of all government’s efforts to improve the economy and the ever increasing need for improved productivity? The answer to this disturbing question is vital and will be answered and discussed in this study. Increasing productivity is a way of increasing the ability of people to do what they want, to do as well as achieving a higher standard of living for all suffering from low income and in boosting the prosperity of the overall Nigeria economy.

CHAPTER ONE

1.0    General Introduction

1.1    Introduction

Today, there is an increasing demand for knowledge and information by companies that wish to succeed. This has necessitated so much spending on training and development of people to achieve organisational objectives. Top managements of organisations has come to accept that people, buildings and equipmentÂ’s are the critical differentiation of the business enterprises, though it is clear that of all economic resources human resources is the least effectively and efficiently utilized. Therefore,    investment on people have to be properly managed in order for top managements to harness the opportunities of the corporate environment and to be successful in profit making endeavourÂ’s. According to Oyewale (1997) Evaluation can be defined as an effective assessment of human resources which is an essential function in every organisation. It can also be defined as the fruitful examination of human resources, as it relates to managing people. It is an important and basic activity of the management in every organization. The involvement of managing points out that it employs planning, directing, organizing, controlling and the motivation of human resources to ascertain the giving off of the employee’s best. Finally, it is an activity that is required and must be performed in both government (Public sector) and private (commercial sector). It is a perpetual and inevitable process in every society,  

1.2    Background of the Study

Human resources refers to both quantity and quality of labour that is exhibited in the form of mental capabilities physical and effort over all technical know how of the organizational actors. Human Resources Evaluation deals with the methods of over time accessing the impact of an organization resources on employees basically as they sustain, motivate and facilitate human relationship and the physical well being of the employees and above all for attaining the organizational objectives which include profitability. It is believed that the responsibility of the personnel department in an organization is to present measures that are aimed at enhancing the effective evaluation of human resources in attempt to boost the overall performance of the firm.  

1.3    Statement of Problem

An organisation has within its capacity several resources which can be coordinated towards achieving the goals and objectives of the firm. These resources are human, financial and material resources. Of all these resources, human resources effort on the overall performance of the organisation under review cannot be over emphasised. The study is based on the effect of human resource evaluaton on profitability of diamond bank.   As a large organisation, some of the problems associated with human resources evaluation includes;
  • To know the best method to motivate human resources to achieve desired goals, such as profit making.
  • How evaluation will ascertain the labour size that will actualize its set goals and objectives
  • How to use human resources in encouraging the perpetual existence of the firm
  • To know the general performance and impact of human resources on the overall performance of the organisation.
  • To determine the significance of human resources in the actualisation and realisation of organisational objectives
It should be noticed that without human resources the organisation cant solemnly perform neither can its objectives be attained.  

1.4    Objective of the Study

The objective of this study is to draw the attention of evaluation, employers and researchers to the effect that proper human resources evaluation can have on the overall performance of firm. The specific objectives are;
  1. To determine how profitable a co-operation can be through Human Resource Evaluation.
  2. Examine the pre-eminence of human resources in the organisation
  3. To draw conclusion from the statistical measure obtained.
  4. To know the general performance and impact of human resources evaluation of our firm.
  5. To determine if human resources evaluation can play any motivational role in business.
  6. To know the significance of human resources in the actualization and realisation of the organisation mission and vision.
 

1.5    Significance of the Study

This research work is significant because it will be an addition to the previous investigation being conducted in the area of human capital. However, researchers on human resources evaluation in the past years were mostly concerned with the developed countries which may not be directly appropriate to Nigeria business. This study will reveal the secrete behind the survival, growth and development of the organisation (GTB Bank) and the effectiveness of the personnel department in the firm. The findings would also give a better due to test human resources strategies and suggest solutions as to how human resources can be effectively utilized and coordinated to enhance high level of job performance. This could in turn lead to increased productivity. The findings of these research work would equally be of great importance to Human Resources managers, administrator and others who are connected with the recruitment, selection, employees welfare, discipline, motivation, training, placement and enhancement of the level of performance in GTB Bank and other related organisation because from the result of this study, they would know how to relate, coordinate, direct and motivate employees more.  

1.6    Limitation of the Study

Research in Nigeria has been hindered due to the many problems, hence, as a student writing on research project, this work has faced problems in the area of gathering information and necessary data for successful completion of the research work. Due to and as a consequence of both financial and time constraints I was unable to research all the staff of GTB, international Bank: The following problems. -        Limitation in time frame -        Financial constraints -        Confidentiality syndrome -        Other academic pursuit Has made the information gathered to be limited to the following officers. The following officers;
  1. Assistant General Manager (Personnel)
  2. Assistant General Manager (Administration)
iii.      A junior staff Representatives.  

1.7    Definition of Terms

I am going to explain some terms as used in this research work  for the purpose of clarification  they are as follows:
  1. Organisation: This is described as an abstraction indicating pattern of relationship and expected interaction in a formal work setting. Organisation can be classified into two namely: and formal organisations and informal organisation.
By formal organisation we mean the planned pattern of group Co-operative relationships made to achieve a common purpose while informal organisations is any human group interaction that occurs spontaneously and naturally without conscious design,.
  1. Motivation: This could be seen as a instrument employed in a business organisation to encourage the employees in order to give off or render their best in an attempt to ensure the realisation of the  aims and objectives of setting up the organisation,
iii.      Financial Resources: This consist resources in form of capital (money) and it entails the long aim loans working capital and short term loans etc. Also it refers to the gains of a company over time.
  1. Material Resources: this refers mainly to raw material other materials that are indirectly used up in the production processes,
  2. Energy Resources: This could be in form of machinery, vehicles and electricity that foster or enhance the production of goods and services.
  3. Human Resources: This has his major role in the labour market and any other thing that has to do with man within an organization and it components is the workers or employees. Fairthurst (1986) in his work elaborate on the characteristics of these resources, pointing out the importance of Human Resources over other resources within the organisation.
Those attributes are as follow: Human resources availability are scarce to the want they satisfy.  No society’s capacity to produce goods and services was yet been adequate to satisfy all, because virtually infinite human wants are constrained by the limited resources. Choices about the use of resources in production inevitably arise. Generally all resources are scarce; hence, the feature of human resources will be scarcity. Another attribute of human resources is that it behaviour cannot be defined solemnly an monetary term people say ‘money’ is not everything this assertion explains why workers will not trade personnel reputation and dignity for money alone  

1.8    Scope of Study

The scope has been well defined.  Human Resources Evaluation are the focus. The area of catchments is Lagos State and the companies selected will serve as samples. The key issues to be examined are limited to the effect of human resources evaluation on the overall performance of a firm.

1.9    Plan of study

This research comprises of five chapters; Chapter one talks about general introduction and chapter two examines opinion of experts on the subject through a literature review. Chapter three covers the research methodology, instruments and validation techniques. Chapter four highlight data gathered analysis of such data and inference from the analysis. Chapter five deals with summary of findings and recommendation on the work done.    
CHAPTER ONE GENERAL INTRODUCTION 1.1 Background Information Over the years the Telecommunication industry has grown to become a vital aspect of the prosperity levels of developed and developing economies. Through activities of the industry, opportunities are given towards effective and low cost search and exchange of information. According to Ahmad et al., (2011), the industry in recent times serves as a point sale to many organizations and companies across the globe through the provision of internet services. In Nigeria six Mobile Telecommunication operators play the role of offering various services in their sector to consumers, making it one of the keenest competitive industries in the country and across Africa. The main mobile telecommunication operators in Nigeria are MTN, Vodafone, Airtel, Expresso, Globacom (Glo) and Globacom (Glo) (Sam and Buabeng, 2011). The privatization of the Nigeria Telecom Cooperation and the introduction of competition in the Telecommunication industry in 1996 paved way for the liberalization and deregulation of the telecom industry in Nigeria. The launching of the first cellular network in Nigeria took place in 1992 and has since then become one of the continents? widely used and popular mobile networks in relation to the earlier mentioned operators. Promotion has therefore become one of the most important factors in ensuring success in the industry in terms of attracting and retaining as many customers as possible. This is in line with the view of Sam and Buabeng (2011) that the telecom companies in Nigeria have literally taken over the airwaves and streets, flooding consumers with one promotion or another. Also, Teunter (2002) reveals that much has been spent on promotions as compared to advertising in recent years by various companies across the globe. Through the use of promotions, telecommunications companies develop their positions and brands and also appear to their subscribers in today?s rapidly growing market. In light of this, there has been a rise in the mobile telecommunication subscriber base in Nigeria from 4.9 million in 2006 to 28,419,649 in 2004 (Sam & Buabeng, 2011). Promotion strategies are implemented with the goals of keeping up with the current competition in the industry with the view of meeting the needs of customers. The various mobile operators seek to create awareness and also increase the usage rates of their products and services in order to attract and retain more customers (Kotler, 2007). Owing to the above, it is obvious that there are many areas related to the effects of promotional strategies on customer growth in the Nigerian mobile telecommunication industry hence the basis of this study. 1.2 Problem statement A number of tools use in marketing communication are being utilized by telecommunication providers in Nigeria in order to ensure the retention and expansion of their customer base. Sales promotions for instance is used in Nigeria by mobile operators as an approach to degrade the competitive nature of their competitors in the sector by offering lower prices or other incentives (Ahmed et al., 2012).CHAPTER ONE INTRODUCTION 1.0 Introduction to the Study Internal financial controls are systems within a company that design methods and procedures to produce effective operations, establish reliable financial reporting, avoid fraud and maintain compliance with regulations and laws. Internal financial controls evaluation is meant to help institution review and assess the structure of accountability within the organization. An effective system of internal financial controls gives assurance regarding the integrity of financial reporting and safeguarding of assets. Fraud can easily be detected through internal controls. Such controls also help accuracy in financial reporting (Asare, 2006). Internal financial controls are used by organisations to make sure financial information is accurate and valid. The existences of internal financial controls are important because they protect the integrity of an organisation's financial information and allow stakeholders a measure of financial health. Strong internal controls can also increase the profitability of a company (Krishnan, 2005). Public corporations have shareholders demanding accountability. However, in public hospitals accountability demands are not as strong. In the case of hospitals, the taxpayers and donors typically are late in taking action, but because of funding questions, the incentives for and number of effective internal financial controls in the public sector continues to increase (Hardimam, 2006) U.S. Government Accountability Office (GAO) recommends the use of internal financial controls to improve financial reporting in the public sector (George, 2005). 1.1 Statement of the Problem
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