Financial accounting reporting and management of the business entities
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The research work“Financial Accounting Reporting and Management of the Business entities”. Financial Accounting covers those activities related to the preparation of certain reports which are known as a financial statement. Basically aims at ascertaining how financial accounting reporting has helped in advancing the objectives of management of business entities. In the process, it investigated the effected that financial accounting bear on the performance of a business. Furthermore, if sought to ascertain the compliance of relevant statues by management and the overall satisfaction of stakeholders in management. The study obtained its data basically from primary and secondary sources. The primary sources of data collection employed were questionnaire, oral interview, and observations, while the secondary sources of data included textbooks, journals, magazine apart from extensive use of literature, other method include Interview with business men. Questionnaires have been designed and distributed to some businessmen (especially at trade fair.). The questionnaires have been designed for officers in management, public and private companies, shareholders, staff, partners and owner in a sole proprietorship. In the analysis of the data collected, the chi-square was used to analyze the responses gathered. The study revealed that a lot of problems were inherent in financial reporting ranging from non-disclosure of vital information, subjective judgments of prepares of the financial information and most times non-compliance to relevant statues. There were recommendations given such as strict compliance to the relevant statute were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statements show a“true and fair view and comply with the relevant statues at all times
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