Accounting is the act of recording, classifying and summarizing in significant manner and in terms of money transactions and events which are Interpreting the result thereof. (AIC PA 1953). But in a general sense. It may be considered as a means by which we measure and describe economic activities. Whether you are managing a business, making Investments or deciding how to spend your money, you are working with accounting concepts and accounting Information.
Every business entity, be it private or government owned operates a business system which can be classified into two main categories. They are financial and Non – financial systems.
Financial system are primarily concerned with processing and recording of business transactions, their analysis and Interpretation with a view to the preparation of periodic and routine reports for decision making by Interested parties. The accounting systems are also concerned with efficiency and effectiveness. (Harvey 1991 page 202)
Non – financial systems are those systems whose main purpose is not financial in nature, even if they have financial Implications. Thus, the sales system which deals with exchange process has financial Implications, the transactions are not financial per-se. Non – financial system cover such functions of an organization as purchasing, marketing and sales, stock control and production planning. Whether financial or non- -financial in nature, all these business systems generate and provide Information for decision making both Internally and externally.
Financial systems have two main sub – system the financial accounting system and management accounting system. These accounting system different in nature and procedure from what is obtainable in government establishment, the system known as government accounting.
Government accounting is the process of recording, analyzing, classifying, summarizing, communication and Interpreting financial Information about government in aggregate and in detail reflecting all transactions involving the receipt transfer and disposition of government funds and property (Dean 1990: 181). The purpose is to demonstrate the propriety of transactions and their conformity with established miles to give evidence of accountability for the stewardship of government resources and to provide useful Information for the good control and efficient management resources of government operations.
Government accounting is not the same as commercial accounting (financial and management accounting) Although both use a number of technical book keeping and accounting tools and skills. They also share in some areas the same principles and practice elements as well as concepts and theoretical foundations. In effect although government accounting plays a similarly role to commercial accounting, there are basic differences in concept and approach which affect their nature and objectives. It is against this background that this study is se to examine the accounting system in two private establishments and two government owned establishments. The two private establishments Includes The Nigerian Breweries Plc. 9th mile corner and Hemason Industrial Complex Emene Whereas, the government establishments are project development Institute and federal ministry of solid minerals Development, Enugu. .
TABLE OF CONTENTS
Table of contentv
CHAPTER ONE: INTRODUCTION1
1.2Purpose / objective of study3
1.3Statement of problems3
1.6Significance of the study5
1.7Scope of the study6
1.8Limitations of the study6
1.9Definition of terms7
CHAPTER TWO: REVIEW OF RELATED LITERATURE9
2.1Definition of Accounting9
2.2Brief History of Accounting in Nigeria15
2.3Nature and purpose of Accounting20
2.4Accounting Operational Guidelines22
2.5Attributes of Accounting Information29
2.6Financial statements and users of Accounting Information30
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY 36
3.1Area of study36
3.2Population and sample36
3.3Sources of Data36
3.4Techniques of data collection37
CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA 39
4.1Presentation and Analysis of the questionnaire and Interview39
4.2Test of Hypothesis49
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATION - S - - -52
Appendix / Questionnaire56
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