ACCOUNTING INFORMATION, CONCEPTS AND APPLICATION FOR PLANNING AND DECISION MAKING (ACASE STUDY OF AZ PLC)
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ACCOUNTING
INFORMATION, CONCEPTS AND APPLICATION FOR PLANNING AND DECISION MAKING (ACASE STUDY OF AZ PLC)
CHAPTER ONE
GENERAL INTRODUCTION
1.0
INTRODUCTION
Accounting is a body of knowledge which
does not have a gingle definition, vicarious and several actions have come up
with different definitions which reflects the period in the evolutionary
stages of accounting thoughts during which definitions were made.
There are several definitions of the
concept as the number of people that attempt to define it.
According to A. H. Mill Champ in his
book, Foundation Accounting (An instructional manual for Accounting Students)
submitted that “Accounting is the process of identifying, measuring and
communicating economic information to permit informed judgement and decisions
by the user of the information and also explained further to mean and in terms
of money transactions and events which aid, is part at least of a financial
character, and interpreting the results thereof.
A.
Soyede accorded that “Accounting is concerned with providing information to
decision making within an organization to enable management to take decisions
about the level of output, the most optimal choice of reflecting competition
and other changes in the economy.
Accounting system has become a major
quantitative information system in almost every organization just as a well
designed information system has become an integral part of organizational
activities. Information for economic decision making is the main product of
accounting.
The origin of financial accounting
dates back to the 15th Century when a Franciscan MONK, Rev. father
Luca Pacioli wrote his famous book “Summa de Arithetica, Geometrica, proportion
et proportionality” in Venis in 1914. The first known book on book-keeping
enunciated most of the principles on which today’s book keeping is kept. The
main emphasis was on the stewardship function. The regular calculation of
profit, and thus the preparation of a profit and loss account, was not yet seen
to be important and profitable when calculated was usually at the end of
particular contribution. Father Pacioli accorded him the recognition of Father
of Accounting.
The whole purpose of ancient accounting
was not to measure the rate of profit or loss but to keep accurate records of
acquisitions and out goings in money and kind and expose any losses due to
dissolute on negligence. This seemingly laudable objective of engaging the
services of book-keeping to keep accurate records of their wealth, business
concerns and value possible expose frauds. However, the increase in the number
of multiple ownership, joint ventures, partnership etc.
The profit and loss account grew in
importance the extension of credit transaction and the requirement of tax
collection systems increased the need for the measurement of profit.
1.1
BACKGROUND OF THE STUDY/STATEMENT OF PROBLEM
Haier Paterson Cussons Nigeria Plc is a
joint Venture between PZ Cussons Nigeria Plc over 120 years of commercial
experience in Nigeria has been the proud manufacturer of Thermocool brand for
over 37 years. Over the time, THERMOCOOL has won the trust and loyalty of
Nigerian consumers.
Haier is the world’s fourth largest
white goods manufacturer and is the official home appliances sponsor of the
Beijing 2008 Olympic Games. As of 2008, the Haier Group has established a total
of trading companies (19 located overseas) 29 manufacturing plant (24
overseas), 8 design centres (5 overseas) and 16 Industries parks (4 overseas)
consistent with Haier’s position as a global brand, the company employs over
60,000 people ground the world. In addition, Haier boasts a 58,800 story sales
network which last year accounted for a global turnover of 122.billion RMB
(17.5 billion USD).
The Partnership between these two
world famous companies through Haier-Thermocool brand aims to deliver reliable
quality in all products that are manufactured. This is achieved by producing
products that are specifically designed to meet the needs of the Nigerian
environment.
The elegant new designs and innovative
technologies all Haier Thermocool products are tropicalized (Nigerian used) to
deliver optimum value for cool. Haier Thermocool has a world-class after sales
services centres which dedicated customer care line: 01-7303333
Pan-Nigeria-Name.
The organization as related to Haier
Paterson Cussons Nigeria Plc is organized into six (6) sections, namely:
production, personnel, packaging, finance, sales and purchases and each of
these sections headed by a manager except finance which is headed by a Chief
Accountant. All these heads of the sections reported directly to the Chairman.
The line of authority/responsibility are depicted in the organization chart.
Every individual in HPY has an assigned
responsibility in which their performance is judged on how well they meet up
with these responsibilities. The sum of the responsibility structure is
allocated among people at several levels of management . division of
responsibility and authority among several levels of management enables the
enterprises strike effectively in achieving their objectives.
1.4. PROJECT OF THE STUDY
A
wide range of users of users accounting information rely on periodic financial
state to assist them in making a variety of economic decision. The quality of
accounting information before them, therefore directors are constantly concern
with assessing the quality of their management and to effectively do this
they have again to rely heavily on accounting information and statement.
Accounting information affect the way the society allocate resources and
also how it distributes income. The aggregate economic development of a society
has become a function of the quality of accounting information available to it.
In the light of the above mentioned this research will try to:
1.To examine the
weakness of the accounting information and the result and effect of this on the
other sector of the economy.
2.To examine the
concept of accounting information as indispensable economic factor.
3.To show in clean
terms the need for accounting information as well as the contributions to
meeting societal requirements.
4.To mention the
extent to which accounting information has been able to adapt to the ever
changing societal requirement.
5.To comprehensively
highlight the role of accounting as a societal function, societal fund and
accounting information as well as social issue in accounting.
6.To take on current
method of and suggest further improvement of financial reporting.
1.5 SIGNIFICANCE OF THE
STUDY
Due to the global economic depression in general and the Ngeria depressed
economic climate in particular, only the astute business manager will try.
However for a business manager to be successful, he/she needs accurate and
timely information to perform his/ her managerial function. Every individual
business company or entity, engaging in economic activity is faced with several
questions e.g what are the available assets or resources, what is the return or
expected return of the funds invested elsewhere, etc? the answers to all these
questions involves the rise of accounting information and therefore it’s
relevance can not be over-emphasized.
1.6 RESEARCH QUESTIONS FOR
HYPOTHESIS
1. H0:
That the rapid progress of the organization could not be attributed to the
level of decision made by the management staff.
H1: That the rapid
progress of the organization could be attributable to the level of decision
made by the top management staff.
2. H0:
that the accounting report is not an essential instrument in planning.
H1: That the
accounting report is an essential instrument in planning.
3. H0:
That instrument of the accounting personnel could affect the accounting report
of the organization.
1.7
RESEARCH METHODOLOGY
This as stated above is the techniques
and strategy which the researcher concluded on to use in order to be able to
carry out an objective investigation in an organized and efficient manner to
help in decision making.
In this case, I had intention in my own
study, to rather information through oral interviewing and questionnaire which
shall be directed to the following classes of people with Haier Paterson
Cussons Nigeria Plc.
i.
the management staff
ii. the
technology staff
iii. shareholders
I also conducted
relevant textbooks, magazines, write-ups, seminar papers etc.
1.9
SUMMARY OF CHAPTERS
Chapter one of this research work will
centre on the general introduction while chapter two review the relevant
literature which is the importance of Accounting information, concepts,
principles of Accounting. The chapter three will focus on the methods used in
this research work while chapter four will have to analyze and present the data
accordingly. The chapter five of this research work will summarize, recommend
and conclude the whole project then finally give you the references of the
project research.
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