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ACCOUNTING
SYSTEM IN MICRO FINANCE BANKING
ABSTRACT
Every organization
including bank registered under the Nigerian company law having statutory
responsibility of profit and loss account together with statement of assets and
liabilities at the end of its accounting period, to its members shareholders
the public and other uses including the government accounting system means the
system of recording financial transaction in an organization. It could also be
referred to as an internal control system in an organization depending on the
nature of business undertaken by the organization monetary terms and this
requires proper recording of receipts and payments of funds. It is worthy to
note here that any default in the accounting system of an organization could
lead to business failure. In addition banks with the nature of its services
dealing with money are expected to maintain any up to date record of its
transaction with or on behalf of its customers the objectives of providing
accounting information for decision making cannot be achieved if there is no
adequate accounting system in place. In the course of this research work the
following problems will be considered. The effects of inadequate
accounting system in banking operation and more. In order to do further
justices to the matter that will raise in this work primary and secondary
sources of information will be used samples size of the study will be
determines using this Bowles rules questionnaires will be designed in such a
way to solicit information both this management and consumers as to confirm
answers to the research as to question listed down in chapter one data
presentation and a detailed analysis of data collected from this research work
will be carried out. In summary of findings, recommendations and conclusion
into five chapters.
TABLE OF CONTENT
CHAPTER ONE
1.0
Introduction
1.1
Background of the
study
1.2
Statement of
problem
1.3
Objectives of the study
1.4
Research Questions
1.5
Significant of the study
1.6
Scope and Limitations of the Study
CHAPTER TWO
2.0
Review of Related Literature
2.1
Historical Background of the Evergreen Micro
Finance Bank Nigeria
Limited
2.2 Meaning of Accounting System
2.3 Banking Operation in
Evergreen Micro Finance
2.4 Uses of Accounting
Information Providing
2.5 Balance Sheet Structure
of Evergreen Micro
2.6 Benefits of Proper and
Adequate Record Keeping
2.4
Effect of Inadequate Accounting System
CHAPTER THREE
3.0
Research
design and
methodology
3.1 Sources of
Data
3.2 Population of the study
3.3 Sample Size Determination
Technology
3.4 Location of
Data
3.5 Method of
Investigation
3.6 Data Treatment
Technique
3.7 Validity and Reliability of
Research Instrument
Reference
CHAPTER FOUR
4.0
Data presentation and
analysis.
4.1 Analysis of Response to
Questionnaire
CHAPTER FIVE
5.0
Summary of findings, conclusion and Recommendation.
5.1
Summary of Findings
5.2
Conclusion
5.3
Recommendation
Bibliography
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
Accountancy
embraces the installation of book-keeping and accounting systems, the writing
up of account and the preparations of every kind of financial statement from
the simplest receipts and payments of small club to the published accounts of
large public companies. It is one of the main work of the accountant in
practice to provide client both large and small with necessary advice as to the
most appropriate accounting system to in tall what will provide management with
up-to date information.
According
is always said to be the language of business. Every organization including
bank registered under the Nigerian company law, having statutory responsibility
f profit and loss account together with statement of the assets and liabilities
at the end of its accounting period, to its members shareholders, the public
and other users including the government. Accounting system means the system of
recording financial transactions in an organization. It could also be
referred as an internal control system in an organization depending on
the nature of business undertaken by the organization. This is because
financial transactions are qualified in monetary terms and this requires proper
recording of receipts and payment of funds. It is worthy to note here that any
default in the accounting system of an organization could lead to business
failure.
In
addition, banks by virtue of nature of its services dealing with money are
expected to maintain an-up-to-date record of its transactions with or on behalf
of its customers.
However,
in micro finance bank, this responsibility can be effectively discharged if
there is an adequate system of account put in place for recording day to day
transactions of the bank. Besides, accounting is not only concerned with
recording of transactions but also with the use to which the records are put,
their analysis and interpretations for use in making decisions not only for the
management usefulness but also to the members and would be investors,
government agencies etc.
Recent
researchers have shown that one of the main causes of indigenous business
failure in the country is due to the failure to maintain proper accounting
records. Therefore, these purposes can only be achieved in the light of good
design and application of sound accounting system. Thus, the scope of this
research work is to make appraisal of relevance and adequacy of
accounting system in micro finance banking using “Evergreen micro finance bank
Nigeria ltd as a cases study.
1.2 STATEMENT
OF THE PROBLEM
Accounting
being a profession referred to as service activity and accounting
as often termed to be the language of business, therefore the importance
of accounting system in any organization cannot be overemphasized. The
objectives of providing accounting information for decision making cannot be
achieve if there is no adequate accounting system in place. In the course of
this research work, the following problems will be considered:
i.
The effects of inadequate accounting system in banking operation.
ii.
Unavailability of timely accounting data.
iii.
The falsification of account in the banking sector.
iv.
Nonchalant attitude of the management towards the information provided by the
accounting system.
v.
Poor decision-making
vi.
Poor accounting record
vii. Poor
audit problem
1.3 OBJECTIVE
OF THE STUDY
i.
To determine the impact of accounting system in micro finance banking.
ii.
To determine whether the strategies used by micro finance bank in their
accounting system have been very efficient and effective.
iii.
To evaluate the factors that will limit the efficacy of micro finance banks in
their efficient application of accounting system in their banking
operations or activities.
iv.
To assess the role9s) of accounting system in proving the activities of micro
finance bank.
v.
To assess whether they have efficient and effective machinery to implement her
planned programmes.
vi.
To find out whether accounting system will provide timely accounting data for
management decision making.
vii. To
find out whether it will facilitate banking activities.
viii.
To make recommendations on how to enhance the efficiency and effectiveness of
accounting system in micro finance banking.
1.4
RESEARCH QUESTIONS
The following
question forms the basis of the frame work for carrying out this research
study.
i.
Do accounting system have any imp[act in micro finance banking?
ii.
Do micro finance bank have efficient machinery to implement it planned
programmes for efficient accounting system?
iii.
Do micro finance hanks make use of effective and efficient accounting system?
1.5
SIGNIFICANCE OF THE STUDY
As
it is a known fact that accounting system plays very important role in the life
of a business organization, it is termed the determinant factor which
determines whether business would fail or survive depending on the manner
in which the particular organization records its financial transactions.
Therefore, the significance of this project research work is to provide:
i.
Management with the importance of accounting information towards ensuring
profitability and efficiency in business management.
ii.
The relevance of accounting system in micro finance banking.
iii.
Evaluation of the role(s) played by management in ensuring adequate accounting
system in banking operation
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