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THE ROLE OF ACCOUNTING IN DEVELOPMENT
TABLES OF CONTENT
CHAPTER ONE:
INTRODUCTION
1.1 BACKGROUD
OF THE STUDY
1.2 OBJECTIVE
OF THE STUDY
1.3 SCOPE AND
LIMITATION OF THE STUDY
1.4
SIGNIFICANCE OF STUDY
1.5 STATEMETN
OF PROBLEM
1.6 DEFINITION
CHAPTER TWO
2.0
LITERATION REVIEW
2.1
ACCOUNTING CONCEPT CONVENTIONS
2.2
ACCOUNTING INFORMATION VIA USERS
2.3
ROLE OF ACCOUNTING IN NIGERIA
2.4
BUYING AND SELLING PROCEDURES AND MAJOR ACCOUNTING DOCUMENT
CHAPTER THREE
RESEARCH METHOKOGY
AREA OF THE STUDY
POPULATSION OF
THE STUDY
CHAPTER FOUR
DATA PRESENTATION AND
ANALYSIS
CHAPTER FIVE
3.1
SUMMARY UP
3.2
RECOMMENDATION
3.3
CONCLUSION
3.4
BIBLIOGRAPHY
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND
OF THE STUDY
Booking keeping is
business in a methodical manner that
information on any point relating to
their may be quickly obtained. The method of proceeding is based upon
deprecate principle, which are discussed and illustrated. The kind of
information which a trader may desire to have and which is readily available is
summarized below.
THE TRADER MAY DISCORE: -
The value up his purchases
The value up his sales
His expenses
The amount of cash in the office or
bank etc.
The ultimate position of the business is to make a profit, by providing goods
services or employment. As every transaction plays it part in determine
the final profit or loss for a trading period, accuracy in recording is
important.
Accounting is defined as a discipline concerned with the recording, analysis,
and forecasting of income and wealth of business and other entitle.
Generally is record in money to terms the flow of economic transactions between
or within economic entities.
A clear distinction between accounting and book-keeping is not easy to make
because book-keeping is in fact a part of
accounting.
Accounting figures are not use unloose they are made to tell useful stories to
the business owner.
BRIEF HISTORY OF ACCOUNTING IN NIGERIA
Nigeria is a former British Colony. Among the influence of Britain of
Nigeria is modern commercial accounting. It will be erroneous to
attribute the advert of the Europeans.
For as has been said earlier, in as
much as there was flourishing commerce among the various segments considerable
measure of trans-share an Trans Atlantic trade, there must have been some of
accounting before that time.
Indeed, the virgin of accounting in Nigeria must be assumed to be akin to its
origin all over the world.
It arose with the earlier form of
commercial transaction, trade by barter.
With the magnetization the tradition at economic through the introduction of
various units of exchange cowries, beds, manila etc. The method of
accounting evolved further and become more refined. Which method is as
yet, unrestricted (to the best knowledge of the author). This normal
evolution of an accounting system. Whether through indigenous invention
or through across – the border importation via routine influences, suffered a
violent dislocation and upheaval, like every other things as a result of the
impact of colonization.
The British Master established trading outposts all over Nigeria, with
time. They equally introduced coinage currency. In these trading
outposts, especially the charted trading companies modern book-keeping
techniques were used. Those trading concerns grew is size and complexity
and in order to maintain the necessary political and social orders for trade
and development.
They began to
exercise governmental control. They set up schools where they taught,
among others, numerous subjects some of the products of these schools were employed
as charts and book-keeper where they were taught book-keeping on the job.
As British laws extended to the country and as local laws were fashioned along
the line of British companies operating locally found themselves subject to the
some regulations of accounting practices and procedures as prevailed in British
foreign accounting and audit forms soon established locally.
British trained
accountants come to work in the country and set up the internal revenue
department accounting systems soon were extended through the colonial office in
loaded. For quite a while, all the trained accounting personnel in the
country were British.
But with time, local
personnel were employed in the lower cedars of the civil service and the
Nigeria railways.
The first indigenous
professional accountant, Mr. Akintola Williams qualified in England and
Wales. By 1990 a few more Nigeria had qualified in British and some back
to Nigeria and they formed the Association of Accountants in Nigeria (A.A.N).
The aims of the
Association of account in Nigeria were to institute better training arrangement
for accountants in Nigeria, promote accountancy as a profession and see to the
welfare of its members. The initial membership of the association was
fourteen.
the association receives the
parliamentary charter in 1965 when the Institute of Charter Accountant of
Nigeria (ICAN) act was passed as act No.15 of 1965. The act empowers the
association to regulate the practice of the profession in the country, form
time to time set and modify standards for the practices of profession and also
to discipline. The act makes it an office for anyone who is not a member
of the institute to engage in public practice of accountancy in Nigeria.
Although the Nigeria Institute has the necessary power to regulate the practice
of the profession. It for a long time merely adopted these standards
developed by the British accounting standards , committee and the Institute of
Chartered Accounting in England and Wales,. On September 9, 1982,
however, the institute established the Nigeria accounting standard based (NASB)
to issue statement of accounting standard (SAI).
1.2
OBJECTIVE
OF THE STUDY
The aim and objective
of this type of research work is to
highlight and focus attention on the
roles which account play in Nigeria and how to relate to the preparation and
proper control of the financial reports and stamen of business and
organization.
1.3
SCOPE
OF STUDY
The scope of this
research project is aimed at taking into
consideration on the roles and methods
by which financial and economic date are collected proceeds and summarized into
report that can be used economy (Nigeria).
1.4
SIGNIFICANCE
OF THE STUDY
Considering the
nature of this study which is a form of
accounting ensuring, the study helps in
revealing an/ or creating awareness of the existence of account in all
organization in Nigeria. It is equally aimed at Nigeria giving a true
picture of accounting rules in Nigeria.
1.5
STATEMENT
OF THE PROBLEM
As student
researcher, time constraints was my greatest
obstacles couple with the problem of
schedules of trying to meet up with the daily lectures and running to and fro
for the assignment in courses and quest for the adequate materials with which
to make up the write-up.
1.6
DEFINITION
Every discipline has
certain terms with which it can be
described.
Similarly, accounting has its own terms
which best described it and which are frequently used in this project.
i.
TRANSACTION: - Any dealing between
two or more person involving exchange of goods or services for a consideration,
usually in money.
ii.
ASSETS: - These are rights which have value to its owners which represents
expected future economic benefit or rights, have been acquired as the result of
paid or current transaction assets companies of fixed and current.
iii.
FIXED ASSETS: - These are right which are tangible in nature and can last with
a person or business entity for a very long time. These are usually
acquired for retention in the business and not for convention into cash.
They include motor vehicle etc.
iv.
CURRENT ASSETS: - These are assets which are circulation or floating within the
business at the current period. They can be easily turned to cash at a
reasonably short time. For example include cash at hand, bills receivable
and prepayments.
v.
STOCKS: - These are goods bought and meant for resale at a particular
period. These items are his stock of goods. There may be opening
and closing stocks. The opening stock concern the goods with which a
business was started. The stock of goods which remained on sale in the
business at the end of the period, for which value can only be ascertained by
country is known as the closing stock.
vi.
LIABILITIES: - These are amount which a business own to its owners or
others. They consist of fixed or long term liabilities and current or
short term liability.
vii. FIXED OR
LONG TERM LIABILITIES: - These include all money which a business owners
to its owners or others which need not be met with a year. They include
capital in the case of sale trader and debentures, issued shore capital in the
case of a limited company.
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