THE ROLE OF ACCOUNTANT IN THE ECONOMIC DEVELOPMENT OF organization (A STUDY OF NIGERIAN BOTTLING COMPANY ONITSHA)
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THE
ROLE OF ACCOUNTANT IN THE ECONOMIC DEVELOPMENT OF organization (A STUDY OF
NIGERIAN BOTTLING COMPANY ONITSHA)
TABLE OF
CONTENTS
Title page i
Approval page ii
Dedication iii
Acknowledgement iv
Table of Content vi
Abstract ix
CHAPTER ONE
1.0 Introduction 1
1.1
Background of the study 1
1.2
Statement of the problem 7
1.3
Purpose of the study 8
1.4
Research Question 9
1.5
Research Hypothesis 10
1.6
Significant of the study 10
1.7
Scope of the study 11
1.8
Definition of Terms 12
CHAPTER TWO
2.0 Literature Review 15
2.1 Preamble or Introduction 15
2.2 Theoretical/Conceptional frame work 16
2.3 Current Literature based on the variable 20
2.4 The
need for Accounting Information to be
kept in the economy and then based on the variable 26
2.5 Summary of the literature review 30
CHAPTERTHREE
3.0 Research
Methodology 32
3.1 Research Design 32
3.2 Area of study 33
3.3 Population of the study 34
3.4 Sample of
the study 34
3.5 Instrument
of data collection 35
3.6 Validation
of the instrument 36
3.7 Distribution
and retrieval of instrument 37
3.8 Method of
data analysis 38
CHAPTER
FOUR
4.0 Data
Presentation and Analysis 39
4.1 Finding 49
4.2 Presentation and Distribution of the finding 51
CHAPTER
FIVE
5.0
Summary,
Conclusion and Recommendation 53
5.1
Summary of the finding 53
5.2
Conclusion 54
5.3
Recommendations 56
5.4
Limitations of the study 57
5.5
Suggestions for further research 58
Reference
59
Appendix
61
Questionnaires
62
ABSTRACT
The
main purpose of this project is to find out the Role of accountants in the
economic development of Nigeria with particular reference to the Nigeria Bottling
Company Onitsha. The Role of accountants in the management of business
organization varies and highly challenging. The accountants who make use of the
concepts and principles of account concerns themselves with the recording, analysis,
directing and co-operate the preparation of forecast, budget and other
financial plans. Since the work of accountants has been identified as a
necessity in the economic development of Nigeria, NBC in particular, this
research is tailored towards identifying and recommending appropriately, the
salient things which all users of accounting information must watch out for in
all matters concerning the improvement of their organization. In all,
hypothesis were formulated based on the specific components or facts of the
accountants in NBC Onitsha and some final year students. Accounting related
information were collected through review of relevant literature. From these, a
questionnaire was designed and distributed to 50 employee of Nigeria Bottling
Company Onitsha and 30 final years of accountancy students. Out of these a
total of 30 and 10 respectively were recovered. A careful analysis of the
responses revealed that accountants have a great significant role in the
economic development of Nigeria.
As a result of this findings of recommendations, organizations are advised to
make the best use of accountants in their daily financial transaction in order
to sustain the life of their business and forestall available misuse of funds
and resources. To this effect, it is very expedient to employ well meaningful
accountants in all organization, Nigeria Bottling Company in particular to
ensure effective growth and development of our economy as a whole.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Role
of Accountant in Economic Development of Nigeria, it has to do with the role in
which Accountant plays in the Economic Development of Nigeria.
The
concept of Economic Development has to with innovation and improvement in the
quality of life of the people it is about sustained rise in the standard of
living of the people overtime, whether in advance or less developed countries,
nations, government superiors state of affairs or superiors they currently
enjoy.
To
achieve this, deliberate efforts are to be made in other to implement
people–oriented Policies that would raise their capacity to produce and earn
more. This will manifest in the form of growth in the cross domestic product (GAP)
of the economy, and extension improvement in the size of per capital income. When
this occurs on a sustain basis with positive impact on the citizens, quality of
life. Development is said to have taken place.
Since
1960 when Nigeria gained it independence, for instance the place of economic
growth and development has not yet meet the aspiration of founding fathers of
the nation in spite of the many development and rolling plans that have been meticulously
draw up by the government. Although a lot of resources have been committed to
the development of some economic projects, the results have been dismal. In
fact, that the Nigeria economy is presently in a quagmire, is enough evidence
of the failure of past effort to pull the nations up by its bootstrap through
the instrumentality of development and rolling plans.
Thus:-
the basic thrust of development policies, in a less developed country like
Nigeria is to provide as many people as possible with the means of overcoming
the helplessness and misery arising from a lack of food, health, education,
security of life and property which pose serious challenges to their longevity.
Here
lies the justification for the choice of topic which seeks to consider the role
of accountants in the economic development.
Firstly,
accountant is a person skilled in keeping, examining, recording or inspecting
the accounting of an organization or a nation. Accountants plays a very vital
role in the development of Nigeria economy. They also contribute efficiently to
the development of some business organization in Nigeria example (Nigeria
Bottling Company). The role of accountants can never be looked down if the aim
and purpose of the country are to be achieved.
According
to Agbebiyi (2000), it is obvious that accounting as a scientific process is
about provision of financial information needed to take economic decisions
particularly in respect of the acquisition and use of scarce corporate
resources as well as the elimination of waste in the wealth creation chain. It
is this professional discipline that involves systematic gathering
classification, recording analyzing, interpretation and transmission of
information based on data that are of monetary in nature. Such resources that
is the relationship between its assets and liability, the productive activities
and profitability of a business a required by owners and managers alike in
order to assess the health of the organization and ascertain the changes in the
stock of the wealth of shareholders.
According
to Professor Charles Magers, Accounting incorporate four major functions which
are communication, measurement control and decision making. Accounting as a
means of communication involves the submission of financial reports to various
units in the economy. In terms of measurement, accountancy through the use of
account, arts as a major of wealth based on the original cost of an objective
which lately developed in measuring efficiency of operation and performance.
Accounting
as a means of control is exercised by the creation of book-keeping record and
legislation and by the standing of the professional body to act as an
independent witness and carryout and audit function.
As
a result of activities, information is communicated on the basis of
standardized system of measurement and results which can be relied on when
making decision. Government may use published accounting information to know
the extent of providing social amenities to the public; they can also use this
information in knowing what is due in taxation and government tribute.
This
accounting information can equally be used in preparing the country’s budget
and determining how to generate income and ways of revenue expenditure. Accounting
information, also are required in an economy to meet up with the stated
objectives and purpose (making profit or gain) in the economy and it is the
duty of an accountant to prove such an accounting information.
Beyond
the role of providing information to the public, proprietors even government,
the accountant has over time played the following crucial roles in the economic
development process of the nation they are record keeping which assisted the
merchant in determining the value he has added to his wealth at a given period.
Providing financial information, internal control measures, attestation
function, and tax functions professional leadership among others.
Furthermore,
accountants gives financial report of a nation to ascertain the financial
position of such nation, perform some audit function, evaluation of financial
reports and finally, recommends measures and strategies to enhance the
performance of the economy.
1.2 STATEMENT OF PROBLEM
1. To
find out the extent at which the accountant, provide audit reports. Do audit
reports still add credibility to today financial statement?
2. Are
the information provided by Accountants still effective in making business
decision today?
3. Are
the audited aliting information provided helpful to tax official in assessing
the taxable in an organization?
1.3 PURPOSE OF THE STUDY
As
a result of the prevalent condition of Nigeria economy and dwindling of
most business in recent times there is need to realize how significant the role
of an accountant was in order to develop to economy efficiency. And for this
reason, there are also need to study the importance of accountant in the
economic development of Nigeria.
The
purpose of this study is this:-
1.
To
find out how production of correct accounting information has led to profitable
economic decision.
2.
To
determine how the proper accountability is a means of safe guarding the assets
of the establishments.
3.
To
investigate the influence of nations ability to employ the services of
qualified or professional workers in economic development.
Importance
and significance of the study the findings of the study will throw more light
on the importance of accountants in the economic development of Nigeria and why
it is good for every economy to have accountants in its management.
This
study will be directed towards the following:
1.
It will enable the people to know the
profitable economic decision
2.
It will help the economy in
safe-guarding the assets of the establishment.
3.
With the knowledge of the role of
Accountant in the economic development, it will minimize the source of the
problem encountered in the Nigeria economy.
1.4 RESEARCH QUESTIONS
For
the purpose of effective investigation on the sole of accountant in economic
development of Nigeria the following research questions have been raised:-
1.
Does
audit report still add credibility to today’s financial statements?
2.
Are
the information provided by accountant still effective in business decision
making today?
3.
Are
the aliting information provided helpful to tax official in assessing the
taxable income of organization?
1.5. SCOPE/DELIMITATIONS OF THE STUDY
The
role of accountant in the economic development of Nigeria could have been very vest
tedious as mostly research as mostly research work to undertake, but the topic
has been limited to a particular area, Nigeria Bottling Company Onitsha, which
made it researchable for the researcher.
Like every research work a bit of things
posed as delimitations to the researcher. This work also can be limited to the
basic concepts, theories, are principles and procedures employed by accountants
in the performance of their duties so as to uplift the nations economy.
1.6 DEFINITION OF TERMS
ACCOUNTANTS:
This is a person trained and skilled to
keep examine or inspect the financial accounts of organization.
DEVELOPMENT:
The act of improving the quality of life
of people and sustained rise in the standard of living of the people overtime.
It is also an act of bringing out the economic responsibilities of a nation or
an economy.
ORGANIZATION:
An economic group of people deliberately
created for the purpose of achieving some specific objectives and measuring
economic performance.
TAX ASSESSMENT:
To
determine the amount that is payable by tax payer through the tax assessment
authority (TAA).
FINANCIAL STATEMENT:
A summary of figure facts showing the
financial condition of a business which includes assets (what the business
owns) liabilities (what the business owes) and the net worth of capital account
(the owners equity in the business).
GROSS DOMESTIC PRODUCT:
It
is the gross value of the national output produced by domestic factors of
production or indigenous factors of production. We get the gross domestic
products by subtracting all the domestic output produced by foreign factors and
add the foreign output produced in the country by Nigeria factor.
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