Category Archives: project topics in accounting department with abstract

AN ASSESSMENT OF THE EFFECTIVENESS OF VALUE ADDED TAX ADMINISTRATION IN NIGERIA

AN ASSESSMENT OF THE EFFECTIVENESS OF VALUE ADDED TAX ADMINISTRATION IN NIGERIA

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CHAPTER ONE: INTRODUCTION

1.1     Background of the Study                                                        1

1.2     Statement of the Problem                                                        6

1.3     Objectives of the Study                                                           7

1.4     Research Questions                                                                 8

  • Research Hypotheses 8

1.6     Significance of the Study                                                         9

1.7     Scope of the Study                                                                  10

1.8     Limitations of the Study                                                          10

1.9     Definition of Terms                                                                 11

References                                                                               12

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1     Conceptual Framework                                                           13

  • Taxation: Meaning and Historical Perspective 13
  • Value Added Tax: Concept, Types and Advantages 20

2.1.3  Objectives for the Imposition of VAT                                     22

2.1.4  Taxable Goods and Services                                                   22

  • Exempted Goods and Services 25

2.1.6  Accounting for VAT                                                               26

2.1.7  Administration of VAT in Nigeria                                          28

2.2     Theoretical Framework                                                           30

2.3     Empirical Studies                                                                    35

References                                                                               43

CHAPTER THREE: RESEARCH METHODOLOGY

3.0     Introduction                                                                                      46

3.1     Research Design                                                                      46

3.2     Population of the Study                                                          47

3.3     Sample Size                                                                             47

3.4     Method of Data Collection                                                      47

3.5     Model Specification                                                                 48

3.6     Method of Data Analysis                                                        49

References                                                                               50

CHAPTER FOUR:  DATA PRESENTATION AND ANALYSIS

4.1     Introduction                                                                                      51

4.2     Data Presentation and Analysis                                              51

4.3     Test of Hypotheses                                                                 56

CHAPTER FIVE:  SUMMARY OF FINDINGS, CONCLUSION                                               AND RECOMMENDATIONS               

5.1     Summary of Findings                                                              60

5.2     Conclusion                                                                              61

5.3     Recommendations                                                                             62

Bibliography                                                                           64

Appendix I: Data Used for the Study                                               67

Appendix II: Detailed Output of Regression                           68

 

 

 

LIST OF TABLES

Table 1:      Sensitivity of Government Income to Value                                                         Added Tax                                                                    52

 

Table 2:      Sensitivity of Consumption Pattern to Value                                             Added Tax                                                                       52

 

Table 3:      Sensitivity of Import of Vatable Goods to Value

Added Tax                                                                     53

 

Table 4:      Goodness of fit through R Square                                 54

 

Table 5:      Regression Analysis for Dependent and

Independent Variables                                                   55

 

Table 6:      ANOVA Result                                                             56

 

 

 

ABSTRACT

Country seeking to improve its revenue generation would opt for a concept enabling it to best realize its objectives with due regards to its peculiar socio-economic make-up. One of these ways is by taxation.  This study seeks to assess the effectiveness of value added tax administration so as to see whether value added tax has affected certain macroeconomic variables in Nigeria.  The study period was 1993 through 2012. The study was guided by three (3) research objectives, questions and hypotheses.  The study was guided by three (3) research objectives, questions and hypotheses.  The theoretical framework of the study was anchored on the expectancy theory of taxation and related literatures to the research work were reviewed.   The data for the study were obtained from the Central Bank of Nigeria Statistical Bulletin.   Based on the analysis, the study found that value added tax has significantly affected government income in Nigeria; value added tax has significantly affected consumption patterns in Nigeria and value added tax has significantly affected the level of imports in Nigeria. The study recommends among others that the government through its regulatory agencies should inject some fairness in the tax system in the area of consumption tax so that the burden of income tax would lessen on those with a low income level.  In addition, the tax revenues should be properly distributed so that economic growth can be harnessed, especially in providing basic social amenities as well as infrastructures in Nigeria.


CHAPTER ONE

INTRODUCTION

  • Background of the Study

Taxation is the whole machinery needed to implement the collection of taxes.  Taxes are compulsory levies imposed by the government on her eligible citizens for the purpose of revenue generation which enables government to discharge its role of providing basic infrastructure and services thus taxes provide funds required for delivery of essential community services and the infrastructure that household and firms rely on in research healthcare, education, security and more (Odah, 2006).    Nigeria as a nation has the vision of becoming one among the world’s 20 largest economies in the year 2020; this obviously is the brain behind the priority attention the present administration is directing at infrastructural development which is an essential for economic growth.

A developed economy is one with the ingredient to stimulate investment and create wealth, this by implication offers an atmosphere that is business friendly and has the potentials for the actualization of the vision 202020.  The desired outcome requires a lot of money to put the economy in a position that stimulates investment, therefore, tax policies need to attract potential investors, and the revenue from tax should be sufficient enough to meet the infrastructural expenditures of the government. Apere (2013) noted that taxation is a microeconomic and fiscal policy instrument; it involves the transfer of resources from the private to the public sector for the accomplishment of economic and social goals.  It is an instrument the government uses to measure, access and control the informal sector that dominate developing economies of the world.

Country seeking to improve its revenue generation would opt for a concept enabling it to best realize its objectives with due regards to its peculiar socio-economic make-up. One of these ways is by taxation. Taxation can therefore be defined as a means by which a government appropriate part of the private sector’s income. The accumulated revenue is used in meeting recurrent expenditure. Tax occupies a unique position, because it is an important part of government policies. The ability of a government to generate revenue from this sector affects services offered by such a government. A means of improving internally generated revenue is through “Value Added Tax” (VAT) (Wambai and Hanga, 2013).

Value Added Tax was FIRS introduced by France in 1954. It has been embraced by well over seventy countries all over the world. These include the entire organization for economic co-operation and development of countries, Japan, Canada, the state of Michigan in the U.S.A and many African countries.  In Nigeria, the match towards VAT system started with acceptance of the recommendation of a study group on in direct taxation in November, 1991. The decision to accept the recommendation was made public in the 1992 budget speech of the Head of State. This resulted in setting up the modified Value-Added Tax (MVAT) committed on 1st June, 1992 as recommended by the study group. The recommendation of the committee that VAT should be administered by an independent commission was rejected by the government. Tax administration was however given to Federal Inland Revenue Services, which was already charged with the responsibility of administering most other taxes in Nigeria.

The introduction of VAT in Nigeria through Decree 102 of 1993 marks the phasing out for the Sales Tax Decree No. 7 of 9186. The Decree took effect from 1st December, 1993, but by administrative arrangement, invoicing for tax purpose did not commence until 1st January 01994.  Value Added Tax is a tax on the supply of goods and services which is eventually born by the final consumer but all collected at each stage of production and distribution chain. With VAT, government reasoned it will be virtually impossible to evade tax. The instrument that introduced VAT spells out goods and services that attract the tax. It shows, for instance that food items do not attract VAT resides, sellers of goods on which VAT is paid must first of all register with the Federal Inland Revenue Services, the aim is to ensure that the 5% VAT paid on goods and services, but this is not exactly, what is happening now. Market women are charging VAT on food items with the obvious that this tax, simply increases their profit margin, land lords are charging VAT on house rent, hotels are also charging VAT. All these are contrary to the regulation governing this system. The fear is that very soon Nigerians will pay VAT on everything. It is the fear of the already pauperized Nigerians. Sinking more into an abyss that informed the researcher’s decision to look into VAT implementation and input on government revenue.  As a result of the uncommon nature of this tax system, majority of the populace in the country are unaware of its existence, consequently, the low credibility of government makes people scam the payment and collection of VAT. It is against this backdrop that this study seeks to assess the effectiveness of value added tax administration in Nigeria.

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THE EFFECT OF CAPITAL STRUCTURE ON CORPORATE PERFORMANCES

THE EFFECT OF CAPITAL STRUCTURE ON CORPORATE PERFORMANCES (A CASE STUDY OF SELECTED COMPANIES IN UGHELLI)

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Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
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5. First Bank
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6. GTB:
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8. Keystone Bank:
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9. Sky Bank:
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11. Sterling Bank:
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12. UBA:
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13. Unity Bank:
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14. Zenith Bank:
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15. Diamond Bank
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E.g for First bank…   *894 *Amount *Acct. No. #

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ABSTRACT

 

This study examined the effect of capital structure on corporate performance with reference to selected companies in Onitsha, Questionnaires and interviews were used to collect information from the selected companies in Ughelli, Delta State.  Analysis and observations were made which gave rise to the validity of the conclusion at the end of the analysis, the major finding were:

  1. That this is a relationship between capital structure and cost of capital.
  2. That capital structure have significant effect on corporate performance (in terms of profitability)
  3. That there is a high cost of capital which hinders the companies’ borrowing ability.

 

The recommendations for the study among others were:

  1. That company should increase their efficiency in use of debt capital.
  2. That since cost of borrowing is so high, if a firm should be able to service fixed charges associated with senior securities and leasing, it can borrow.
  3. That for improved performance mostly on profitability, the optimum combination of fund from varying sources which is superior to any alternative combination is necessary.

 

The researcher then concludes that:

  1. The inability of many companies to adopt optimal capital structure has been increasing their cost of capital.
  2. Due to increase in the cost of capital for may firms, they were unable to borrow in order to meet up their capital investment hence the decrease in their performance mostly on profitability.
  3. The optimal capital structure is one in which the marginal real cost (the sum of both explicit and the implicit costs) of each available method of financing is the same.

CHAPTER ONE

Background to the Study –       –       –       –       –       –    1

Statement of the problem –       –       –       –       –       –    4

Purpose of the study        –       –       –       –       –       –       –    6

Research hypothesis        –       –       –       –       –       –       –    6

Significance of the study  –       –       –       –       –       –    8

Scope and limitations      –       –       –       –       –       –    9

Definition of terms   –       –       –       –       –       –       –   10

References       –       –       –       –       –       –       –       –   12

 

 

CHAPTER TWO

Literature Review   –       –       –       –       –       –       –   12

Introduction     –       –       –       –       –       –       –       –   13

The concept of capital structure      –       –       –       –   13

Security valuation    –       –       –       –       –       –       –   22

Review of previous studies       –       –       –       –       –   23

Theoretical foundation     –       –       –       –       –       –   35

The Net Income Approach        –       –       –       –       –       –   40

The Net Operating Income Approach       –       –       –       –   41

The Modigliani-Miller Hypothesis (1958)      –       –       –   43

The Traditional Approach      –       –       –       –       –       –   47

References      –       –       –       –       –       –       –       –   50

 

CHAPTER THREE 

Research Design and Methodology       –       –       –       –   51

Sources of data        –       –       –       –       –       –       –   51

Primary data    –       –       –       –       –       –       –       –   52

Questionnaire Method     –       –       –       –       –       –   52

Interview Method     –       –       –       –       –       –       –   55

Secondary data        –       –       –       –       –       –       –       –   56

Population size        –       –       –       –       –       –       –       –   57

Data treatment and analysis    –       –       –       –       –   58

References       –       –       –       –       –       –       –       –   59

CHAPTER FOUR

Data Presentation and Analysis    –       –       –       –   60

Questionnaires analysis and presentation       –       –       –   60

Data analysis and presentation       –       –       –       –       –   80

Test and prove of hypothesis   –       –       –       –       –   81

 

CHAPTER FIVE

Summary, Recommendation and Conclusion      –    91

Summary of findings       –       –       –       –       –       –       –    91

Recommendations   –       –       –       –       –       –       –    92

Conclusion      –       –       –       –       –       –       –       –    93

Definitions of terms –       –       –       –       –       –       –    94

Bibliography    –       –       –       –       –       –       –       –    96

Appendix –       –       –       –       –       –       –       –       –    99

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND TO THE STUDY

A Corporation, Private or Public need capital to enable it achieves its objectives. Capital structure implies the nature and proportion of elements, which go to make up the capital invested in a business corporation that are in need of funds exchange their financial instruments for the money provided by the intermediaries or direct from savers.  This money the corporations convert to tangible assets as building, land, plant and machinery, motor vehicles etc.  Basically, a corporation uses three main sources of long term and permanent financing viz: common stock, preferred stock and debt financing (bond).  It is the combination of these finances to particular firm that is termed capital structure.

There is need for reasonable balance of different types of securities comprising the capital structure of a firm otherwise the firm will deplete its financing ability or finance at sub optimal cost.  In achieving this, the cost of capital is important for it has a major impact on the investment decision and the financing structure of the firm of which affect the riskiness and size of the firm.  Specifically, the issue has been on whether

or not financial leverage effects the firm’s cost of capital, its value and profitability, hence its corporate performance.

Two major schools of thought (the Traditionalist and Modigliani Miller)  extreme views on the issues in question have been among those involved in the arguments.  According to Modigliani and Miller, in their proposition which states that “the market value of any firm is independent of its capital structure and is obtained by discounting its expected return at a rate appropriate to its risk class”1 in their proposition 2 however, it states that the cost of equity is equal to the cost of capital of an unlevered firm plus the after-tax difference between the cost of an unlevered firm and the cost of debt weighted by the leverage ratio2.  Their long standing and unresolved opposite views have become so controversial that it has led many into concluding that the literature is marked by serious confusion and contradictions.  This particular notion is manifested in the words of LINTER “the decision rule which have been proposed for determining the optimal capital structure and reliance on different sources of financing are mutually in-consistent, in the sense that they have led to often substantially different decision under given sets of circumstance”.

 

We are concerned with whether the way in which investment proposals are financed matters; and if it does matter, what is the optimal capital structure.  If we finance with one mix of securities rather than another is the value of the firm affected? This study will be guide by the definition, which sees capital structure as the interrelationships among long term dept, preference share and net worth (ordinary share capital plus reserves and surplus).

 

Finally, this study will ask some staff or selected companies in Onitsha, Anambra State how effective and they think their capital structure have been and what has been the effects on the corporate performance.

 

1.2   STATEMENT OF THE PROBLEM

The use of debt as part of the capital of a business could either help or worsen the situation of a firm depending on how well the debt was used.  Generally, long-term borrowing is required for purchase of new fixed assets or expansion of production capacity.  Equally, a firm may use its retained earnings, which is shareholders money or raise more money within the organization through the issue of new shares. If loan credit is more than equity capital (owner’s fund) it is wrong and risky because this,

will increase the probability of bankruptcy.  On the other hand,

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INTERNAL CONTROL SYSTEM IN PUBLIC ORGANIZATION

INTERNAL CONTROL SYSTEM IN PUBLIC ORGANIZATION (A CASE STUDY OF PHCN, OKPARA AVENUE, ENUGU)

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COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeria banks without internet

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

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CHAPTER ONE

1.0   INTRODUCTION

1.1   BACKGROUND OF STUDY

 

According to Oxford Learners Dictionary, Organization can be said to be a group of people who form a business, club etc. together in order to achieve a particular aim. It can also mean two or more people getting together for a purpose. In getting together, they decide to interact with one another to achieve the objectives of the organization (Unamka & Ewurum, 1995:1)

When we discuss organization, we have variclasses among which are service organization and social organization etc. All these organizations have in mind the aim of continuing if not for eternity, a given period of time. (Unamka & Ewurum, 1995 1, 2, 3)

For an organization to carry on its business there must be some factors put in place for the smooth running of the organization management, man-power, materials, money and machines. These need to be well coordinated in order for the success of the organization to be achieved. They are used by a group of persons known as management; neither can management exist without organization- the two are inseparable twin. (Unamka &Ewurum, 1995:65)

Good management weaves together the various parts of organization so that all factors function as a united body. Management refers to the group of executives or officials of a company who directs efforts towards common objectives by using available resources (Unamka & Ewurum, 1995:66) management can also be said to be a process of planning, organization to have an intergrated system that will aid the achievement of organization objectives (Musselman & Hughes, 1981)

Effective management leads to purposeful, well coordinated, goal oriented and goal directed activities. As earlier social organizations have in mind “CONTINUITY” and “SURVIVAL” as they are being run for an organization to survive and continue existing without going bankrupt, or said to be illiquid, i.e. being its inability to meet up with its responsibilities as and when due, it must ensure the safty of its assets, cash and also the accuracy and reliability of its records, it should ensure that it institutes a system of control, strong enough to ensure such. This system is what is known as INTERNAL CONTROL SYSTEM.

According to WIKIPEDIA, the free encyclopedia, in accounting and organization theory, INTERNAL CONTROL is defined as a process effected by an organization’s people and information technology (I.T) system, designed to help the organization accomplish specific goals or objectives. It is a means by which an organization’s resources are directed, monitored and measured. It plays an important role in preventing and detecting fraud and protecting the organization’s resources both physical (e.g. machinery and property) and intangible (e.g. Reputation and intellectual property such as trade marks) the organizational level, internal co9ntrol objectives relate to the reliability of financial reporting; timely feedback on the achievements of operational or strategic goals and compliance with laws and regulations. At the specific transaction level, internal control refers to the actions taken to achieve a specific objective (e.g. how to ensure the organization payments to third parties are for valid services rendered)

There are also a variety of definitions of internal control as it affects a variety of constituencies (stakeholders) of an organization in various ways.

Under the committee of sponsoring organization (COSO) internal control- integrated framework, a widely-used frame work in the United States, internal control is broadly defined as a process effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: Effectiveness and Efficiency of operations; Reliability of financial reporting; and compliance with laws and regulations.

According to Millichamp(2002:85), internal control system is defined as the whole system of controls, financial and otherwise, established by the management in order to carry on the business of the enterprise in an orderly and efficient manner, ensure adherence and management policies, safeguard the assets and secure as far as possible the completeness and accuracy of the records. Internal controls are to be an integral part of an organization’s financial business policies and procedures. Internal control consists of all the measures taken by the organization for the purpose of protecting its resources against waste, fraud and inefficiency, ensuring accuracy and reliability in accounting and operating data, securing compliance with the policies of the organization and evaluating the level of performance in all organizational units of the organization. Internal controls are simply good business practices.

Internal control according to Osita(2002:106) is the whole system of controls, financial or otherwise, established by management in order to secure as far as possible, the accuracy and reliability of the records, run the business in an orderly manner and safeguard the company’s assets, its objectives being the prevention  or early detection  of fraud and errors. It may include internal auditing.

Everyone within the organization has some roles in internal controls. The roles vary depending upon the level of responsibility and the nature of involvement by the individual. The Kansas Board of regents, president and senior executives established the presence of integrity, ethics, competence and a positive control environment. The director and department heads have oversight responsibility for internal controls within their units. Managers and supervisory personnel are responsible for executing control policies and procedures at the detail level within their specific unit. Each individual within a unit is to be cognizant of proper internal control procedures associated with their job responsibilities.

The internal audit role is to examine the adequacy and effectiveness of the organization internal controls and make recommendations where control improvements are needed. Since internal auditing is to remain independent and objective, the internal audit office does not have the primary responsibility for establishing or maintaining internal controls. However, the effectiveness of the internal controls are enhanced through the reviews performed and recommendations made by internal auditing.

The institution of internal control system is an organization is not without a purpose; these purposes will be discussed later in this sturdy. One of such is to ensure that the organization survives, continue to exist, grows, become vibrant in whatever environment it might be existing or located. It is against this background that this sturdy seeks to unveil and look at the place, importance and inevitable nature of internal control system on the survival and growth of an organization.

 

1.2 STATEMENT OF PROBLEMS

When we refer to internal control system, we talk of a system which will enable an organization achieve its objectives, we talk of a system which is very important to the existence of an organization, we talk of a system which will forestall the perpetration of acts that can act as a clog in the wheel to the success of an organization. This system is an all round

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THE PLACE OF PROPER AND ADEQUATE FINANCIAL RECORD KEEPING IN THE SUCCESS OF SMALL SCALE BUSINESS

THE PLACE OF PROPER AND ADEQUATE FINANCIAL RECORD KEEPING IN THE SUCCESS OF SMALL SCALE BUSINESS

Click here to download our android mobile app to your phone  for more materials and others

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeria banks without internet

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

Click here to download our android mobile app to your phone  for more materials and others

 

ABSTRACT

This study investigated the proposed that favour this proper and adequate financial record keeping in the success of small scale business. also discussed is a documentation of the research findings carried out among merchandizing oriented small business with the aim of charging the assertion among our small business proprietors that there is no relationship between sound accounting practices and profitability in business.

In began with under surveying the effects and cause of inadequate or complete lack of proper financial record among our small scale business proprietors. It also underlined the benefit of good financial record keeping. Discussed also is the extent to which simple companies maintained proper and adequate financial records.

Lastly, a relationship was established between proper and adequate financial records and success of small business.

Recommendation outlined a system of financial records for merchandizing oriented small scale businesses.

 

TABLE OF CONTENTS

CHAPTER ONE

  • Introduction 1

1.1     Historical development of book-keeping                           2

1.2     Statement of problems                                                       3

1.3     Objective of the study                                                        4

1.4     Significance of the study                                                   5

1.6     Definition of terms                                                            23

 

 

 

CHAPTER TWO

  • The review of related literature                                         26

2.1     Concept of small scale business                                         26

2.2     Constituents of proper and adequate financial record keeping in business.                                                                                 27

2.3     Benefit of proper and adequate financial record keeping business 30

2.4     Causes of inadequate record keeping in small scale business.33

2.5     The task of designing financial record keeping system.     36

2.6     Measurement of success in small business.                        40

2.7     Small business and auditing                                               43

 

CHAPTER THREE

  • Research design and methodology 47

3.1     Method and procedures                                                     47

3.2     Sources of data                                                                  48

3.3     Research instrument                                                           48

3.4     method of data analysis                                                     49

3.5     Data analysis of techniques.                                               49

 

CHAPTER FOUR

4.0     Data presentation and analysis                                           50

 

CHAPTER FIVE

5.0     Summary of findings, recommendation and conclusion

5.1     Summary of findings                                                         67

5.2     Recommendations.                                                            68

5.3     Conclusion                                                                        75

5.4     Limitation of study                                                            75

 


CHAPTER ONE

1.0     INTRODUCTION

DEFINITION, NATURE OF BOOK-KEEP AND ACCOUNTING

          Book-keeping may simply be defined as an art of recording all money transactions of an organisation so that its relationship to both its proprietor and outsider can readily be ascericuned for a particular point in time. Book-keeping cannot be easily differentiated from accounting in general. The book-keeper writer up books and keeps accounting records in a system designed by the accountant whereas the amount ant controls the book-keeping system and ares information produced to prepare financial statement and advice management and other users of financial information.

Accounting can be defined in various ways depending on the objectives which the writer wants to achieve for the purpose of this study, accounting can be defined as a process of collecting, analyzing interpreting and summarizing of information or date relating to an organisation in such a way that decision guide is made easy. It can also be defined according to the nature of the activities involved in an organisation either descriptive or analytics information obtained from the activities involved.

An on information system it collects and communicate economic information about business and organisation whse actions and decision are related to the activities being communicated. Accounting may be summarized as a machine behind the writing of an economic history and plan of an or both qualitative and financial in manner so that facts can be realized for decision making for internal and external papooses.

 

  • HISTORICAL DEVELOPMENT OF BOOK-KEEPING

There have been no ascertainable record as to when book keeping and accounting developed. Many schools of thought have numerated the historical development of book – keeping and accounting record from their historical perspectives and philosophical background.

It is on record that about 850 BC the early man established the fact that there have been in existence of book-keeping and accounts. After several prove by academicians a record was discovered which reveals the book-keeping practices. Table of days were used in recording facts and events as well as business transitions.

Similarly tablets were also used in reporting on how well the business has been.

The modern accounting practice according to listo traced its origin from Egypt which indicted that precious materials like stocks of jewelsy and other precious stocks were bought and sold by early merchants of different countries which sees the facts that proper accountability is necessary in the smooth running of the business and understanding among the owners of the business.

 

  • STATEMENT OF PROBLEMS

To many Nigerians small business men, to get rich quick and short term profitability rather than sustained grwtoh, survival and long term profitability is the aim of being in business. therefore many of them cannot easily be couninced that there is a correlation between sound accounting practices and long range profitability. Even where they do, the problem does not there, because the record must be designed to suite the specific business if it is to be  adequate and proper. The question is does proper bo

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BUDGETING IN ALL INFLATIONARY ENVIRONMENT

BUDGETING IN ALL INFLATIONARY ENVIRONMENT

(A CASE STUDY OF BINEZ HOTELS LTD ABA)

Click here to download our android mobile app to your phone  for more materials and others

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeria banks without internet

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

Click here to download our android mobile app to your phone  for more materials and others

 

ABSTRACT

This topic was designed to highlight the importance and prominence budgeting in a very dynamic economy like ours as well as the difficulty to forecast the rate of inflation with accuracy and the problem posed by changing price level and how these problems are addressed in making budgeting decisions.

Highlighting the advantages as well as he problem associated with budgeting will enhance the managers skill and ability in the preparation and implementation of budgets. They will also see the correlation between budgeting and success as well as appreciate it students on the dynamics, complexities and mechanics of today’s business decision making. a part from making some contribution to knowledge, the study would also add to the existing. Finally, the study is significant as it is in partial fulfilment of the polytechnics requirement for the award of Higher National Diploma (HND) in Accountancy. This study report is five chapters. The first chapter introduces the topic, present the nature of the problem, the objective of the study significant of the study, the significant of the study the scope of the study as well as statement of hypothesis. The chapter also given a brief history of the company and the aware ship structure. Hence the first chapter serves as a prelude to the main study.

The second chapter examines the work of the other people on the study. Review is divided into sections top cover areas like of meaning and purposes of budget  and the techniques of the data treatment will be explained and the limitation to which we are subjected in the data treatment. The data collected will be analyzed and discussed so as to develop our findings in the context of the purpose for which the study was conducted chapter four.

Here, the statement of fact in connection with the study will be made. The finding of the study will determine whether the hypothesis were true or not.

Finally, in chapter five, statement of findings is made, conclusion are draw remarks and recommendations based on the study are made.

 

TABLE OF CONTENTS

 

CHAPTER ONE

  • Introduction 1

1.1     Background statement                                             1

1.2     Nature of the problem                                              3

1.3     Statement of hypothesis                                           5

1.4     Objective of the study                                              6

1.5     Research question                                                    7

1.6     Significance of the study                                         8

1.7     Scope of the study                                                             9

1.7.1  Brief history of the company                                   10

1.7.2  Ownership structure                                                11

1.8     Organisation of the study                                         11

1.9     Definition of terms                                                  12

 

CHAPTER TWO

  • Review of related literature                                     16

2.1     Introduction                                                             16

2.2     Meaning and purpose of budgeting                         21

2.3     Types of budgeting                                                  23

2.3.1  The operating budget                                               23

2.3.2  The finance budget                                                  26

2.4     Stamps in preparing budget                                     28

2.5     Techniques of budget                                              29

2.6     Meaning of inflation                                                31

2.7     Rates of inflation                                                     32

2.8     Types of inflation                                                    33

2.9     Pos and cons inflation                                              35

2.10   causes of inflation                                                    36

2.11   Control of inflation                                                  39

2.12   How Binez Hotels Ltd, Aba take care of inflation in

their budgets.                                                                     40

2.13   Budget planning implementation and control in Binez Hotel Ltd. 41

2.14   Types of budget prepared in Binez hotel                 42

2.15   Budget preparation implementation and control procedures in Binez Hotel Ltd.                                                                43

2.16   Data presentation, interpretation and various analysis. 45

2.17   Summary                                                                 45

 

CHAPTER THREE

  • Research design and methodology 47

3.1     Research design                                                       47

3.2     Area of study                                                           48

3.3     Determination of sample size/population                 48

3.4     Sample and sampling procedure                              49

35      Types of data used                                                   49

CHAPTER FOUR 

  • Data presentation and analysis 53

 

CHAPTER FIVE

  • Findings, recommendation and conclusion 67
    • Introduction 67
    • Recommendations 69
    • Suggestions for further research 70
    • Summary/conclusion 71

Bibliography                                                            72

Appendix                                                                 77

 

 

 


CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND STATEMENT

The concept of budgeting is as old man. In history, we learnt that the early man had to determine whatever he needed in advance before it eventually materialized. This very obvious in the present days in lives of individual, a state or a nation, as nation plans ahead in terms of revenue and disbursements within a specified period of time. Every establishment, be it public or private, finds it necessary to prepare budget and institutes budgetary control for the purpose of translating policies the best possible activities as well as financial control in order to achieve the best result. A budget had been defined as “a financial and /or quantitative statement prepared and approved prior to a defined period of time of the policy to be pursed during that period for the purpose of attaining a given objective. It may include income, expenditure and the employment of capital. The institute of cost of management accountants (ICMA) defines budgeting control as’ the et of departmental budgets relating the responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results, either to serve by individual action the objective of that policy or to provide a firm basis for its revision. In a nutshell a budget is a permute which measures the actual achievement of people , artments, ministries, firms etc.

Statement for review and control purposes. These financial statement as a guide to chief executives had of parastatals etc. In the operation of the resources at their disposals.

However, in recent times, increases in the general level of prices has in no small way unlimited the numerous advantages of budgeting planning as well as increased the degree instability and uncertainly in the business environment. No rigid reliance on budgeting as a management tool to provide direction basis for performance appraisal and for profit measurement can be grossly misleading inflationary result in reduced profits. It can equally create a false sense of well being for a company. For instance, where a company makes holding gains by merely deliberately holding its stock and reselling at a much higher price when actual supervisor managerial ability has not been demonstrated nor has capacity utilization or sale volume increased. Also during inflation, the value of fixed assets are usually understated because the replacement or current cost of the assets are usually higher than their book values. This is turn understates the amount of deprecation charged for these assets and consequently overstate profit. The distribution of this Phony profit as dividends may result in capital depletion. This a negation of fundamental principle of income determination, which state that provision should be made to maintain the of existing capital intact.

Budgeting in an inflationary environment therefore requires considerable forecasting and predication of the economic, social political, and even legal trends in the business environment and their impact on both the centre economic factor in today’s activities of the particular business enterprise. As a recurring factor in business environment the need to recognize and incorporate inflationary pressure in budgeting decision is therefore very paramount.

 

  • NATURE OF THE PROBLEMS

The dynamic complex, unstable and competitive environment under which Nigerian operates to day has made advance planning very crucial and infact a key factor for success. a business plan is usually actualized through the use of a budget. However, no matter how through and painstaking the preparation of a budget may be unforeseen fluctuations in general price level may cause unfavourable distributions or deviations between actual and budgeted activities.   

As a result of the dire need to plan effectively and keep pace with developments in the business environment, the following problems are addressed.

Inflationary pressures are incor

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