RELEVANCE OF ACCOUNTING SYSTEM ON THE PERFORMANCE OF MANUFACTURING COMPANY
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The relevance of effective accounting system on the performance of a manufacturing company was intended to investigate the effect of mediocre and lack of comprehensive accounting system, financial accounting system and management accounting system.
The research work also received work done by others in respect to his subject matter by using text books, questionnaires, professional journals and conference papers by prudent scholars.
The statistical research study also revealed that the application of the relevant accounting system in a manufacturing company couldn’t be over emphasized or compromised.
The cost accounting system of manufacturing firms clearly showed the cost of raw material consumed, the prime cost of production and their profit.
It was the recommendation of the researcher that the three accounting system can be used in any manufacturing company, but may not be used in a service oriented industries, except where they are considered essential and indispensable, otherwise, the system are very expensive to maintain.
1.0 Introduction 1
- Background of the study 1
- Statement of the study 2
- Objective of the study 3
- Significance of the study 3
- Scope and limitation of the study 4
2.0 Review of related literature 6
2.1 Concept of accounting 6
2.2 Evolution of the accounting system 8
2.3 Accounting as a system 9
2.4 Sound accounting system ` 12
2.5 Purpose of accounting system 17
2.6 Accounting information system 23
2.7 Relevance of an Adequate/sound accounting system 25
3.0 Finding, Conclusion, Summary, Recommendation 26
3.1 Finding 26
3.2 Conclusion 27
3.3 Summary 28
3.4 Recommendation 29
1.1 BACKGROUND OF THE STUDY
In any organization, manufacturing or non-manufacturing that knows its functions requires an effective accounting system for it continues in existence. In the past, use have heard of how firms up due to one reason or the other. When properly investigated as to what constitute their folding up, one may not be surprised that it was due to negligence in operating on effective accounting system. Even the greatest book on earth “The Holy Bible” makes it own judgment on this, in Mathew 25:14-30. Which in this illustration, we heard of a master who, while away, entrusted various sum of money to his three servants, on return, he called them to “account” for the property entrusted to them, out of the three servants, one could not give a god account of the property entrusted to him, hence he was unsuccessful (and fold up).
Each of the manufacturing company needs an effective accounting system to determine its profitability position by at least break even. The shareholder is “interested in seeing his invested fund yielding profits, thereby increasing their shareholdings. The creditor wants to be sure that his fund is adequately guaranteed; However, penitent to highlight out this juncture that accounting system is a means of obtaining all relevant information, which is needed by management in decision making.
1.2 STATEMENT OF THE PROBLEM
When considering the problem that relates to an unsound accounting system, what easily comes to mind is the possibility of frauds, either by senior managers or other staff, to occur. Such fraudulent practices may include with holding of cash receipts, misuse of funds, falsification of documents of higher levels, purchasing Keck balks, padding of payrolls, diversion of securities, removal of materials or products of staff etc. Another problem is allowing the accounting function in the authority of incompetent personnel who has shallowed or no knowledge of accounting.
However, where there is negligence in keeping an effective accounting system, the management will definitely find it practically