THE PLACE OF PROPER AND ADEQUATE FINANCIAL RECORD KEEPING IN THE SUCCESS OF SMALL SCALE BUSINESS
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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
- 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
- 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
- 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
4.0 Data presentation and analysis 50
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
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