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THE ROLE OF AUDITORS AND THE METHOD OF INTERNAL CONTROL IN LOCAL GOVERNMENTS

THE ROLE OF AUDITORS AND THE METHOD OF INTERNAL CONTROL IN LOCAL GOVERNMENTS

( A CASE STUDY OF UDI LOCAL GOVERNMENT AREA IN ENUGU STATE)

 

 

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ABSTRACT

The subject of this research investigation is “The Role of Internal Auditor and the method of Internal Control in Local Government in Enugu state specifically. The objective of the study is to know whether the function of the internal audit department are performed in compliance with the established standards and policies and how much it have succeeded in achieving the objectives of the local government. The methods of data collection were interviews, direct observation and study of secondary materials. In analyzing the data collected, percentage and some formulated hypothesis were used. The major findings of this study are: That Udi Local Government Area has an Internal audit department, that internal auditing helps to know how well the policies of the management are executed, that the duties of the internal control be performed by either the accounts division or the external auditor who must be statutorily appointed, that all the internal auditors of the local government report to the auditor general, through the executive chairman of the local government area. The researcher hereby recommends that internal auditing should be employed in local governments, because it will help immensely in management control.

 

 

TABLE OF CONTENTS

 

CHAPTER ONE: INTRODUCTION

  • Background of the study ……………………………..………………1
  • Statement of problem…………………………………………………2
  • Objective of the study…………………………………………………2
  • Research questions……………………………………………………3
  • Research hypothesis……………………………………………..……3
  • Significance of the study………………………………………..……4
  • Scope of the study……………………………………………….……5
  • Limitation of the study…………………………………………..……5
  • Definition of terms……………………………………………….……6

CHAPTER TWO

  • Introduction……………………………………………………………8
  • Theoretical framework………………………………………..…..…11
  • Current Literature review………………………………………..…12
  • Summary of Literature review…………………………..……..……34

CHAPTER THREE: RESEARCH DESIGN AND METHODS

  • Research design……………………………..……………………….39
  • Area of the study……………………………………………….……39
  • Population of the study……………………………………..……….39
  • Sampling method…………………………………………..…..……39
  • Research Instruments…………………………………………..……40
  • Validity and Reliability of research Instruments……………………40
  • Sources of data………………………………………………..……41
  • Method of investigation. …………………………………..…..……42

CHAPTER FOUR: ANALYSIS OF DATA PRESENTATION

  • Data presentation and Interpretation…………………………………43

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

  • Summary of findings ………………………………………………50
  • Conclusion ……………………………………………………..……50
  • Recommendation ………………………………….…………..……52

References……………………………..……………………….……55

Appendix A ……………………………..…………….…………….56

Appendix B……………………………………………………..……57

Questionnaire …………………………………………………..……58

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

The new civil services move with designed to make the service more functional professional, productive and responsive to the socio-economic needs of the nation. The federal government has also recently revamped and restructured the local government system to enable it perform its role of promoting, co-ordinating and implementing community services enhancing citizens participation and maximizing the use of local resources. Enormous amount of money of flowing to the local government form the federation account (    ), the of the state internally generated revenue and the revenue of the local government.

The federal government of Nigeria came up with a financial instruction in 1979, instructing all local government to set up internal audit unit in each local government. But the behaviour and attitude of operation of local government system resulted in many local government not setting up internal audit unit or if set up. They were not functional. The federal government in 1988 set in motion a real ware of change. A real frame work of internal auditing in the local government was spelt out in order to make it less difficult for management of the local government as the greatest contributing factor to the poor performances of local government.

 

1.2     STATEMENT OF THE PROBLEM:

The local government has three broad sources of revenue, they include: direct from the federation’s account, of internally generated revenue of the state government and revenue generated internally by the local government her self. The internal sources available to the local government area include: rents from market stores, royalties paid by some residents company in a local government contractors registration, sales of car/bus emblems, etc.

Since the local government has a whole lot of possible sources of revenue, the problems therefore include,

  1. a) How can efficient management controls be achieved?
  2. b) What is the role of internal auditing in ensuring this control?
  3. c) How can the internal auditing be made a useful tool management control?

1.3     OBJECTIVE OF THE STUDY:

  1. a) The researcher intends to find out, the role of auditors and the method of internal control in local government.
  2. b) Whether the function of the internal audit department are performed in compliance with the established standards and policies and how much it has succeeded in achieving the objective of the local government.
  3. c) In the end, the researcher shall establish some acceptable benefit that may be derived from effective audit control system

1.4     RESEARCH QUESTIONS:

  1. a) Do Udi Local government Area have an internal audit department?
  2. b) If internal auditing helps to know how the polices of management were executed?
  3. c) Can the duties of the internal auditor be performed by either the accounts division or the external auditor who must be statutory?
  4. d) Do all the internal auditors of the local government area report to the auditor general, through the executive chairman of their local government area?

1.5     RESEARCH HYPOTHESIS:

In the research work, the following hypothesis were formulated, tested and analysed in solving the research problem.

Ho:    The internal audit department helps the accounting system of the local government.

Hi:     The internal audit department does not help the accounting system of the local government.

Ho:    The internal audit department does not help to prevent fraud and improve revenue position.

Hi:     The internal audit department helps to prevent fraud and improve revenue position.

Ho:    Reporting to the auditor general, through the executive chairman of the local government makes the internal auditor perform his fiduciary duties diligently.

Hi:     Reporting to the auditor general, through the executive chairman of the local government makes the internal auditor not to perform his fiduciary duties diligently.

 

1.6     SIGNIFICANCE OF THE STUDY:

This research is on attempt to survey the constructive parts, which internal auditing can play in the local government system in Nigeria with particular reference to Udi Local government Area of Enugu State.

A lot of problems are facing the local government area as not having an effective audit central system one of these problems is the management seems to gloss over the operation of the local government, which are carried out in disorganized manner. The researcher was motivated to choose this topic because of his belief that if management of Udi local government, an efficient management which is pre-requisite for high productivity will be assured.

This is so because an efficient control system will enable the management to monitor the performances of the executives and take necessary and adequate corrective actions to ensure high performances of the executive and take necessary and adequate corrective actions, to ensure high performances at all levels.

 

1.7     SCOPE OF THE STUDY:

The scope of the study is limited to Udi local government area of Enugu state. This is because of the limited time available for the researcher for the submission of the report and the financial involvement of the scope is further widened. Furthermore, from the related literature review, it was observed that there were enough bases for generalising the result of the study.

 

1.8     LIMITATION OF THE STUDY

The study has been limited by a number of factors notable among the limitations was our people’s poor reaction to research questions and reading meaning into any attempt at any form of interview.

One of the vital documents needed for this investigation could not be supplied because it was audited account for 2007 and 2008 financial year. The last audited account was in 1988.

It took researcher much effort to convince some respondent, that he is not in anyway trying to find out the well or otherwise they are carrying out their work.

Capital Restrains: This research cost the researcher capital transport fares, buying of materials and browsing the internet to obtain more points.

Ignorance: Most of the respondents were ignorant of giving out information demanded by the researcher, they were ignorant of the research purpose and though it will be used for negative reasons.

Evasion of privacy: Some of the questions that was asked in this study appeared to be evading the privacy of the respondents, for this reason, the researcher did not get all the cooperation he requires in order to conduct a good research

 

-1.9   DEFINITION OF TERMS

LOCAL GOVERNMENT: A local government is a form of public administration which in a majority of contexts, exists as the lowest tier of administrator within a given state (Wikipedia).

EMBEZZLEMENT: This is an act of dishonesty withholding assets for the purpose of conversion (theft) of such assets, by one or more person to whom the assets were entrusted, either to be held or to be used for specific purposes.

APPRAISAL: A valuation of property (i.e., real estate, a business, an antique) by the estimate of an authorized person. In order to be a valid appraisal the authorized person will have a designation form a regulatory body governing the jurisdiction the appraiser operates within.

 

 

 

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THE ROLE OF ACCOUNTANT IN THE PROJECT EVALUATION IN THE OIL SECTOR

 THE ROLE OF ACCOUNTANT IN THE PROJECT EVALUATION IN THE OIL SECTOR

(A CASE STUDY OF SHELL PETROLEUM DEVELOPMENT COMPANY, PORTHARCOURT)

 

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ABSTRACT

This project work centres on the “Role of an accountant in project evaluation in the oil sector”. The objectives of this research work are to know whether project evaluation process have a better cash flow stream, to know what extent has project evaluation helped the oil sector and finally know if project evaluation and selection has improved the sector. In the course of this study, the researcher decided to use simple random sampling. The population of the study consist of 200 management staff as well as board of directors and a simple size of 100 was selected through random sampling method. The primary data collected were analyse using table schedule arithmetic differences in figure simple rate and also simple percentage. The finding reveals that project evaluation is a strong instrument for obtaining ivan from bank and other financial institutions. It further shows that the accountant uses project evaluations in project selection to make best project selection, in addition to choosing the best cash flow, it also provide the accountant  with the best investment option in a company. Some of the recommendations are that the accountants should carry out project evaluation in every industry. Also is that they are advised to master the use of Net present value (NPV) technique in evaluating a project since it improves the time value of money. Further research on the topic is highly recommended as no knowledge is a waste.

 

 

TABLE OF CONTENTS

CHAPTER ONE

1.0     Introduction ……………………………………………………………..…1

  • Background of the study ………………………………………………1
  • Statement of problem………………………………………………………2
  • Objective of the study……………………………………………………3
  • Significance of the study……………………………………………….…4
  • Research Question ……………………………………………………….…4
  • Formulation of Hypothesis……………………………………………..…5
  • Scope of the study………………………………………………………..…5
  • Brief history of shell petroleum development Company of Nigeria Limited (SPDC) ………………………………………………………….…5
  • Definition of terms …………………………………………………….. …7

 

CHAPTER TWO

2.0     Literature Review …………………………………………………….. …..9

  • Research Question / Hypothesis theories…………………………..…9
  • Current literature in theories mode Hypothesis and Research Question …11
  • The scope and nature of project evaluation ……………….………..13
  • Cash flow implication and project evaluation ………………………15
  • Corporate goal and investment decisions……………………………16
  • The Role of the Accountant in project evaluation…………………..18
  • The oil sector and project Evaluation……………………………….20
  • Summary of the literature review……………………………………21

CHAPTER THREE

3.0     Research Methodology……………………………………………..25

  • Design of the study …………………………………………………25
  • Area of the study…………………………………………………….25
  • Population of the study……………………………..……………….25
  • Sample method…………………………………………………….25
  • Instrument for data collection ………………………..……………..26
  • Validity of Reliability ……………………………………………….26
  • Distribution and retrieval of instrument…………………………….27

 

CHAPTER FOUR

4.0     Data presentation and Analysis ……………………………………29

  • Analysis of data……………………………………………………29
  • Test of Hypothesis ………………………………………………….32

CHAPTER FIVE

5.0     Summary, conclusion and Recommendation………………………..41

  • Summary of findings …………………………………………..……41
  • Conclusion ………………………………………………………….41
  • Recommendation ……………………………………………………42
  • Limitations to the study………………………………………………42

References………………………………………………..………….44

Appendix A ………………………………………………..………..46

Appendix B………………………………………………………….47

Questionnaires ……………………………………………..………..48

 

 

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

Project evaluation is of dual approachies vis-à-vis project and evaluation. Project has to do with investment decision which most of these decision have direct effect in future profitability of the organization either because they will result in an increase in revenue generation or they will bring about an increase in efficiency and cost effectiveness.

In the other hand, evaluation has to do with the analysis of the investment to see whether it will be worth while to take decision on it to go ahead with project’s expenditure.

According to Aguolu, P.S.O (1997:6), investment decision are the use of funds on long term asset. What is needs in investment should be known before financing decision are to be taken. “A peculiar aspect of these is that they involve future benefits which are in many cases difficult to predict”. The investment decision of a firm are commonly known as “capital budgeting or capital expenditure decision”.

Aguolu, P.S.O, (1997:70) “states that capital budgeting decision is that financial decision which involves and outlays of funds in the present time with the expectation of future returns over a period of time”. He further sees project evaluation as one of the capital budgeting processes.

On this note, the accountant plays the role of evaluating the suitability and adaptation of the project in relation to profit maximization.

Also in evaluation, the project is expected to be measured on incremental basis what determines. The acceptance of a project is it’s changes (positive in the firms revenue, cost and tax strems). In constrast, cash flow that would be changed by the investment should be degraded.

 

1.2     STATEMENT OF PROBLEM

As a technical and creative aspect of human endeavour, project evaluation requires knowledge, experience and all the skills needed by a manager to perform job effectively. The accountant’s competence in project evaluation during his choice of a project for the organization is very significant.

In a free market economy, it is generally delivered that the investors pays for an investments or intrinsic value. The problem here is how can the accountant relate the future cash flow, the expected returns and the degrees of risks associated with the investment to the market economy.

Another problem the accountant may be faced with is the calculation formula, he will effectively use the evaluation formula so as to rationalize between theory and practice. These constraints will help us to investigate into the failure of project or why project brings in lower value of expected cash flow stream, even after being selected through the modern method of project evaluation.

 

PURPOSE OF THE STUDY

Although  the industry under study is a heavy and capital intensive sector and hence require a large sum of money to invest in any commitment of fund and such activities requires a thoroughful analysis to ascertain the validity of such project and the profitability of cash flow streasm. This work is aimed at

–        Knowing the role of an accountant in project evaluation and selection.

–        Ascertaining the extent that project evaluation has helped a corporation in maximizing the benefits projects wvaluation and selection.

–        To ascertain the usefulness of project evaluation in determining the future cash flow stream of project.

1.4     SIGNIFICANCE OF THE STUDY

The importance of every research work is to contribute to the existing knowledge. Therefore, this study will be important to entrepreneurs and managers of corporations in that it will guide them in decision taking / making on investments. Some of the importance also includes

–        It will benefit financial analysis as a source of data collection

–        It will equally benefit students as a research materials and other seekers of knowledge.

 

1.5     RESEARCH QUESTIONS

For the purpose of these research, the researcher has decided to formulate some research questions that will serve as a guide and they are as follows:

  1. Does project evaluation process have a better cash flow stream?
  2. To what extent has projector evaluation helped the oil sector?

3        Has project evaluation and selection helped in improving the corporate health of the organization.

1.6     FORMULATION OF HYPOTHESIS

From the statement of the problems and objective of study, the following hypothesis are formed.

Ho:    Does project evaluation process has better cash flow streams.

Hi:     Does project evaluation process have a positive cash flow streams.

Ho:    Project evaluation and selection helps in improving the corporate health of the organization.

Hi:     project evaluation and selection have a positive change in corporate health of the organization

1.7     SCOPE OF THE STUADY

The  critical goals of any project evaluation is to determine whether or not given projects are technically fensible, commercially viable economically desirable, managerially sound and financially profitable. The main trust is cost and benefit implications of the project.

1.8     BRIEF HISTORY OF SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED (SPDC)

The shell petroleum Development Company of Nigeria, (SPDC) is the largest oil and gas exploration and production company in Nigeria. It is the operator of a joint venture in which NNPC holds 55 percent and AGIP 5 percent The company was granted an exploration license in 1983 and discovered the first commercial oil field at Olvibiri in Niger-Delta in 1958 leading to the export of oil in 1958. the federal government acquired 55 percent of the company in 1973 forming the basic of the joint venture operation that persist till today. The company assumed its present day name in 1979. the percent joint operating agreement and memorandum of understanding were last revised in 1991.

Today, SPDC products are almost half of the country’s oil form more than 90 oil fields in the Niger Delta area. it also supplies 95 percent of the country’s commercial  gas and its oil mining lease area of 31,000 square kilometers containing more than half the country’s oil and gas reserves. The sale of the company’s operation is massive involving an infrastructure of 6200 kilometers of pipeline, more than 100 wells, 87 production stations, 7 gas plants and two large oil terminals at forcados and Bony. The company is divided into two divisions, which are based in Warri in Delta State and Port-Harcourt in Rivers state with a small corporate centre in Lagos, these division operate with a high degree of autonomy and are running in each by a general manager who reports to the managing director in Lagos. SPDC has about 5000 staff of which 95 percent are Nigerians, the majority form the oil producing areas. In addition the company has another 80,000 contract staff mostly Nigerians.

SPDC supports a future development and  progress for communities in the areas of operations and its aim is to work along side all communities in harmony. The company’s social investment programme dates back to the Igbo’s when it launched an agricultural initiative in Ogboni area. this spread out the Niger-Delta and beyond not only helping farmers by improving crop varieties and farming technique by setting them up in business through co-operatives. More recently, SPDC has been increasingly involved in development project in the fields of health educated and vocational training linking up with non-governemtnal organisatios, which have expertise in th3ese specialist areas. The company’s health progroamme involves refurbishing and re-equipping existing rural hospitals. SPDC also grant scholarship each year to students from oil producing communities and sponsors science teachers in rural schools in addition, the company is running vocational courses to unemployed youths to help them acquire skilsl set-up their own small business. all this, in addition to producing basic amenities including water schemes, roads, school, building and clinics etc

DEFINITION OF TERMS

PROJECT: Project simply means commitments of financial resources with future benefit expectation.

EVALUATION: It is the process fo analyzing the investment to see whether it will be found worth while to take decision on it to go ahead with the project expenditure.

CAPITAL BUDGETING: By this, it means the process of planning or purchase of assets whose returns are expected to continue beyond one year.

SPDC: Shell petroleum redevelopment Company of Nigeria

PROJECT EVALUATION: This means analyzing a given project which has to do with investment decision. To see whether it will be profitable to go ahead with project expenditure.

ACCOUNTANT: An accountant is seen as a manager who uses the accounting information to make financial decisions. In modern computers, an accountant makes uses of computer application in the computation process of accounting work for effectiveness of efficiency of accounting information .

OBJECTIVES OF FTHE STUDY

The objectives of the study are as follows:

  1. To investigate whether project evaluation process have a better cash flow stream.
  2. To examine the extent that project evaluation has helped the oil sector.
  • To know if project evaluation and selection has improved the growth of the organisation.

 

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THE IMPACT OF TAXATION AS AN AID TO ECONOMIC DEVELOPMENT IN ANAMBRA STATE

THE IMPACT OF TAXATION AS AN AID TO ECONOMIC DEVELOPMENT IN ANAMBRA STATE

( A CASE STUDY OF NNEWI NORTH LOCAL GOVERNMENT AREA, NAMBRA STATE, NIGERIA).

 

 

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Account Name: Chi E-Concept Int’l
Account Name: 3059320631

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08074466939 Or 08063386834,   The Project Title  You  Selected On Our Website , Amount Paid, Depositor Name, Your Email Address, Payment Date. You Will Receive Your Material In Less Than 1 Hour Once We Confirm Your Payment.

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ABSTRACT

This research wok, treated impact of taxation as an aid to economic development. this research work was done to findout if actually there is an impact of taxation as aid to economic development. this research also became necessary in order to bring to the proper understanding of the enquirer the best ways to solve such problems connected with the taxation especially; what is taxable and the assessment of Nigeria tax system. It will also take cognizance of the objectives of taxation and impact on this economic development of Nigeria. The objectives of this study is to generate stable revenue or resources needed by government ot accomplish loadable projects and investment for the benefit of the people and to determine why people feel cheated when it comes to tax. To examine the  relevance of taxation in Anambra state and also to determine the extent government has been using revenue generated from tax. The method for sourcing data used in this research work, was primary and secondary source. The primary source includes questionnaires formulated and oral interviews while secondary source includes the use of textbooks, internet, and library. The method used in selecting the respondents were through the use of the judgement sampling method of the non probability method of sampling. The method that investigates data are the standard deviation, chi-square, the use of percentage, using of tables. The primary function of every government is to make provision for its citizens in terms of infrastructural facilities. The provision of this enormous work cannot be carried out adequately by the government due to its limited resources therefore, there is the imposition of tax on all citizens, companies to argument government financial position.

 

 

TABLE OF CONTENTS

 

CHAPTER ONE: introduction

  • Background of the study
  • Statement of problem
  • Objective of the study
  • Research Question
  • Significance of the study
  • Scope of the study
  • Assumptions of the study
  • Definition of operational terms

CHAPTER TWO: REVIEW OF RELATED LITERATURE

  • Introduction
  • Definition of tax and types
  • Incidence of taxation
  • Principles of taxation
  • Elements of taxation
  • The importance of taxation
  • Appraisal of some tax legislation
  • Structure of Administration of Nigeria Tax system
  • The problems of taxation and its function

CHAPTER  THREE: RESEARCH DESIGN AND METHODOLOGY

3.1     Research Methodology

3.2     Area of the study

3.3     Population of the study

3.4     Sample method

3.5     Research Instrument

3.6     Validity of Reliability of research instruments

3.7     Source of data

3.8     Method of  investigation

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1     Data presentation and summary of results

4.2     Test of Hypothesis

CHAPTER  FIVE: SUMMARY OF FINDINGS / CONCLUSIOIN AND RECOMMENDATION

  • Findings
  • Conclusion
  • Recommendation

References

Appendix A

Appendix B

Questionnaires

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

One of the major functions of any government especially developing countries such as Nigeria is the provision of infrastructural services such as electricity, pipe-borne water, hospital, schools, good roads and as well as ensure a rise in per capital income, poverty alleviation to mention a few.

For their services to be adequately provided, government should have enough revenue to finance them. The task of financing these enormous responsibilities is one of the major problems facing the government. Based  on the limited resources of government, there is need to carry the citizens (governed) along hence the imposition of tax on all taxable individuals and companies to augment government financial position. To this end, government have always enacted various tax laws and reformed existing ones ot stand the taste of time. They  include income Tax management Act (ITMA), companies income tax Decree (CITD), Joint Tax Borad (JIB) ect.

All these are aimed at ensuring adherence to tax payment and discouraging tax evasion and avoidance. For the purpose of this study, the researcher would be concerned with the impact of taxation as an aid to the economic development of Anambra state (Nigeria).

 

1.2     STATEMENT OF THE PROBLEM

The first need of any modern government is to generate enough revenue which is indeed “the breath of its nostrils”. Thus taxation is by far the most significant source of revenue for the government Nigeria regard payment of tax as a means whereby government raises revenue for herself at the expense of their sweat. It is good to note that no tax succeeds without the taxpayer’s co-operation. Here, we can ask some thought provoking questions such as: what makes taxation such a difficult issue? Why do people feel cheated when it comes to tax? Is government making judicious use of taxpayer’s money? In view of these questions above, this study is going to be carried out to offer solution to them.

We shall also look at the following issues and offer recommendations:

  1. Problems affecting he successful operation of tax system in Nigeria.
  2. How ot determine the Assessable income
  3. Process of tax administration in Nigeria
    • OBJECTIVE OF THE STUDY

The general objective of the study is to assess the contribution of taxes towards the growth of the Anambra state economy.

However, the specific objective of the study includes:

  1. To examine the relevance of taxation in Anamba state
  2. To determine why people feel cheated when it comes to tax.
  3. To determine the extent government has been using revenue generated form tax.
  4. To examine how tax rate affects the rate of investment in the economy.
  5. To know general desirability of firms to invest of tax incentive measures.

Generally, the work is done to find out if tax constitutes the bulk of government revenues and to erase the erroneous that it is exploitation by government for their selfish interest.

 

1.4     RESEARCH QUESTIONS

These are the questions researcher ask during the research process to help in gathering information or seeking for answers during the research, questions are the following:

  1. What is taxation?
  2. What ar3e the classifications of taxation?
  3. How do people react to payment of tax?
  4. Which system of tax is more accepted by people?
  5. What are the major problem affecting the Nigeria as system?
  6. What is the rate of tax evasion and avoidance?
  7. How would you assess the Nigeria tax system?
  8. Who are the people to pay tax?
  9. Which people are exempted from paying tax?
  10. Can your nation grow economically without taxation?
  11. How would you compare tax revenue with revenue from other sources?
  12. Does taxation make positive impact of life of a nation?
  13. Are there enough workers to carryout this assignment?

1.6     SIGNIFICNACE OF THE STUDY

ONE OF THE MOST FREQUENTLY DISCUSSED ISSUES IN Nigeria is how to solve the economic hardship in the country and how to create an industrial base that can be guarantee self sustaining economic development. also one wonders why a country which is richly endowed with the necessary human and material resources and which the people pay tax has been turned a heavily indebted country. The study will afford us the opportunity to know the roles taxation play in the Anambra state economy, such roles includes:

  1. Taxation is a major source of revenue to he government
  2. Revenue generated form tax enables government performs its functions effectively.
  3. Taxation acts as an instrument of fiscal policy
  4. The impact of tax on small business in the state.
  5. The study will in addition reveal if there are other better sources of government funding.
    • SCOPE OF THE STUDY

The scope of this study covers critical examinations on the impact of taxation on Anambra state economic development. it will also analyze other related issues such as structure and administrative machinery of tax in Anambra state and their associated problems. The essence of this digression is to possibly find out the obstacle if any, that hinder the effective collection & administration of tax in the state.

 

1.8     ASSUMPTIONS OF THE STUDY

The researcher in carrying out this study will make the following assumptions:

1        That the data that will be used area true & fair figures of taxes actually collected by the federal government in each year of assessment.

2        That the data will be authentic and can be relied on for further research work on the topic

3        That the data is going to form the basis of the research work.

 

1.9     DEFINITION OF OPERATIONAL TERMS

Tax: A compulsory levy by the government on its citizen for the provision of public goods & services.

Tax Base: The object which is taxed for instance personal income, company profit. The combined value of everything such as income, property, and other assets in a city, country, etc. on which tax is charged.

Tax Rate: Is the rate at which tax is charged. It is the percent of income paid as tax, or the percent of the value of a good, service or asset paid as tax. It can be classified as one of three types: progressive, proportional and Regressive tax.

Tax incidence: It offers to the effect of and where the burden is finally rested. It is the analysis of the effect of a particular tax on the distribution of economic welfare. Tax incidence is said ot fall” upon the group that ultimately bears the burden of or ultimately has to pay the tax.

FBIRS: Federal board of Inland Revenue Services. It is an operational arm of federal Board of inland Revenue which is responsible for the federal tax matters.

CITA: Company income Tax Act (CITA) is a federal law operated by the FIRS, which deals with the taxation of all limited liability companies in Nigeria with the exception of those engaged in petroleum operations.

JTB: Joint Tax Board: Is established under section 85 (1) of Decree 104 of 1993 to arbitrate on tax dispute between one state tax authority & another.

VAT:   Value Added Tax is a multistage tax levied and collected on

transactions at all stages of sales and distribution.

CGTA: Capital Gain Tax Act is an act that stipulates that all capital gains arising on disposal of asset of individual partnership and limited companies should be taxed.

PPTA:  petroleum Profit Tax Act is an act that regulates  the petroleum profit tax and also specifies how profit form petroleum will be taxed.

WITHHOLDING TAX: This is tax charged on investment income namely: rents, interest, royalties and dividends, presently it is charged ad the tax offset.

PROGRESSIVE TAX:  This is a tax incidence that increase as the size of income increases.

REGRESSIVE TAX: A tax is regressive when its tax rate decreases as the income increases. It is a tax that takes a larger percentage of a lower-income and a smaller percentage of a higher income

EXCISE DUTIES: These are taxes on some goods manufactured within a country (as opposed to customs duties, charged on goods from outside the country. It is a tax on the production or sale of a good.

PERSONS: It include all taxable persons whether it be individual or corporate bodies

 

1.5     RESEARCH HYPOTHESIS

HO:  Revenue generated from tax does not make any positive impact on the economic development.

HA:   Revenue generated from tax has a positive impact on the economic development.

H0:    There are no incentive from the government to boast the morale of the revenue collectors.

HA:   There are incentives from the government to boast the morale of the revenue collectors.

 

 

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THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

THE CHANGES IN ACCOUNTING STANDARDS ITS IMPACT ON FINANCIAL STATEMENT

( A CASE STUDY OF GUINNESS NIGERIA PLC BENIN BRANCH, EDO STATE)

 

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ABSTRACT

The project is a comprehensive study of the changes in Accounting standard, the impact on financial statement with a study of Guiness Nigeria Plc Benin Branch, Edo state. This project is aimed at determining the impact of Accounting standard on the users of financial statement and also the needs of the Accounting standard. Data were collected, through primary and secondary sources. The finding revealed that the changes in Accounting standard play a vital role of the financial statment of the companies that adopted the change. Therefore, the impact of Accounting standard cannot be over emphasized hence it depends on the conferment of a given organizaitonal setting from the conclusion of the study, it can be observed that there will be serious potentials for misunderstaniding and suspicious resulting form information based on mix of conflicting accounting policies. It is therefore recommended that since international financial reporting standard has come to stay with thirteen standards already to its credit. Therefore one would except  that the standard should be aplied on small scale business that are not quoted, and also non-compliance with accounting standard should not be seen only as a statutory offence but also as a criminal offence which can probably lead to closure of such business.

 

 

TABLE OF CONTENTS

CHAPTER ONE

          INTRODUCTION ………………………………………………………………………….1

  • Background of the study ………………………………………………………………….1
  • Statement of problem………………………………………………………………………3
  • Purpose of the study………………………………………………………………………..4
  • Research Question ………………………………………………………………………….5
  • Research hypothesis………………………………………………………………………..5
  • Significance of the study………………………………………………………………….6
  • Scope / defimitation of the study……………………………………………………….7
  • Definition of terms………………………………………………………………………….7

 

CHAPTER  TWO

Review of Related Literature…………………………………………………………….9

  • Introduction …………………………………………………………………………………..9
  • Theoretical framework ………………………………………………………………….10
  • Models and Theories Elevant to the research qustion…………………………28
  • Current interative review………………………………………………………………..30

 

CHAPTER  THREE

RESEARCH METHODOLOGY…………………………………………………….31

  • Research Design  …………………………………………………………………………31
  • Area of the study…………………………………………………………………………..31
  • Population of the study…………………………………………………………………..31
  • Sample and sampling techniques of the study……………………………………31
  • Instrument for data collection ……………………………………………………….32
  • Validity and reliability of Instrument ……………………………………………..33
  • Distribution and retrieval of instrument……………………………………………33

 

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1     Data presentation and interpretation ………………………………………………..35

4.2     Findings ………………………………………………………………………………………43

4.3     Discussion of findings …………………………………………………………………..44

CHAPTER  FIVE

Summary, conclusion and Recommendation ……………………………………45

  • Summary of findings …………………………………………………………………….45
  • Conclusion …………………………………………………………………………………..46
  • Recommendation ………………………………………………………………………….47

References……………………………………………………………………………………48

Appendix A …………………………………………………………………………………50

Appendix B…………………………………………………………………………………..51

Questionnaires ……………………………………………………………………………..52

 

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

In recent years, there has been a lot of criticism about accounting standard and the impact of the recent changes in financial report they prepare. A lot of people have led to question the validity of the profit measuring procedures applied in arising at the profit disclosed in published accounting. Quite a number of proposal have been made in an attempt to reform the methods generally in used.

This has resulted in coming together of different countries with a view to working out modalities for the standardization of these profit measuring and reporting procedures.

The international accounting standard committee (IASC) produces international accounting standards (IAS) to be followed by all member countries, of which Nigeria is one of them. Also they also produce additional statement to accounting standard (SAS) in an attempt to make the international standard meet with the local condition with the aid of globalization and increasing demand for transparency. The (IASC) as reconstructed in 2001 by creating the international accounting standard board (IASB) among other changes.

A new set of rules, which would align Nigeria with other countries and also improve investors confidence was formed in May 2011 known as international financial reporting standards (IFRS) which was issued out by international accounting standard boards which is globally accepted specially IFRS are defined in comprise

  • 13 in issue of the international financial reporting standard (IFRS) issued by IASB from 2001
  • 29 is issue of international accounting standard (IAS) issued by IAS before April 2001.
  • 15 in issue of interpretations originated from the internation financial reporting standard international committee (IFRSIC)
  • 11 in issue of the standard interpretation committee (SIC) statement, issued before April 2001.

The 13 IFRS in issue are:

IFRS  1        –         First time adoption of IFRS

IFRS  2        –         Share based payment

IFRS  3        –         Business combination

IFRS  4        –         Insurance contract

IFRS  5       –         Non-current asset held for sale and discontinued

operation.

IFRS  6        –         Exploitation for and evaluation of mineral resources

IFRS  7        –         Financial instruments disclosure

IFRS  8        –         operating segments

IFRS  9        –         Financial instrument

IFRS  10      –         Consolidated financial statement

IFRS  11      –         Joint arrangements

IFRS  12      –         Disclosure of interest in other entities

IFRS 13       –         Fair value measurement.

This work intends to analyse and examine the impact of these standards, the financial statement with particular emphasis on Guinness Nigeria Plc Benin, Edo state.

 

1.2     STATEMENT OF THE PROBLEM

Good accounting practice means that the account must be in accordance with the international financial reporting standard (IFRS), and the international accounting standard (IAS). The impact of accounting standard in the finance statement of an organization cannot be over emphasizes.

Moreover, the problem can be summarized below:

a        Lack of personnel with adequate knowledge of accounting standard is a major issues affecting the changes.

b        Lack of infrastructures and equipment which help to obtain most accurate information and report.

c        Inadequate accounting standard applied on financial statement to provide information for its users.

d        The problem of poorly designed accounting system in organization

e        The effect if faulty financial statement and report and the analysis produced by the management towards the achievement of the organizational goal.

f         The effect of financial statement and report which are not prepared at the appropriate tine.

g        Ineffectiveness of financial statement due to its improper application.

 

1.3     OBJECTIVE OF THE STUDY

The objective of this research work is intended to do the following:

A       To revealed that the changes in accounting standard play a vital role on the financial statement of the companies that adopted the changed.

B        To determine information about the changes in the net resources of the business organization

C       To find out if accounting standard is cumbersome and create problem.

D       To determine whether accounting and financial statement enhance accountability, transparency and improve quality to financial results of the organization.

 

1.4     RESEARCH QUESTION

The following are research questions postulates to guide the study.

  • What impact has this standard made on Nigeria economy?
  • How adequate is this accounting standard that is been applied in the financial statement helping to provide information to its users?
  • How necessary is the adopting of the accounting standard in the preparation of financial statement?
  • Of what importance is the extent of compliance in the preparation of the financial statement of an organization
  • To what extent has the change in the accounting standard help to harmonize and improve the accounting standard?

1.5          RESEARCH HYPOTHESIS

The following hypothesis were formulated in order to determine the validity and reliability of the study.

a             HO: The changes in accounting has no impact on the financial statement.

Hi:          The changes in accounting has impact on the financial statement.

b             Ho: Adoption of the accounting standards does not help in the standardization are harmonization of financial statement

Ho: Adoption of the accounting standards help in the standardization are harmonization of financial statement

c             Ho: it is of no importance to determine the extent of compliance of some organization in the preparation of the financial statement.

1.6          SIGNIFICANCE OF THE STUDY

The accounting standards are developed to ensure higher degree of standardization in the published of financial statement. They provide the necessary information about how accounting information should be presented in order to enhance the value of its content and facilitated through understanding.

The significance of this study to the academic world cannot be over emphasized. It is of benefit to all users of accounting information who need to interprets and use proper understanding of the financial standard and the information so derived in making management decision for the interest of the organization.

Another most importance of the study is to reveal to the management of (Guinness Nigeria Plc Benin, Edo state) on the standards in financial statement and also an accounting guides to staff of the organization

Lastly, this study would also serve as reference literature to further researchers on the changes and impact of accounting standards.

 

1.7          SCOPE / DELIMITATION OF THE STUDY

Despite the fact that the study is based on the impact of accounting standards in financial statement. It also covers the importance of the standard, application, compliance thus the need for the standards and also the main aim of this standardization.

The limitation is as a result of limited time, insufficient fund available with the researcher and limited source of material. Restriction of some vital information about the company with a response of confidential issue.

1.8          DEFINITION OF TERMS

A            Standards: The simply means the regulations governing the use of financial statements.

B            Changes: This simply means the process of becoming different form he former state.

C            Fair values: The price that would be received to see and asset or paid to transfer a liability in an orderly transaction between market participants at the measurement data

D            Financial statements: These are statements used in recording financial transaction of any balance sheet of business.

E            Joint Arrangement: An arrangement of which two or more parties have joint control.

F             Financial instrument: A document that has a monetary value or represents a legally enforceable agreement between two parties e.g shares.

G            Accounting: The development and use of a system for recording and analyzing the financial transactions and financial status of a business or other organization.

 

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THE ROLE OF AUDITORS IN PREVENTION OF FRAUD IN BANKING INDUSTRY

THE ROLE OF AUDITORS IN PREVENTION OF FRAUD IN BANKING INDUSTRY           

 

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COMPLETE PROJECT  MATERIAL COST 3000 NAIRA

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ACCOUNT NUMBER:  0115939447

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                                                     ABSTRACT
Chapter one contains the introduction and analysis of fraud. So many people define fraud in different way because of its inexplicit meaning. It also concentrate on the limitation, objectives and importance of auditing in our banking industry.While chapter two deals with the definition of Auditors and their duties in banking industry. It also discussed about various types, causes, effects of frauds in banks as well as the role of Auditors to hip it in the bud.
The paper equally looked into the means of preventing or reducing the incidence of fraud in the banking industry or operation. From the analysis, it was established that there are incidence of fraud in our banks. It was equally discovered that fraud occurs more frequently on current account department than in any other departments and this is normally done through forged cheques. It was also discovered that bank frauds can hardly succeeded without the aid of bank staff.
Finally, it was discovered that frauds have effects in operation and progress of the frauds have effects in operation and progress of the banks despite the control technique that have been instituted by the management of the bank.

 

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TABLE OF CONTENT
CHAPTER ONE

    1. Introduction
    2. Background of the study

CHAPTER TWO
2.1 Who is an auditor and duties of an auditor
2.2 Types of fraud
2.3 Causes of frauds in banking industry
2.4 Effect of fraud in banks
2.5 The role of auditors in fraud prevention

CHAPTER THREE
3.1 Summary / findings
3.2 Conclusion
3.3 Recommendations

 

 

CHAPTER ONE

INTRODUCTION
1.1       BACKGROUND OF THE STUDY
The last two decade have witnessed an alarming increase in the incidence of commercial bank fraud in Nigeria which result in heavy lost to the banks and its customers. Nigeria, being a developing economy with increasing level of mechanisation developing market as well as low level of competence in management. Experienced one of the most serious threat to the spread and practice of banking within the period.

Nigeria is one of the societies where corruption is the rule. Values are grossly misplaced and emphasis an wealth are able to accumulate. Undoubtedly bank frauds posses both economic and social problems and huge sum of capital has been lost by banks. Most Nigeria wants to be classified and included into the class of wealth millionaires even when they have not worked hard to be classified as rich people.

These are numerous existing laws targeted at controlling fraud but the general attitude of some Nigerians seem to make nonsense of the statutes existence. Most times, the law are visited only when the less privileged ones are involved (IKPE DENNIS NNAMDI). There is also a strain in the bank customer relationship and the image of the bank as a trust worthy financial center has been adversely affected. It is necessary the problem of bank fraud should be critically viewed and handled with perception considering the geometric rise in fraud want activities in commercial banks so as to restore a fraud free banking.

 

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