THE ROLE OF ACCOUNTING IN THE CONTROL OF PRIVATE AND PUBLIC SECTORS OF THE NIGERIAN ECONOMY

(A CASE STUDY OF UDO DILI UMU IBE COY AND NEPA)

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ABSTRACT

In recent times, private and public organizations in Nigeria have been faced with cases of financial crises, which have resulted in most of the organizations going into extension. Those who are able to survive more are in a gunil pace. Obviously, the causes of financial crises in our private and public sectors have been attributed to be unrecognized in nature and total negligence of the roles of accounting in our private and public organizations.

This research work will look the role of accounting in the central of private and public sectors in Nigeria. It will try to analyzed the implication of applying the accounting principles in our private and organizations and then look at how these principles confined the operations of the public and private section of  the organization in Nigeria.

On the cause of writing this project study, extensive efforts will be made to find out some of the problems our factors militating against the appropriate application of accounting principles and which invariably causes managers to neglect the role of accounting in the control of private and public organizations in Nigeria. Consequently, upon this, recommendations will be suggested in how or the steps that will be taken to eradicated this setbacks and deficiency in the systems.

In a bid to achieve a meaningful/research study work this research will review related literature on the role of accounting in the control of private and public sectors in Nigeria oral interview will also be conducted with the managers or heads of some selected private and public organizations in Nigeria.

Other supplementary instruments are data collected from journals, magazines, questionnaire and existing textbooks. All these data collected will be analyzed critically and descriptive with the aid of table in research work.

TABLE OF CONTENT

CHAPTER ONE

• Introduction
• Short background history of the case study
• Statement of problems
• Research objectives and purpose
• Significance of the study
• Research questions
• Hypothesis
• Scope and limitations of the study
• Definition of term
• Reference

CHAPTER TWO

2.1 Literature review

2.2 Historical development of accounting in Nigeria

2.3 The nature of accounting principles

2.4 Types of accounting principles

2.5 Factors affecting accounting principles

2.6 The role of accounting in the control of public sector

2.6.1 Problems of accounting in the control of public sector in igeria

economy

2.6.2 How accounting is used to control public sector in Nigeria economy

2.7 The role of accounting in the control of private sectors

2.7.1 How accounting is being used in the control of private sector

2.7.2. The roles accounting played in the control of private sector

Reference

CHAPTER THREE

RESEARCH METHODOLOGY AND DESIGN

3.1 Introduction

3.2 Area of study

3.3 Population of the study

3.4 Sample of the study

3.5 Development of research instrument

3.6 Observation

3.7 Mode of data analysis

3.8 Reliability of data

3.9 Research design

3.10 Data collection

3.11 Hypothesis used

3.12 Research questions

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1 Introduction

4.2 Data presentation and analysis

4.3 Test technique

4.4 Decision rule

4.5 Testing the hypothesis

4.6 General comments

CHAPTER FIVE

FINDINGS, RECOMMENDATION AND CONCLUSION

5.1 Summary of findings

5.2 Recommendation on findings

5.3 Recommendation for further studies

5.4 Conclusion

5.5 Further suggestions to the studies work

Bibliography

Appendix

CHAPTER ONE

INTRODUCTION

In most developing countries Nigeria, government’s participation in economic activity is usually significant. One of the ways through which the government has intervened in the Nigeria economy is through the establishment of public enterprises. Public enterprises are statutory bodies operating services of an economic or social character or both on behalf of the government.

Since the colonial era, especially after independence in 1960, Nigeria public enterprises have witnessed a steady growth until recently. As “Olise (1988: 133) puts it,” Beginning as a twinkle in the period between the era of the second world war and Nigeria attainment of independence, and the creation of public co-operation has risen to flood level since independence and has maintained a steady growth.

The rationales behind the establishment of public enterprises in Nigeria are many. Some of the reasons include:geberating revenue that would add to available national capital for the support of development an welfare programmes, making it impossible for important profitable enterprise to be controlled by a few individuals or group; organizing certain critical activities for national survival and economic stability and providing employment opportunities (Ademotecum 1983)²

However, after a long period of growing start, intervention in the Nigeria economy through public enterprises, the mid 1980’s.

Onward has sometimes been dramatic in public opinion and public policy. This has been brought by the persistent losses which state enterprises has been running over the years. Consequently, there has been  a willingness to look at the alternative policy strategies for the achievement of economic developments. At the fore front of these strategies in the minimization of the role of state in the economy including privatization of public enterprises.

In Nigeria, public enterprises are engaged in a whole spectrum of economic activities including agriculture, mining, construction, manufacturing, commerce and other services.

The classifications of public enterprises in Nigeria have been made according to a variety of criteria and by different authority. The public service review commission  (1975:101) classified public sector into:

• Public utilities
• Regulatory or service body
• Financial institution
• Commercial and industrial enterprises.

Being a mixed economy, individuals, also own and operate enterprises. A firm is classified a private enterprises when it is founded and managed by an individual and or a group of individuals. These firms are expected to be registered in the local government within which the operate.

The rational for the establishment of private enterprises are numerous just like the establishment of public enterprises. They include among others, provision of employment opportunities, generating income for the owners of the enterprises, government is also interested in profit performance of the enterprises which determines the fax liability of the firm, moreover, the general public are concerned with the sense of social responsibility which the business exhibits to the environment in which it is located and its willingness to contribute to the upliftment of the environment.

The activities of the public and private enterprises have been on the increase in recent times, which necessitated the introduction of the accounting practices to check and monitor the financial activities of these enterprises. In his book titled, “principles of Accounting, ³ image (1985 defines accounting as a process by which data relating to the economic activities of an organization are measured, recorded and communicated to interested parties for analysis and interpretation.

The earliest method of accounting in Nigeria was the use of money to record the amount of agricultural commodities like yams, cassava and livestock, which passed from one person to another. The historical development of modern accounting practices has been closely related to the economic development of the country. As business organization grows in size and complexity, management and outsides become more clearly different from the outside group, which includes owners of the firm (stock holders), creditors, government employers and the general public.

This differentiate the need to have accounting departments in the enterprises to give accurate financial information for use in judging the performance of the management and to satisfy the outside demands of the general public who are already interested on whether the enterprise is growing of not.

The role of accounting in the public and private enterprises in Nigeria is primarily to ensure accurate accountability in these sectors and present fine financial position of the enterprises. The role is of utmost important in any organization. An organization can only grow or make profit when its resources are well managed. And resources can only be well managed when the accounting department of the organization give an accurate financial information to know how much the enterprise is having. It is only when, this is done, that the firm allocate its resources and knows what is to be done.

The role of accounting seems to be more pronounced in the public enterprises. In recent time, there are cases of in appropriation of funds in the public enterprises and improper accountability. These factors have led to a lot of public enterprises going have led to a lot of public enterprises going into oblivion. If the government has recognized the role of accounting all these causes should not have arise. No enterprise can move forward without having a well organized financial departments to give accurate financial information about the firm.

1.2 SHORT BACKGROUND HISTORY OF THE CASE STUDY UDO DILI UMU IBE COMPANY & NEPA

Udo Dili Umu Ibe Company is a company charged with overall responsibility of formulating and implementing effective and efficient transportation policies essential for the economic, social and political development of the Nigeria economy. The company is under the leadership of Chief John Mamah who as its managing director, has the general responsibility for the assignment of corporate objectives and management of the resources of the company. Another key officer or the Chief Accountant Mr. Christian Eze. The company started in the year 1980 and has being into existence till date.

BELOW IS THE LIST OF THE DIRECTORS FROM 1980 TILL DATE

NAMES

1. Engr. Felix Okoh 180-1985
2. Mr. Victor O. Ugwu 1985-1990
3. Mr. Kema Chikwe 1990-1994
4. Dr. Ifeanyi Ikeh 1994-1997
5. Hon. Dan. Okeke 1997-2000

In order to achieve its set objectives the company is organized into five (5) departments as stated below:

Departments

1. Personnel management
2. Finance and supply
3. Planning, research and statistics
4. Transport c0-ordination and inspectorate.

1.3 STATEMENT OF PROBLEM

Obviously, every private and public enterprises in Nigeria have their accounting departments. And there are increasing cases of financial mismanagement in visually all the public and private organizations in Nigeria. The problem of this study lies

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

(A CASE STUDY OF OJI RIVER LOCAL GOVERNMENT AREA, ENUGU STATE, NIGERIA)

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ABSTRACT

The purpose of this study is to find out if actually there is an impact of taxation as aid to economic development and my study is based on the survey of Enugu State, using Oji River as a case study.  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, which system of tax is acceptable, the rate of tax evasion and avoidance and the assessment of Nigeria tax system.

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 augment government financial position.  Government have always enacted various tax laws and reformed to stand the taste of time.

 

CHAPTER ONE

• Introduction

1.1     Background of the study

1.2     Statement of the problem

1.3     Objectives of the study

1.4     Significance of the study

1.5     Scope and Limitations of the study

1.6     Assumptions of the study

1.7     Formulation of Hypothesis

1.8     Definition of Terms

CHAPTER TWO

• Review of Related Literature

2.1     Introduction

2.2     Definition of Tax and Types

2.3     Incidence of Taxation

2.4     Principles of Taxation

2.5     Element of Taxation

2.6     The Importance of Taxation

2.7     Appraisal of some tax legislation

2.8     Structure of Administration of Nigeria Tax System

2.9     The problems of taxation and its function

CHAPTER THREE

• Design and Methodology

3.1     Primary Sources of Data

3.1.1  Personal/Oral Interview

3.1.2  Questionnaire Method

3.2     Secondary Sources of Data

3.3     Population and Sample Size Determination

3.4     Methods of Data Collection

3.5     Method of Validating the instrument

3.6     Method of Data Analysis

3.7     Problems of data collection

CHAPTER FOUR

• Presentation of Analysis of Data

4.1     Presentation of related data

4.2     Analysis of Data

4.3     Test of Hypothesis

4.4     Interpretation of Result

CHAPTER FIVE

• Summary of findings

5.1     Conclusions

5.2     Recommendations

Bibliography

Questionnaire

CHAPTER ONE

 

• 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, hospitals, schools, good roads and as well as ensure a rise in per capita income, poverty alleviation to mention a few.

For these 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 to stand the taste of time.  They include:  Income Tax Management Act (ITMA), Companies Income Tax Decree (CIID), Joint Tax Board (JIB) etc.

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 Enugu State (Nigeria).

• STATEMENT OF THE PROBLEM:

The first need of any modern government is to generate enough revenuewhich is indeed “the breath of its nostril”.  Thus taxation is by far the most significant source of revenue for the government.  Nigerians regard payment of tax as a means whereby government raises revenue on 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 r

AN EVALUATION OF COMPUTER IN BANKING SECTOR (A case study of Access Bank plc Kaduna)

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ABSTRACT
The prime aim of this study has been to assess the performance of banks with the introduction of computers and to evaluate the role computer plays in banking sector. The study also went on to assess the contribution of computers to economic growth. The entire work is made up of a population size of twenty-nine (29), which are staff Access Bank Plc., Kaduna Branch. For the purpose of this study data were obtained from the primary and secondary sources of data. But in general, most of the data obtained were from the primary source, that is through the administration of questionnaires. The data collected were duly analyzed by the use of percentage, tabulation and descriptive analysis. From the researcher’s findings, the use of computers in banks is very essential to enhance better services by banks, with a view to satisfying the customers.

CHAPTER ONE
1.0 INTRODUCTION
The role in which the computer plays in our everyday lives cannot be overemphasized. In fact, the computer is one of the greatest things that has happened to mankind and it should not be seen as a mere invention but a “revolution”.
One may be wondering how the world would be without computers and how we would actually cope without it. Before the advent of computers in early 1980’s, most of man’s jobs were performed manually and mentally, which were tedious and tiring and of course, these approaches did not provide desired results because the rate of productivity was very low. But now, we have an inevitable, non-living assistant to mankind known as the computer which simplifies the manual and mental procedures, enhances efficient mass handling of data and information and facilitates greater periodicity.

As the topic suggests, “An evaluation of computer in banking sector” this project work focuses on the impact of computer in banking with Access Bank Plc at Au Akilu Road, Kaduna being the case study.
Bankers have enjoyed the benefits of computerized banking over the years and they would testify that computer has done much good to banking sector. In Access Bank Plc banking services have been improved and even the customers can feel the efficacy of computer in the wide range of services provided by the bank.
It should be borne in mind that the computer does not only enhance banking services, but also other areas like Accounting, Agriculture, Education, Commerce, Medicine, Engineering, Communication, Aviation and Military to mention a few.

1.1 BACKGROUND OF THE STUDY
Years ago, banking services were not dependent on computer. Actually these banks performed their functions manually. With the manual procedure in those years a lot of work has to be done just by a few staff and this perform the tasks that a man-made device would have done just in the “twinkle of an eye”. Obviously, the computer has helped a bank like Access Bank Plc to employ just few staff and computers to execute various tasks that and would have been performed by many staff for days. Computer provides the banking sector with great packages that help various banks enhance the services provided to customers. We shall be looking at this later in the course of this project report.
1.2 STATEMENT OF THE PROBLEM
Every individual including those in the banking sector knows that computer plays a key role in the day to day activities. But at this juncture, there is a need to state the inherent problems associated with the invention of computer.

In banking, Access Bank Plc. to be precise the researcher came to understand that most, if not all of the work carried out in the bank are performed by computers. This is good because they make our work faster, but where the problem lies is that human beings (ie the users of computer) have totally submitted to computer as if without computer, no work can carried out. Remember that these computers were made and configured by human beings so, the computers should be put in their rightful place. Note that the adverse effect of over-relying on computer leads to laziness on the part of staff of an organization.

Also, human effort is affected. Most of the computerized efforts in the past years were taken care of by humans. Today in banking for example, in the account section various transactions or documentation are performed by computer, instead of men and women. But the efforts of these people are obviously not needed. Therefore computer gives room for more and it does not allow humans to exercise their mental and intellectual abilities.
The problems associated with this study are many that one can go on and on to list and discuss them one after the other. This is the reason why the researcher has embarked on this work to point out the significant role computer plays in banking sector.

THE EFFECTS OF CORPORATE TAX ON THE PROFITABILITY OF BUSINESS ORGANIZATION

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ABSTRACT

Lucidly written and properly organized, this term paper/project work “THE EFFECT OF CORPORATE TAX ON THE PROFITABILITY OF BUSINESS ORGANISATION” affords the public, corporate bodies and individual opportunities to view and understand the importance and benefits of the effects of corporate tax on the profitability on business organization.

The first chapter provides relevant introduction that is the origin of corporate taxation in Nigeria.

However, the second chapter provides practical framework x-raying the effect of tax on company’s profitability, tax avoidance and tax evasion and revenue which government generate from tax.

Lastly, chapter three provides the summary, conclusion and recommendations.

The reader must realize that it is through the tax that Federal Government of Nigeria generate revenue to financing its expenditure and provision of infrastructural facilities and services, knowing fully well that reading it in detail will be greatly helpful to readers.

CHAPTER ONE

 

3.0     INTRODUCTION

This topic “effect of corporate tax on the profitability of business organizations” reveals both the positive and negative ways in which tax payment has affected the profit structure of business organizations.

Meanwhile, it will do us good to briefly discuss the origin of corporate taxation in Nigeria.  The universality of taxation account for its description as a popular way of raising revenue by Turner and Hunt (Okoye 1998:7).  In that light, Benjamin Franklin is quoted to have argued that in this world, nothing certain but death and taxes.  In Nigeria in context, income tax was first introduced in Nigeria in 1904 by Lord Luggard who enacted the first income tax statute when he was the high Commissioner for Northern Nigeria.

The colonial government in Nigeria like in all other colonized government in Nigeria introduced various taxes in Nigeria in order to tap the financial resources for their operations from the people.  In that situation, government taxation want an extension of the network of exploitation of the colonized people.

The post colonial states unavoidably inherited and sustained taxation as one of the government sources of revenue.  The first tax on companies was known as the profit tax.  This important step involves the taxation of companies at different rate from individuals and union corporate business was followed during the second world war by the introduction of a system of capital.

The corporate tax as we know was introduction in 1965 in Britain.  The recent development of this tax is attributed to the fact that until well after the second world war, the corporate form of business was practically non-existing in Nigeria.  Being recent it has therefore not received as much as attention from the populace as personal income tax has.

However, with the growth of the economy, the corporate sectors has expanded considerably, bringing more sharply into focus the problem of taxing corporate income, and at exploiting a potentially source of revenue.

Over one thousand (1000) companies were subjected to company’s income tax.  In 1963, compared with only about three hundred and fifty (350) in 1960.  Now, comparing these figures with the great number of corporate now in existence, presently, we have about three thousand companies, which are subject to company’s income tax.  The manner of taxing corporate incomes has become crucial not only from the point of view of revenue but also from the point of view of stimulating rapid industrialization.

This has answered one of the reasons why the government has so much interest in tax as a source of fund/revenue.  The huge sum which the government generates from the corporate tax has made the government to put up several act/decrees in respect of corporate tax.  In Nigeria, the company tax act was enacted in 1979, several amendments were made to the original ordinance in 1961 when separate laws were enacted for the tax of income and profit of both individuals and companies.

• OBJECTIVE OF THE STUDY:

The term paper is aimed at identifying the positive and negative ways in which tax payment has affected the profit structure of

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THE ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURE IN NIGERIA

(A CASE STUDY OF CENTRAL BANK OF NIGEIRA (CBN)

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CHAPATER ONE

• Introduction
• Historical Development of CBU (A Public company)
• Statement of problem
• Purpose of study
• Research questions
• Significance of study
• Scope and limitations of the study
• Definition of term

References

CHAPTER TWO

• Literature Review
• Historical development of Accounting in Nigeria
• The nature of accounting principles
• Types of accounting principles
• Factors affecting accounting principles
• Budgeting and budgetary control
• Standard costing as a tool for control

References.

CHAPTER THREE

• Research Methodology
• Research design
• Determination of sample
• Area of study
• Population study
• Sample of study
• Method of investigation
• Method of data analysis
• Development of research instrument

CHAPTER FOUR

• Presentation of data & Analysis
• Presentation of data
• Analysis of data

CHAPTER FIVE

• Summary of findings
• Conclusion
• Recommendations
• References

CHAPTER ONE

 

• INTRODUCTION

In most developing countries including Nigeria, government participation in economic activity is usually significant.  One of the ways through which government has intervened in Nigerian economy is through the establishment of public enterprises and statutory bodies operating services of an economic or social character on behalf of the government.

Since the colonial era, especially after independence in 1960, Nigerian public enterprises have witnessed a steady growth unit recently.  Its Olisa (1988:133) pet it. Beginning as a trickle in the period between this era of the second world war and Nigeria attainment of independence the creation of public corporations had risen to flood level since independence and his maintained a steady growth.  The rational behind the establishment of public enterprises in Nigeria are many.  Some of the reason include:  generating revenue, they would add to available rational capital for the support of development and welfare programme, making to be controlled by a  few individual, it possible for important profitable enterprises to be controlled by a few individual or group, organization certain critical activities national survival and economic stability and providing employment opportunities (Ademolukun 1983).  However, after a long period of growing, starts intervention in the Nigerian economy through public enterprises, the and of 1980’s onwards had witnessed a reversed which has sometimes been dramatic in public opinion and therefore public policy.

This has been brought by the persistent losses which state enterprises that have been running over fears. Consequently, there has been a willingness to look at alternative policy strategies for the achievement of economic development.  At the forefront of these strategies is the minimization privatization of public enterprises.

In Nigeria, public  enterprises are engaged in a while spectrum of economic activities including agriculture, mining, construction, manufacturing, commerce and services.  The classification of public enterprises in Nigeria, had been made according to varieties of criteria by different authorities.  The public service review commission (1975:101) classified public sector int.

Public utilities

Regulatory of service body

Financial institutions

Commercial ad industrial enterprises

Being a mixed economy, individuals also own and operate private enterprises.  A firm classified as private enterprises when it is founded and managed by an individual and Ora group of individual.  These firms are expected to be registered in the local government within which they operate.

The rationale for the establishment of private enterprises are numerous just like establishment of public enterprises. T hey include amongst other.  Provision of employment opportunities.  Generating  income for the owner of the enterprises.  Government interest in profit growth of the enterprises which determine the tax liabilities of the firms, improve the performance of the public sector through competition.  Moreover, the general public is concerned with the contribution which makes towards social upliftment which is exhibited to the environment in which the business is loaded and its willingness to contribute to the development of the environment.

The activities of the public enterprises have been on the increase in resent times which necessitated the introduction of the accounting practice to check and monitor the financial activities of these enterprises.  In this book, titled principles of accounting, by Bimage (1985) accounting is defined as a process by which data relating to the economic activities of an organization are measured, recorded and communicated to interested parties for analysis and interpretation.

The earliest method of accounting records were kept in physical quantities.  These records came from the Eastern (early) civilization which involved in the countries around the Mediterranean sea such as Mesopotamia, Egypt, Crete, Italy etc.  money was recorded as soon as money took the place of barter as a medium of exchange and unit of accounting practice has been closely related to the economic development of the country.  If the business organization grows in size and complexity, management and outsiders became more clearly differentiate from the outside groups which include owners of the firm (stock holder) creditors, government employer and the general public.

The differentiation necessitated the need to have accounting department in the enterprises to give accurate financial of the management and to satisfy the outside demands or the general public who are already interested on whether the enterprises in growing or not.

The role of accounting in public enterprises in Nigeria is primarily to ensure accurate accountability in these sector and present the time and fair financial position of the enterprises.  The role is of utmost importance in any organization.  An organization can only grow or profit when the resources are well managed and effective observed over expenditure.  These resource can only be well managed if accounting department of the organization give an accurate financial information to know how ,much the enterprises having.  It is only when this is done that the firm allocate its resources and knows what is to be done.

The role of accounting seems to be more pronounced in the public enterprises.  In recent time there are cases of misappropriation of funds in the public enterprises and improper accountability.  These factors have led to a lot of public enterprises going into oblivon. If the government has reorganized the role of accounting, all these febles should not have arisen.  No enterprises can move forward without having a well organized financial departments to give accurate financial; information about the firm.

This is because if improper accounting records are not minimized or where possible eradicated these is bound to be cases of public enterprises failure.  Consequently, staff of such enterprises will forced out of their job.  This will result to economic and social; activities in the society.

 

• HISTORICAL DEVELOPMENT OF CBN (A PUBLIC COMPANY)

The formation of CBN started gradually in the early 1950’s but gathered momentum by the middle and towards the decade.  Precisely CBN was established in 1958.  Among the factors that led to the formation for an apese financial institution in the early “50s” were the dissatisfaction and short coming to the west African currently board.  The WACB established in 1912 was playing the role for an apese monetary institution in the British West Africa especially in areas of the country.

The issue of West Africa Currency exchanging this with the existing currencies, investment of reserve mainly in London and the repatriation of existing currencies. However, because of the anomalies and short coming of the WACB especially as if could not perform the monetary management, Nigeria nationalist continued to amount pressure on the colonial administration for the establishment of a central Bank that should have all pioneers of a central bank, and not just a glorified currency exchange house.

In 1952 at the floor of  federal house of Assembly (First sitting) Lagos-Chief Anthony Enahoro Summoned up courage and mored a private member motion calling for the establishment of central Bank for the purpose of rapid economic development in all its phases.

Howe