INVESTMENT APPRAISAL TECHNIQUES AND THEIR APPLICATIONS BY FINANCE/ INVESTMENT HOUSES

(A CASE OF UNION BANK PLC ENUGU URBAN)

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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

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

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

Events over the years have shown that investors present and potential wants to invest their funds in anticipation of good future returns INVESTMENT APPRAISAL TECHNIQUES and its resultant making of decision is critical to all investors (both institutional and individual investors) aspiring to expand their investment income.

The purpose of this write up arose from the need to determine whether:

• The theoretical investment evaluation techniques are being adopted by investment analysis in the appraisal of real life capital project
• The net present value (NPV) criterion is widely accepted at the most reliable evaluation technique by investment analysts.
• Investment decision advice seekers are to further bring to light the theory and practice of decision-making criteria to the knowledge of students investors (present and potential) analyst.

On the basis of the foregoing this research work was centered on investment/ finance house, which is a sub-sector of the finance. And most of research works were carried out in the case study of Union Bank PLC Enugu Urban.

TABLE OF CONTENT

 

 

CHAPTER ONE

1.0     Introduction/ background of study

• The investment finance house (company)
• Purpose of study
• Research questions
• Statement of hypothesis
• Scope and limitation of study
• Concise history of G.I.W.A
• Definition of term.

 

CHAPTER TWO

2.0     Review of related literature

• Definition nature and concept of investment decision
• Importance and type of investment decision
• The concept of investment appraisal
• Investment appraisal techniques
• Evaluation of the N.P.V method.

 

CHAPTER THREE

3.0     Research method and design

• Method and sources of data
• Research population
• Sampling methods used
• Questionnaires

 

CHAPTER FOUR

4.0     Data presentation analysis and interpretations

• Presentation and analysis of data from questionnaire
• Test of hypothesis
• Interpretation of data

 

CHAPTER FIVE

5.0     Summary

• Conclusion

Recommendation

Bibliography

Appendix A

Appendix B

 

CHAPTER ONE

1.0     INTRODUCTION BACKGROUND OF STUDY

The efficient allocation of capital is the most important finance function in modern time. It involves decision to commit a firm’s fund to the long-term assets. Such decision are of considerable importance to a firm or business organization since they tend to determine value and size by influencing its growth profitability and risk.

Investment appraisal as it is sometimes called is a means of assessing whether capital expended on (or allocated to) a project would show a satisfactory rate of return to an undertaking either absolutely or when compared with expenditure on alternative project and of indicating the optimum time to invest. To be above to give an efficient decision on investment profitability the analysts would require stick come in the evaluation process.

All possible system of achieving this need are to be brought into consideration and bearing in mind attendant merits and demerits of each system or techniques relating some to the circumstance of individual project. He analyst should also be well equipped as to giving a reliable appraisal of such investment proposals.

The implication therefore is the investment appraisal or evaluation can be carried out by more than one system or technique each possessing a particular merits and demerits which result in their respective feature and conditions for evaluation. The cause of these individual feature merits demerits etc is the peculiar method (strategy) adopted by a particular system technique. This in the evaluation process the analyst would need to consider the nature and condition of my given project (investment) so as to know which of the techniques will appropriately be in match and after all be used in the appraisal process since it will give the most reliable appraisal criterion or basis.

 

• THE INVESTMENT/FINANCIAL HOUSES (COMPANIES)

Investment is the ploughing one’s finance or funds into projects or assets (be it tangible or financial assets) with a view to increasing one’s wealth. In the same vein investment houses can be described as a financial institution or intermediaries whose chief function is or relates with the financing of project of capital nature and providing financial advisory service.  It’s a sub-sector of the finance industry and shares business terrain with other fiancé house mortgage institutions banking (merchants commercial and others specialized banks) discount houses and insurance companies etc.

 

OTHER FUNCTION OF THE INVESTMENT HOUSES OR COMPANIES ARE

• Fund management
• Importance finance and advisory services
• Hire purchase services
• Housing business etc.

The advisory services been rendered by the investment houses are usually and most often concerned with the discussion on the profitability and viability of investment (capital expenditure).  These investment houses are investment bureau and from the foregoing its then reasonable enough to think and regard investment houses as an example of companies in which mainly professional on the implication incomes the capital investment analysts which is carried out by non-no voice to the field having or possessing evaluation technique as a result reliability of out come is the watch word.

Therefore a choice of use of a particular investment appraisal criteria by these groups of personnel will connect high rating for the particular method or technique adopted in terms of reliability suitability etc.

 

• PURPOSE OF STUDY

This work up is prompted by the need to know whether the supposed theoretical upliftment of the net present value technique of appraising capital project is in same manager highly recognized

THE IMPACT OF MONETARY AND FISCAL POLICIES OF CENTRAL BANK OF NIGERIA ON THE PROFITABILITY OF BANK (A CASE STUDY OF ZENITH BANK P.L.C

COMPLETE MATERIAL IS N5,000.

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

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

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE!!!

ABSTRACT

The economic policies or interpretation of such policies has always left a key question unanswered, how much authorities do such policies allow the banks to use their powers to lend, to made remarkable impact in the overall economic situation in the country.

Like in banks in most developing economic (Nigeria inclusive) the role of providing advice and issuing financial directives lies in the ministry of finance, the Nigeria deposit insurance corporation and the central bank of Nigeria. The federal government relies on these institution for the  proper functioning of banks through their monetary and fiscal policies, which could be concretionary or expansionary. This invariably affects the profitability of commercial banks etc. hence the need for this study.

The Zenith Bank Plc has been chosen in this regard and except where specified individually, banks becomes the terminsnolyg. In this study in depth study is made on how the Apex Banks, the CBN’s financial policies monetary and fiscal affect the profitability of banks and it’s effect and the general influences it has on the economy.

Chapter one of the study deals on the back ground, study of the problems. Statement of hypothesis  and what significant of the study is. Second chapter studies the literature used.

The chapter three emphasis on the techniques and sample collection and questionnaire chapter four presentation of data analysis of the data and the interpretation of finding the last chapter five elucidates on the findings and solutions were proffered. Hence given rise to conclusion.

 

TABLE OF CONTENT

 

CHAPTER ONE

Introduction

• Background of the study
• Statement of problems
• Objective of the study
• Significance of the study
• Statement of hypothesis
• Scope and limitation of study
• Definition of terms

 

CHAPTER TWO

Literature review

• 2004 monetary policy and the introduction of N25 billion capital base.
• Monetary and credit policy measure in 2002/2003
• Frame work for determine bank cost of funds
  • National saving certificate
  • Federal government development stocks
  • Minimum balance on loan saving account
  • Money Transfer
  • Policy on SMES
  • CBN rediscounting and refinancing
  • Characteristics of promissory note
  • Paid up capital requirement
  • Moral suasion
  • Improvement in the payment system
• Universal banking practice
• Basic principles of commercial banks credit
• Credit policies of commercial banks
• Factors that determine credit policies in Nigeria
• Capital position of the banks
• Liquidity and profitability
• Impact of CBN monetary policy on banks profit.

 

CHAPTER THREE

Research design and methodology

• sample survey method
• Population sample for the study
• Sources of data collection

 

 

CHAPTER FOUR

Data presentation

• Data analysis, interpretation
• List of hypothesis

 

 

CHAPTER FIVE

Findings conclusion and recommendation

• Summary of findings
• Conclusion
• Recommendations

Bibliography

Appendix

Questionnaires

 

 

 

CHAPTER ONE

INTRODUCTION

• BACKGROUND OF THE STUDY

Most banking activities are directed towards lending as credit has remained the backbone of banking operations. It is due to the fact that it provide the bulk profits.

Today, its vital role in commercial banking activities lie in the direct it has on total economic growth and business development. Every year the (CBN) central bank of Nigeria being the monetary authority that is solely responsible for the insurance of guidelines policies and the interpretation of such, comes up with economic measure roles and regulation under which the bank in the country operate. Such policies direct the use of funds from depositors, stockholders, and creditors in order to control the size of loan portfolio thereby determining the general circumstances under which it is appropriate to make an advance. The economic policies (fiscal and monetary) also aim at aiding the banks to maintain a sound financial and banking system promote confidence in sustenance of reasonable banking services for public as well as ensuring a high standard of conduct and professionalism in banking industry. These rules and regulations are contained in monetary and fiscal policy circular being issued by the central bank at the beginning of every year.

The techniques of monetary policies could be broadly divided into two namely:

Direct and Indirect.

While the direct approach has been used very extensively in the more developed market economic, the indirect approach predominate in the less developed economics such as Nigeria. Nonetheless, both technology aim at influence the cost and availability of banking system’s credit. The direct system techniques involves fixing of credit ceiling and interest weight rates the Apex Bank (CBN) for compliance by banks, while the direct approach achieves the same objective through the financial market. The most potent instrument of the indirect monetary policy technique is the open market operation (OMO). It is worthy of note that effort aimed at introducing incorrect monetary and credit-control anchored on the use of OMO are themselves a parts of the given receipts which they would present to the gold smith on withdrawal.

According to Paul Sammuelson, (1990-20) money has an anonymous quality making are dollar just as good as another. In relation to the above the goldsmiths recognized that not all depositors of gold when they come back at the same time to collect them. These receipts signified time to collect them. These receipts signified debt and were transferable. Out of the gold deposited, the goldsmith started to lend out part of them and charge a fee for these services.

Hence the evolution of our bank lending. As development continued to surface in the society it become possible for financial institution to emerge and act as bank where people go to deposit their money and other precious metals for future withdrawals and most importantly lending money to the users of fund. Bank lending has ever since then been on the increase with different hierarchy of operations.

 

• STATEMENT OF THE PROBLEM

Monetary and fiscal policies are organized and established system of administration of loan, and its disbursement have so many loopholes which undermine its base exercise and guidance. It is a statement that need not be overemphasis.

These policies being one out of measure used by that nation ability to mobilize and  channel its scare resources to different sectors of the economy. Therefore when these economic policies are seemingly deficient, it poses a big question which needs to be answered. How much authority do such policies allow the banks to use their powers to lend to make remarkable. Impact on the overall economic positions on themselves (hence profit). A major conclusion has been that effective implementation through the financial intermediation will serve a machinery for economic progress and profit enhance ability.

 

Apart from the explicit policies which are extremely imposed by the CBN implicit rules and regulations are also developed by the bank to guide their internals operations.

But these guidelines are developed from the mature of banking industry. Generally, these policies have three implications. One to the banks to the borrowers and to the economy. Emphasis is laid here on the implication  it has on the banks.

Banks lending dates bank to the days when the hold smiths accepted deposits from the merchants, mostly gold and valuable for safe keeping. At first such establishment were simply like ware house. Depositors were central bank of Nigeria towards the maintenances of prudent banking have fare reading effects on banking and the Zenith bank Plc in particular. The question therefore arises what effect do these policies have on the banking industry and their profitability, customers and the economy? Are these policies and conditions too strength as to constitute a problem to lending?

Do commercial banks ensure full compliance to the monetary and fiscal policies circular?

Are there government objective for introducing these rules  and regulations being achieved?

The CBN’s guidelines, rules and regulation normally contained in the monetary policy circular have always been aimed at achieving targeted goals. The commercial banks which are expected to operated to operate under the guidance of the regulations of the CBN have also their own internal lending policies objectives to achieve. All these pose a lot of problems to the bank’s credit decisions worthy of note is the CBN directive that lending should not exceed and foreign transfer to individual should not exceed N500.000 and

ADOPTION OF ACCOUNTING INFORMATION AS THE MAJOR TOOL FOR DECISION MAKING

(A CASE STUDY OF SMALL–SCALE INDUTRIES IN ENUGU STATE)

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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

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

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

ABSTRACT

 

Accounting information has contributed to the rapidly growing environment in that the management must update themselves with every current information. That will help in achieving their objectives and help them in decision making.

Accounting information helps the management in planning and evaluation of the information as it is served as data organized for a special purpose of decision making.

 

TABLE OF TABLES

 

CHAPTER ONE – INTRODUCTION

• Introduction and background of the study
• Statement of problem
• Purpose of study
• Significance of the study
• Scope and limitations
• Statement of hypothesis
• Definition of terms

Reference

 

CHAPTER TWO – LITERATURE REVIEW

2.1     Overview of small scale industries

2.2     Types of accounting information

2.3     Characteristics of accounting information

2.4     Levels of management and decisions

2.5     Examples of decision and application of accounting information

2.6     Users of accounting information

2.7    Accounting information communication system

References

 

CHAPTER THREE – RESEARCH METHODOLOGY

3.1 Introduction

3.2 Sampling method

3.3 Research design

3.4 Sources of data

 

CHAPTER FOUR – PRESENTATION AND ANALYSIS OF DATA

4.1 Introduction

4.2 Presentation and analysis

4.3 The use of accounting information has enhanced pricing strategies in small – scale industries

4.4 Management relies on accounting information for its numerous decision

4.5 Personal interview

References

 

CHAPTER FIVE –DISCUSSION OF FINDINGS, RECOMMENDATION AND CONCLUSION

5.1 Discussions of findings

5.2 Recommendations

5.3 Conclusions

References

Bibliography

Appendix

Questionnaire.

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Almost all the organization aimed towards the attainment of its desired, planned and overall objectives. In every operation of organization more especially small scale industry aimed towards efficiency and proper effectiveness for this to be achieved to a large extent depends on the quality of available accounting information and how the information will be utilized by the organization. However, information is the life wire of every business, defined by Don T. Coster et al (1978) so for any business to succeed in today’s rapidly changing environment, the management must update itself with every current and relevant information that will be beneficial towards achieving their predetermined objectives because without it there is likely to be stagnation. The manager who is making a decision normally wants to be sure that this knowledge is complete. This is possible only through the effective presentation and its use in appropriate circumstances.

 

When looking into the importance and usefulness of accounting information to management and especially small scale industry, it will be relevant to state clearly that there are other information that management uses in decision making. Like information by Engineers, Lawyers, Doctors, Architects and other company’s officials, but however, that information by accountant goes a long way to determine the assets base of a company and its liabilities to determine its cost price of production in pricing its products and also in determining when profits or loss is made.

 

Accounting information measures the progress of a commercial enterprise and is used in decision making for the selection of a single course of action for several dissimilar and unrelated alternatives. It has been observed that decision making is the final process in managerial process, but however, the relevance of an decision by management depends on the accuracy and relevance of accounting information supplied by the accountant.

 

When the decision involves business and economy questions, accounting information is essential to the decision system because it provides quantitative information for three functions: planning, control and evaluation.

• Planning is the process of formulating a course of action, it includes setting a goal, finding alternative ways of accomplishing the goal and dividing which alternative is the best course of action.
• Control is the process of seeing that plans are, in fact, carried out. In other words, do actions agree with plans? At this point, the accountant might be expected to give information on actual costs, as compared with cost planned earlier
• Evaluation involves the whole decision system as a process of studying the decision system to improve it. It ask the question was the original goal met (Fed back)?if not the reason could have been poor planning or control or wrong goal was chosen.

 

 

 

 

A DECISION SYSTEM AND ACCOUNTING INFORMATION

 

 

 

 

 

 

 

 

 

 

 

… The central activity of managers is to make decisions, the quality of these decision determines the success and survival of organization (TURBMAN & LOOMBA 1976)

|Nothing is more important to management for decision making than a timely, objective summarized and directing – attention – to – problem areas of accounting information. Thus

“All decision are based on information in large parts the quality of management decisions will be a reflection of the quality of the accounting and other information which it receives (GARRISON 1982)

Accounting information may include important task, that is, the presentation of weekly, monthly or quarterly accounts. These routine accounts may include a trading and profit and loss accounts showing figures for the period concerned and the year to date and the balance sheet. The routine job is to help management in planning and forecasting future results. The process is known as budgeting and is considered, together with budgetary control.

It is of utmost important to make mention of other users of accounting information or reports apart from management like

• Shareholder who are interested in their capital investment.
• Government who really is interested in profit to help them determine task and other policies
• The creditors, who really as interested in whether the organization as creditor worthy.
• Employees, a good profit or consistent growth or build up in profit may be a signal to them to demand for more bonus.
• Finally, the society where the community is located really want to be employed have essential amenities through the influence of the firm.

Henceforth:

“Accounting information is therefore, data organized for special purpose of decision making (OSISIOMA, 1996)”

Really the researcher finds to agree on the words of Garr

THE AUDITOR AS AN INDISPENSABLE PART OF A PROFITABLE BUSINESS ORGANISATION

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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

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

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

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

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Complexity and the continuous growth in business organization call for more employees and also the separation of the business from its owners. Because of this increase in size of the business, it is not possible for the owner to run all the departments, effectively. He now requires more hands, making way for managers to be employed to run the various departments.

It is important therefore at this to say that as the business continues to show a constant growth rate, the sole trader will gradually give way to partnership, perhaps for better management and also due to the need for bigger capital.

As the partnership becomes bigger, it ushers in the limited liability company which came in with share holding concept a situation a very large sum of money is required for a business venture by the public each contributing a singly unit o share.

Shareholders, as owners of the business appoint directors to run the day-to-day affairs of the company. The directors, on the other hand appoint managers who serve as stewards of the company.

The managers fulfill their accountability to the shareholders and other interested parties by preparing financial statements. The financial statement may take the form of balance sheets, profit and loss account, source and application or fund statement (VAS) an historical financial summary.

The statement are presented in annual reports conform with accounting goals and standards, which now serve as instruments for activating profit in a business organization.

In some cases, when managers report to shareholders, some problems arise, such as can the shareholder believe this report, most of the following are the reasons shareholders doubt the report of managers.

1     Most of these contain errors, e.g. error in principle, error of omission and commission, to mention but a few.

• Such reports can be misleading.
• Such report may not disclose relevant information.

To solve the above-mentioned problems, the company has to appoint an independent expert called “AUDITOR” to investigate the reports and make his own opinion and report on h is findings.

However, the auditor is seen as a watchdog on the records of the organization so as to ensure that the financial statements are a reflection of the affairs of the organization as prepared in these records. Since these records are a summary of the transactions for a specified period, the auditor also goes behind these records to the source documents in order to confirm the accuracy, completeness and validity of the records.

According to Pugh Michael (1992) p. 12 it is the responsibility of the auditor to ascertain that all financial statements of the business are followed, because the accounting profession requires of its members integrity, transparency, honesty, independence and objectivity of performance as well as strict adherence to accepted professional standards.

Also looking at the works of A.W. Holiness (1959) p. 12, he stated that there is a provision that all registered limited liability companies must have their financial records audited annually by a firm or auditors so appointed. He further stated that the law concept compels the auditor to express his opinion to the directors and at the same time, the auditor must be seen as independent.

In summary, the auditor, shareholder and director have a tripartite relationship in the company. The shareholder are owners of the company, directors are employed by the shareholder to oversee the business, inform the shareholders appoint the auditor to act as check and balance for the purpose of fitting them a true and fair view of the company’s account at any point in time.

 

STATEMENT OF THE PROBLEM

Many people see the auditor in different ways. Some take them to be a body that checks the fraudulent art in some bodies business. While others see him as somebody who approaches his work with suspicion or with a conclusion that something is wrong.

In the case of DE-KI NGTON MILL COMPANY (1896), it was held that the auditor is not bound to approach his work with suspicion or with a foregone conclusion that there is something wrong.

Business organizations today are filled with stories of 419ers, Ducks and Drakes of public funds, etc. fraudulent acts is now the order of the day, that most times, one wonders if there is no means of eliminating the act.

It has been stated that managers of a business are also the custodians of its assets and are therefore hold liable in the occurrence of a loss.

However, the accountant who prepares the books of account is directly under the managers and thus it is possible for the managers to alter the records, the books, covers fraudulent acts, deliberately, given an unfair view in their statement of accounts.

Therefore in the interest of the shareholders and investors, and to ensure that there is no room for mismanagement of funds, the auditor is appointed to act as watchdog on the companies’ accounts. Also, the auditor as an accounting expert should be independent of the company’s management, and his duty theme is to give credibility to the financial statement of books or the company in question. He also guarantees that the companies, books of account present a true and fair view of the company.

Looking into the books of Augusta, it states that the duty of the auditor is limited to expressing an opinion as to whether or not the company’s financial statement is to the best of his knowledge represent a true and fair view of the company. According to her, he is not responsible for not detecting and uncovering fraud as such duties belongs to the management and one only a subsiding duty to him.

This brings

NIGERIAN MAINTENANE CULTURE: AN INTITUTION INTO NIGERIAN POSTAL SERVICES (NIPOST)

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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

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

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

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ABSTRACT

This research work was done on Nigerian maintenance culture an investigation  to Nigerian postal service, NIPOST. Is an autonomous extra- ministerial organization.

It is cross dimensional. To be more concise this work is restricted to Enugu territory. NIPOST is unique. The same coma any where in Nigeria. This subject has a lot to do with safe guarding, projecting the reliability and prolonging the life span of NIPOST properties with material, valuable and non- material valuable instead of abandoning and replacement which may incure high cost it involves the management of the Nigerian postal service (NIPOST) and also the federal government. The aim is to find out how to spirit of maintenance work is maintained in NIPOST.

This write up is based on data collected and presented for NIPOST tact book oral and other manual. It was ascertain that maintenance have being a way of  life in NIPOST.

Although not absolute but deficient in many areas. Every area in relation to the system was critically reviewed.

CHAPTER ONE

INTRODUCTIONS

• AN OVER-VIEW

Nigerian postal service (NIPOST) is one of the parastatals under he ministry of communications ,meanly known as post and telecommunication. (P&T)

The defunction of  (P&T) in the year 1985 brought NIPOST into existence. This parastateded since its inception in the year 1985. has its headquarters at Lagos with Branches all over the state (Territories) this establishment deals mainly with postal services which includes mail and its components. All efforts to develop a maintenance culture in our people depend to a large extent on the life style of the leaders. It is therefore obligatory for our leaders as individual and government to consistently strive to ensure this culture in all its ramification.

The federal governments conscious of the need to hiculcate this issue in Nigerian citizen concerning paying more attention to maintenance setup a committee in 1979 to look into the various aspect of maintenance set  up a committee 1979 to look into the various aspect of maintenance in the country. To control the propensity of an average Nigerian to replace instead of repair and maintained.

A good example of the this sort now is the petroleum trust fund (PTF) charged with the rehabilitation of all the made in the country had much to waste. Maintenance is necessary as a way of life of life other wise we remain a nation without past. Prevention is better than cure” this philosophy is an old adage which refers to this word maintenance instead of replacement. The virtues of maintenance are numerous. It minimizes uncertainties on the performance it increase reliability plan and projection are made to improved efficiency thereby reduces period of insectivity due to break down.

Furthermore, maintenance is defined as a combination of any action carried out to retain on item in on restore it to an acceptable conditions in other wise maintenance is a combination of management financial engineering and other practices applied to physical asset in pursuit of economic life cycle cost. This also include a reasonable element of worn-out components with up –to – data. However because of technological developments one could  discover  that such replacements. One could not that such replacement are sometime not exactly as the same as the original.

The main aim of maintenance is the prologation of the life of an asset. Since use bring about deterioration. Assets have life span which when tied to responsible use will in turn excompass activities that retain the asset ; in good shape one of such activities is maintenance. Other is culture behaviour towards the asset “people living in glass house do not throw stone. If one does throw stones near glass house”

Having mentioned that maintenance is a combination of management finance, engineering and other application. It is the responsibility of the management to encompasses maintenance as one of the major aspect of the annual budget effective and efficient maintenance. Management require the availability of finance and capable manpower.

 

1.2    THE BACKGROUND OF THE STUDY

there is every need for maintenance culture. The absence of this culture has created a lot of problem n our socio- economic life. Maintenance culture is the ability of people which have become their way of life to constantly maintain in their highest efficiency all  they value most in life so that, they could be of greatest use to them. It involve human being in that your need exercise regular  medical and nourishment. Material good also require constrain repairs. Culture is not just singing and dancing. It is the totality of our way of life. The way the collective responsibility of the people to ensure the survival of the community. We are therefore duty bound to build and maintain a society and environment which our descendant would be proud of. Assuming you have a car and do not maintain it always or regularly, in no time it will fail completely and probably,  cost more  to repair it. In other words, maintenance culture has both material value and non-material because, gain imbibed material there are economic gain meager resource 40 wasteful for us to use to build and neglect and build again. Most of the historical building, invention books parks, statue and other cultural artifacts which we stream to other part of the world because the ability of their owners to maintain and preserve them over decades for instance, the Greek temples of Athens the British house of parliament and Burkingham place to mention but a few.

The main aim of this report is to examine the existence of maintenance in Nigeria postal service (NIPOST) .NIPOST need a special work shop on maintenance culture, particularly in view of the present economic and social situation. This will enable us update buildings giving them new coatings vehicles pane beaten and sprayed and maintained and equipments repaired and maintained.

Maintenance will enable NIPOST to staid and acquire more technology, with proper maintenance Nipost buildings, vehicles machines both their heavy and the plants will generally last for years. The virtue of maintenance are numerous. It minimizes uncertainties in performance both land and production cost which increases machine reliability. It reduces period of activity due to break. The responsibly of maintenance is carried out by the work shop.

This workshop has eight (8) sections:-

1. Postal and allied Equipment section.
2. Mental section
3. Carpentry section.
4. Auto- Electrical section
5. Air –condition and Refrigeration section
6. Personnel section
7. Transport section

There sections are charged with responsibility of maintenance in Nipost. For any type of maintenance to be carried out, there must be an approval from the area postal manager. Depending on the nature of the repair. Also depending on the nature of the repair also the availability of fund where such repairs involve very heavy sum of money  and approval for the release of fund must come from the post master- general” maintenance culture” is perhaps the most important bold initiative by the federal government which Nipost as  one of federal government has inculcate in its execution to ensure  that the propensity to replace instead of repair is drastically reduce mostly as this time of economic recession in the  country.

To enable Nipost consolidate what it has more priority must be places on maintenance. It is the same story every where, they is need for maintenance  culture in Nipost. This culture being the ability of this organization to maintain in their efficiency all their valuable so as to be in greatest use.

1.2    STATEMENT OF  PROBLEM

In spite of the existence of maintenance culture in NIPOST. There have been an increase in the rate of abaudon offices building vehicles and equipment all over.

The objective of maintenance culture is to  ensure consistent repairs  for the survival of the organization since the management cannot afford new grand lose  projects even the wasteful life style of the past. During the era of all boom, purchases were made any how because the cash backing was more than available .now, it is no longer so, there are a lot of abodon equipment, vehicles, uncompleted projects here and there, most of the buildings are noe in a dilapidated from with leakages all over which could not be maintained.