THE USEFULNESS OF FINANCIAL STATEMENT IN ASSUASIVE THE PERFORMANCE COMPANIES AND IN GUIDING INVESTMENT DECISIONS

(A CASE STUDY OF SUNRISE FLOUR MILL LTD ENUGU)

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ABSTRACT

 

          The use of financial statement in any business organisation cannot be over emphasized financial statements are needed by variety of people for different purposes .  for instance, the government needs the financial books of a company for taxation purposes, the investors want to know how profitable a company is and also the management of a company will like to know the level of their performance: all these cannot be known without the analysis of financial statements of the company or companies involved.

The research work therefore, studies the usefulness of financial statements in assessing the performance of companies and in guiding investment decisions, in order to provide investors, management, government and others what the company is worth.

 

TABLE OF CONTENTS

 

CHAPTER ONE

• Introduction

1.1     Statement of problem

• objectives of study
• significance of study
• research questions
• scope and limitations
• formation of hypothesis
• definition of terms

CHAPTER TWO

• Review of related literature

2.1     Introduction

• Basic concepts
• Further assumptions and principles
• Benefits of financial statement

 

CHAPTER THREE

• Research design and methodology

3.1     Source of data

• Questionnaire
• Interview method
• Sample design
• Method of investigation
• Statistical method for data analysis

 

CHAPTER FOUR

• Presentation

4.1     Interpretation of data

• Testing of hypothesis

 

CHAPTER FIVE

• Summary, findings, conclusion

5.1     Recommendation

• Bibliography
• Appendix – Questionnaire

 

LIST OF TABLE

1. Trading account
2. cost of goods sold
3. statement of changes in financial position of companies
4. Profit and loss appropriation account schedule profit and loss account for the year suded 31^st Dec 1995 and 1996.
5. analysis of result
6. analysis of questionnaire respondents
7. analysis of respondent department
8. pie chart distribution of respondent department
9. analysis of responses
10. analysis of responses
11. analysis of responses
12. analysis of responses
13. test of hypothesis
14. test of hypothesis 11
15. test of hypothesis 111
16. Balance sheet as at 31^st December, 199 and 1996.

CHAPTER ONE

 

INTRODUCTION

          A financial statement is defined by accounting standard committee (ASC) as a balance sheet, profit and loss accounts, and statement of source and application of unds, notes and other statements, which collectively are intended to give a true and fair view of the financial position and profit or loss.  Several companies incorporate fixed assets valuations into their balance sheets, in which case the depreciation charge in profit and loss is based on revalued amount.  Some companies draw up their financial statements on a current cost basis, but this is rare compared with the use of historical cost or modified historical cost.

A financial statement is part of a company’s annual report, the purpose of which is to communicate information about the company to those who have the right to receive it for instance, the shareholders, in addition to investors, potential investors and other users of financial statements.

It provides an indication of company’s trading performance and gives a snapshot of aspects of its financial position at a particular date.  At a minimum, a financial statement consist is of accounting policy, balance sheet, profit and loss portraying organizations and income and expenditure for non-trading organizations, notes to the account, directors report, sources and application of fund and value added statement.  The analysis of financial statement or an account is therefore the interpretation, amplification and translation of facts and financial statements, the purpose is to draw relevant conclusions, therefore, making of inferences as to business operations, financial positions and future prospects.

The procedure involves.

1. analysis of data contained in the financial statement into certain basic component parts. For instance, in carrying out a profit analysis, the net sales is a very important figure and other data in the account like cost of goods sold, gross profit and cost of production are compared with this cove of the income statements.  Similarly, in balance sheet analysis, the cove components are net assets which are usually compared with ones capital, loan stock and working capital.
2. Translation of those data into cheer and simple form. The translation process may lead to extraction of ratios or percentages that establish relationships between comparable data or even the presentation of graphs and charts.
3. Drawing relevant conclusions and making inferences concerning the company’s financial position, stability, profitability and solvency.
4. Presentation of information do obtained to management for decision making. The information is used in the forward process for future controls and policies.  The application of this information will involve the isolation of the factors responsible for the state of affairs which are reveled by the analysis.

The analysis could be horizontal or vertical internal or external horizontal analysis is a comparison of data in financial statements of two or more consecutive accounting periods to detect whether performance has improved or not.  Example, the profit of 1994 of a company could be compared with that of 1995, 1996 with 1997 and after which a trend may arise from the analysis.  This analysis is internal as it concerns financial data of one company alone.  A vertical analysis as external s it concerns financial data of one company and another.  That is, external when a comparative study of data between one company’s financial statement and that of another over a given time.

It is wholly external and involves a comparative analysis of data in financial statements with in a single period.

By reference to a common unit, data in the financial statements can be compared with one another to determine efficiency of current performance for the purpose of the analysis, certain figures in the accounts are expressed as a percentage of another relevant figure.  In carrying out an analysis of accounts, a number of issues must be considered and conclusions formed therefore.

These include.

1. profitability of the business operations, particularly in relation to capital employed
2. solvency of the company: the ability of the business to pay its creditors, the adequacy of its working capital and the liquidity of its current assets viewed side by side with the current liabilities.
3. The business trends: the analysis of the pattern of business over time to determine whether profit is rising or failing, and the implication for futon performance.
4. The financial stability of the company: paying particular attention to company’s financial position, the limits of its borrowing powers, and available resources to financial expansion and volume of earnings.
5. The gearing and assessment of adequacy of profits to meet interest payments, individual payments to shareholders and to provide sufficient safety to shareholders investment.

 

• STATEMENT OF PROBLEM

This research work intends to look into the extent to which investors to carryout, and rely on the results of financial statements analysis before making their investment

THE ROLE OF AUDITORS IN PREVENTION OF FRAUD IN BANKING INDUSTRY OR BANKS

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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. 

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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.

 

TABLE OF CONTENT

 

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of contents.

 

CHAPTER ONE

• Introduction
• 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 mechanization 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.

 

1.2     STATEMENT OF PROBLEM

It is necessary to highlight that many organization fail to report cases of fraud to the appropriate authorities as they believe doing so will give undue publicity or negative image of the organization lack of discipline and inability of the law enforcement agents to prosecute 044 enders accordingly encourage fraudulent practices among individuals.

      Some people are over-ambitious hence prone to country fraud. They dismiss morality

COST ACCOUNTING AND ITS APPLICATION TO MANAGEMENT PLANNING, CONTROL AND DECISION MAKING

(A Case Study of Nigeria Bottling Company (NBC) Kaduna)

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ABSTRACT

This research work is aimed at highlighting the role played by Cost accounting information to the planning, control and decision making process of the management of an organization using Nigeria bottling company (NBC) as a case study. If identify the different costing techniques and methods available, the type of information produced by an accountant and how each information fits into the information need of management as stated in the alternative and as discovered by the researcher through questionnaire and personal interviews. That is, the prospect of a manufacturing company Endeavour is to found out, that for any organization to be successful, there must be accounting department to prove timely, adequate, relevant and correct information regarding the cost of products, processes and general running of the firm and fix selling price for products and services. An independent accountant and cost accountant need to be present for possible production of relevant information.

 

 

TABLE OF CONTENTS

Title page – – – – – – – – i
Declaration – – – – – – – – – ii
Approval – – – – – – – – – iii
Dedication – – – – – – – – – iv
Acknowledgement – – – – – – – v
Table of contents – – – – – – – – vi
Abstract – – – – – – – – – vii
Table of contents – – – – – – – – viii

CHAPTER ONE
Introduction
1.0 Introduction – – – – – – – – 1
1.1 Background of the study – – – – – – 1
1.2 Statement of study – – – – — – 2
1.2 Objectives of the study – – – – – – 3
1.3 Research Hypothesis – – – – – – 4
1.4 Significance of the Study – – – – – 4
1.5 Scope of the study – – – – – – – 5
1.6 Historical Background of NBTE – – – – 5

CHAPTER TWO
Literature Review
2.1 Introduction – – – – – – – – 7
2.2 Meaning of cost accounting – – – – – 8
2.3 Planning and the application of cost accounting – – 9
2.4 Control and cost accounting – – – – – 15
2.5 Standard cost as a tool for control – – – – 19
2.6 Decision making – – – – – – – 24
2.7 The decision making process – – – – – 25

CHAPTER THREE
Research Methodology
3.0 Introduction – – – – – – – – 29
3.1 Population and Sample Size – – – – – 29
3.2 Sampling Techniques – – – – – – 30
3.3 Sources and Method of Data Collection – – – 30
3.4 Method of Data Analysis – – – – – – 31
3.5 Justification for the Choice – – – – – 31

CHAPTER FOUR
Data Analysis and Interpretation
4.0 Introduction – – – – – – – – 32
4.1 Data Presentation – – – – – – – 32
4.2 Analysis of Questionnaire – – – – – 33
4.3 Testing Hypothesis – – – – – – 41
4.4 Summary of findings – – – – – – 41

CHAPTER FIVE
Summary, Conclusion and Recommendations
5.1 Summary – – – – – – – – 43
5.2 Conclusion – – – – – – – – 44
5.3 Limitation of the Study – – – – – – 45
5.4 Recommendations – – – – – – 46
Bibliography – – — – – – – 48

 

 

CHAPTER ONE

1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The main theme of this project is to bring to highlight the importance of costing to the existence of any organization, using the Nigeria Bottling company as a case study.

Every activity and operation of an organization involves cost. In view of this, I intend to discuss the objectives, principles, techniques and methods of costing relating to the analysis and gathering of cost information for planning, control and decision making.

It must be emphasized, that the existence of a sound well organized basic costing system is fundamental to whatever use is made of the information whether for routine cost ascertainment purposes or for a one – off decision.

Decisions depend on financial factors therefore it is of utmost importance that proper costing methods and techniques suitable for an organization operations to be ascertained, adopted and operated effectively and religiously throughout the organizations` process and operations.

In essence, organization are established for a defined purpose which objective can only be seen or shown to the world by the output (product) it produces. For there to be an output the most necessary is the input. Inputs do not come for free; payments have to be made on them. Taking the Nigerian Bottling Company (NBC) as a case study, it needs inputs in the form of raw materials, labour etc. to produce goods (soft drink) and payment must be made for these inputs, this boils down to cost.

 

1.2 STATEMENT OF THE PROBLEM
In the past, many companies have witnessed considerable lapses and increasing changes in management disciplines. Costing an important element in the overall operation of an organization through the provision of relevant information about cost is one of the problems organizations are facing. Because there are no satisfactory requirements to maintain detailed cost records, some small firms keep only traditional financial accounts and prepare cost information in an ad-hoc-fashion. In all but small firms this approach is likely to be unsatisfactory.

There is a vast range of systems in operation ranging from simple analysis to computer based accounting systems incorporating standards, variance analysis and the automatic production of control and operating statements. These different costing methods are meant to suit different organization the adaptation of the wrong method, for a company will constitute a problem instead of a solution. Also poor or inadequate knowledge of a particular method of costing has constituted problems for many firms.

 

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RISK MANAGEMENT IN FINANCIAL INSITUTION IN NIGERIA

A CASE STUDY OF UNION BANK OF NIGERIA PLC

1999 – 2004

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Bank Name: GTBank
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 Account Number:  0117780667. 
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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. 

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ABSTRACT

The project work examine the potential usefulness of adopting a systematic methodology for the analysis and control of quit within the financial services sector and discuss the resulting information processing requirements.

Two types of financial intermediaries (banks and insurance companies) are specifically examined from a total system frame work, but the resulting insight is extend to other financial institutions.  The point is made, that given the current wave of de-regulation in Nigeria, economy especially in the banking sector and the rapid process technological and marketing glufts which have resulted, financial institutions are being forced to rely more on managerial competencies and other intra-organisation factors for survival and success and it is suggested that effective risk analysis and control technologies should be an integral aspect of any sensible corporate plan in these institution.

This project is patterned into five distinct chapters.  Chapter one deals with introduction of the topic, statement of problem, scope, limitation and research    question while chapter two emphasize on the researcher’s reviews and related literature on risk management to business organisation.  The third chapter highlights the methodology of the research.  It stresses the design plan, method of data collection.

Finally, the last chapter (chapter five) summarized the entire work by inserting possible findings recommendations and conclusion.

CHAPTER ONE

1.0     Introduction                                                                       1

• Background of the study 1
• Statement of the problems 2
• Objectives of the study                                         4
• Research questions 4
• Research hypothesis 5

CHAPTER TWO

2.0     Literature review                                                                6

• Definition and general concept of risk 7
• Classification of risk 11
• Fundamental and particular risks 14
• The risk management 15
• Definition of risk management 16
• Objective of risk management 17
• Risk management process 20

 

CHAPTER THREE

3.0     Research design and methodology                                     31

3.1     Design                                                                               31

• Area of study 31
• Population description 32
• Sample and sampling techniques 32
• Instruments of data collection 34
• Methods of data collection 34
• Proposed method of data analysis 35

 

CHAPTER FOUR

4.0     Data presentation and analysis                                           37

• Distribution and collection of questionnaires 37
• Test of hypothesis                               43
• Recommendation solutions 46

 

CHAPTER FIVE

5.0     Findings, recommendation and conclusion                        47

• Findings 47
• Recommendations 47
• Conclusion 49
• Scope limitation and delimitation 49

Reference                                                                           51

Questionnaires                                                                             53

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Financial institutions, organizations both private and public operation in the world of uncertainties.  The uncertainty of environment in which organizations operate has led some management experts to fashion out a management they called “Risk management to reduce the uncertainty that face them.  Business organizations are set up for a particular aim(s) and strive to achieve them.  But the uncertainty of the objective is very difficult task to accomplish.  Because risks or uncertainty are a permanent feature that affect any business organization.  Management is expected to continuously monitor and manage those risk or uncertainty most effectively at a minimum cost been realized and accepted by most countries and some organizations among which are financial institutions which started to use the concept to minimize the losses facing them in order to achieve the organizations objective.

Risk according to Oxford advanced learner’s dictionary means the possibility of meeting damper or do suffering harm or loss.  This means that it is the uncertainty of financial loss in the concept of this study.

According to L.J. Nuldram (195) risk management is defined as “The protection of assets earnings, habitués and people of an enterprise with maximum efficiency and at minimum cost”.  This effective risk management provides protection against the possibility of asset losses so great as to course severe dislocation in the organisation.

 

1.2     STATEMENT OF THE PROBLEM

Financial institutions are exposed to risk/problem, which affects its effective performance.  For banks two kinds of risk are important.

• Investment or default risk
• Liquidity risk Okigbo P (1983)

 

The default risk is concerned with the asset held by the bank as an auditor.  The bank faces the dangers that it debtors may not make payment due on interest and principal.  The banks also traces withdrawal or liquidity risk in connection with its abilities.  As a debtor to its depositors.  The bank faces the risks that its creditors may be unwilling to renew or even extend new creditors to it.

Also in the operation of financial institution there is a very serious problem of the loss aggregations.  This is very important.  Take for instance, the risk of loss of customers confidence which is very critical in the content of banking operations although there has not been run in any bank in recent memory, the possibilities is real enough for it to meet serious considerations.

This topical run on the bank known to most informed persons in where there is a long quince of customers at major premises of a particular bank all waiting to withdrawn their deposit.  Further in the insurance companies risk under the lending of static for example fire and theft losses, employee compensation needs, liability for industry to third parties health/property, fraud and so on.  Have traditionally been handled at the operational level solely.  Also while management at the policy level has been personally concerned with dynamic risks, a systematic method for

THE PROBLEMS OF PARTNERSHIP BUSINESS IN NIGERIA

(A CASE STUDY OF ESCO & CO WARRI DELTA STATE)

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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

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ABSTRACT

This research is aimed at identifying the problems of partnership business in Nigeria and how to sole some of them. This as an attempt to present the frame work which will help various group of persons in partnership businesses and others desiring to become one to have a clear understand of some the problem they are to encounter in the business, especially those of them who are in a haste to form one without understanding the terms of the business neither having any form of agreement. Worthy to mention is the funding which constitute a lot of problems, lack of good planning and good management techniques not being applied which often militate against the progress of the partnership business.

In terms of organization this work is divided into five chapters enumerated as follows.

Chapter two: deals with the subject matter under review with reference to books of other authors, published journals, magazine of different opinion.

Chapter three: Discuss the methods of research the researcher embarked upon with the various instruments used in carry out the wok.

Chapter four forms the core of this research. Data’s collected were presented, analysed and interpreted and the hypothesis tested.

Summary of the findings, implications, conclusion and recommendations.

A list of bibliography and an appendix are provided at the end of this chapter for further classification and information on this study.

 

 

TABLE OF CONTENT

CHAPTER ONE

• Introduction1
• Statement of problems2
• Aims and objectives 6
• Significance of the study 7
• Statement of the hypothesis 8
• Scope and limitation of the study 9
• Definition of terms 11

 

 

CHAPTER TWO

• Literature review 12

2.1     General nature of partnership business 16

• Historical views of partnership business 17
• Definition of partnership18
• Types of partners 19
• Banking of partners 20
• Kinds of partnership 23
• Applicable laws of partnership in Nigeria 26
• Special characteristics of partnership business 28
• Formation and operation of partnership 29
• Formation procedures 29
• Partnership deed 31
• Power and liabilities of partners 33
• Advantages and disadvantages of partnership 35
• Limitation to partners’ liabilities 36
• Dissolution and winding up of partnership 37
• Conclusion 42

CHAPTER THREE

• Researcher meteorology and design 43

3.1     Introduction 43

• Research design 43
• Data collection instrument 44
• Primary data sources 44
• Secondary data sources 46
• Population description 46
• Method of analysis 47

 

CHAPTER FOUR

• Presentation and Analysis of data 48

4.1     Data analysis 48

• Presentation and interpretation of data
• Test of hypothesis

 

CHAPTER FIVE

• Summary, Findings, conclusion and recommendation

5.1     Findings

• Conclusion
• Recommendations

Bibliography

Appendix

CHAPTER ONE

INTRODUCTION

Long ago, many committed Nigerians have engage them self in one or two business entity to enhance economic growth. They engage them self in various sector of the economy to earn a living.

From past analysis and experience in this present economy has shown that many of these business organizations are not living up to expectation. In view of these it is hoped that a research analysis of the problems and prospect of business will be uncovered and causes of their poor performance. Orientation differs, ones the word ‘business” is pronounce, the message that rings in the mind of men especially in Nigeria is buying and selling of goods. But business is broader than that. Business can be defined as any activity one engage himself or herself with lawfully to earn a living, for the pu7rpopse of this research, I want to consider business as “every profit directed economic and commercial activities that provides goods and services necessary to a nation standard of living.

Business ownership can be classified into two namely: public enterprise and private enterprise.

Private enterprise comprises of sole proprietor ship, co-operative society partnership and limited company.

In this research we are going to concentrate mainly on issue concerning “partnership business”. According to Boron, Donan (1976) Partnership was defined as a business relationship between two or more persons who jointly own and manage a business. The maximum number is usually put at twenty people.

People find it easier to engage in sole proprietor ship and others to avoid certain problems that may arise in partnership business such as

• delay in decision making
• crisis of confidence
• chained activities of all new members to old ones.

 

• STATEMENT OF PROBLEM

A larger proportion of the business entities in this country are faced with similar problems. These problems hinder the growth and development of partnership business in this country, thereby limiting their enormous contribution towards the nation economic development. Some of these problems are listed below.

1. Poor finding sources