THE ROLE OF ACCOUNTING IN THE CONTROL OF PRIVAT 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