Accounting System And Financial Control: A Study Of Local Governments In Nigeria

Reference code: C053

ABSTRACT

This research project investigated the relationship between accounting system and financial control in Emohua local government. In order to achieve the objectives of the study, three hypotheses were proposed and data collected throguh the issue of structured questionnaires to 56 staff/respondents at the local government. Data collected was analyzed using Pearson Correlation. From the data analyses, the following findings were made: There is a positive relationship between accessibility of accounting information and financial controls, there is positive and statistically significant relationship between flexibility of the accounting system and financial controls, there is a positive and significant relationship between reliability of accounting information and financial controls. Based, we conclude that: Accessibility of accounting system contributes to financial controls in Emohua local government area of the state, flexibility of the accounting system has lead to a significant improvement in the financial control activities. Finally, we conclude that reliability of the accounting system aids in financial controls in Emohua local government area of Rivers State. We thus recommend that: There is need for the local government administration to educate its staff on the importance of ensuring the accounting system has the good attributes of reliability, flexibility and accessibility in order to improve financial controls in the LGA, We also recommend that the local government provide training to its staff on the strategies that can be deployed to ensure that the local government’s accounting system can be amenable to financial controls. Finally, we recommend that regulators and standard setters make policies that will ensure that local government accounting systems improve in the area of financial controls.

INTRODUCTION

................ Accounting has been defined by various bodies at different times accounting to “Gray Jack and Johnson S. Kenneth: Accounting and management action McGraw-U.S.A. the Athenians, early Egyptian, and others of the early Egyptian, and others of the early times, where they said accounting is that of recording business transaction”
Even in the late 19th century, it is regarded as the simplified balance sheet or list design for the benefit of bankers and creditors. This committee of terminology of American institute of certified public Accounting formulate this definition in 1961.Accounting is the art of recording, classifying and summarizing in a significant manner and in terms of money transactions’ and even which are in part at least of a financial character.
The more recent definition given by the American Association of Accountants (2006) is less restrictive and regards accounting as; The process of identifying, measuring and communicating economic information to permit information judgments and decision by the user of the information.
Accounting now includes the development and analysis of data, testing of their validity and reliance and the interpretation and communication of the resulting control to intended users. This data may be express in monetary or other quantitative terms or symbols or in verbal forms. In this broad context accounting as the science which deals with the designs, management, and evaluation of information system as they rate to accounting system and financial control to government and enterprise goals. It can now seen from the onset that the basic objective of accounting is to approved and analyze economic information to aid in financial control. It also facilitates the effective allocation of resources in the local government areas.
This research will mainly concern itself with the use of accounting system or information in local government areas and financial control process. The branch of accounting which provides information for accounting system or information and financial control is called financial accounting. This provides accounting/economic information usefully aiding managerial part planning, directing and controlling the local government operation.
A good accounting information is therefore needed for proper and adequate data gathering and analysis to facilitates sound financial control. The accounting system is face with the challenge of catching up with all information of our growing activities. ............... FOR ACCESS TO THE FULL PROJECT WORK, USE THE ORDER NOW! BUTTON BELOW

CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY 1
1.2   STATEMENT OF PROBLEM 3
1.3 AIM AND OBJECTIVES OF THE STUDY 5
1.4 RESEARCH QUESTIONS 5
1.5 RESEARCH HYPOTHESES 6
1.6 SIGNIFICANCE OF THE STUDY 6
1.7     SCOPE AND LIMITATION 7

CHAPTER TWO
LITERATURE REVIEW
2.1 BACKGROUND TO THE STUDY 9
2.2 INFORMATION NEEDS OF USERS OF FINANCIAL INFO. 9
2.3 THE TECHNIQUE FOR GENERATING ACCOUNTING SYSTEM 11
2.4 PRESENTATION OF INFORMATION 13
2.5 THE UNDERSTANDABILITY CONCEPT OF THE USERS   OF
THE FINANCIAL STATEMENT 16
2.6     WHAT IS ACCOUNTING INFORMATION 17
2.7 IMPORTANT OF ACCOUNTING INFORMATION 18
2.8 LOCAL GOVERNMENT REVENUE AND EXPENDITURE 20
2.9 THE BUDGETING SYSTEM IN LOCAL GOVERNMENT 22
2.10   REQUISITION AND ISSUE OF VOUCHERS 24
2.11 EXPENDITURE AND GOVERNMENT 25
2.12 STATEMENT OF ASSETS AND LIABILITIES 27

CHAPTER THREE
RESEARCH METHODOLOGY
3.1 RESEARCH DESIGN
3.2 POPULATION OF THE STUDY 28
3.3 SAMPLE DESIGN AND SAMPLING TECHNIQUE 28
3.4. NATURE AND SOURCES OF DATA 29
3.5 METHOD OF DATA COLLECTION 29
3.6 METHOD OF DATA ANALYSIS 30
3.8 VALIDITY AND RELIABILITY OF INSTRUMENT 31

CHAPTER FOUR
DATA PRESENTATION ANALYSIS AND INTERPRETATION
41. INTRODUCTION 32
4.2   DATA PRESENTATION ANALYSIS AND INTERPRETATION 32
4.3 DATA ANALYSES AND HYPOTHESES TESTING 45
4.3.1 HYPOTHESES TESTING 45
4.4 DISCUSSION OF FINDINGS 48

CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary 48
5.2 Conclusion 49
5.3 Recommendation 50
BIBLIOGRAPHY 51
APPENDICES 55

Reference code: C053
Reference code: C053
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66 Pages

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