ABSTRACT
Effort is made to access the effect of formal accounting reporting on the
management of a business financial accounting covers those activities
related to the preparation of certain reports which are known as financial
statements. These statement report the financial status of a firm at a
particular time. The firms activities and resulting profit/losses during the
most recent period and the flow of resources occurring within the firm during
the same period.
I draw my research from the work of
many authors. Such work done have included textbooks in all forms, magazine and
Encyclopedias.
Apart from extensive use of
literature, other method of research include (a) interview with businessmen.
(b) Questionnaires have been designed and distributed to some businessmen
(especially at trade fair). The questionnaires have been designed for
officers in management cadre in public and private companies,
shareholders, staff, partners and owners in sole proprietorship
CHAPTER
ONE
INTRODUCTION
Financial accounting covers those activities related to the preparation of
certain reports which are known as financial statement. These statements
reports the financial status of a firm at a particular time the firms
activities and resulting profit or losses during the most recent period and the
flow of resources occurring within the firm during the same period.
This statement made by A. THOPSON
MONTAOMERY gives us an idea on the meaning of financial accounting. However the
question arises what are the efforts of these financial account reports in the
management of business? The answer poses a problem which the paper will seek to
solve. Not all business persons understand the impact of financial accounting
information on the management of their business, some manages business
intuitively. Other, like traffic defaulters who disobey road signs, disobey the
warning of communicated by financial accounting information and end up in a
“Business Accident”
There are other sources of
information which have impact on the management of Business and the combination
of these sources give an information system in the complex nature. As FARM WOOD
puts it, “it must not be thought that accounting of any form is the management
control system. Instead it is part of it”. But accounting information is the
only system through which both mangers and external users get a picture of the
organization as a total entity.
Moreover, financial accounting
information usually comes in the disguised form by “wearing” the cloak of
technicalities. Such technicalities include calculation which need expert
knowledge in its interpretation. But when some business because of low
financial layout, cannot employ such experts hands, they tend to ignore
financial accounting information system which has an effect on the management
of any business concern. The problem is: Do all businessmen know this? This is
the question that the researcher seeks to answer also.
1.1 STATEMENT OF
THE PROBLEM.
Is very important for the
functioning of any business. The finacial accounting system in most business
organization do not potrary fully the principles of accounting systems. The
flow of information, the cost of collecting any information and the internal
control procedures have some loops holes.
In reality, it would be impossible
for the researcher to study all the information system in all or even one of
the organization. The study therefore involves a study of some typical
financial accounting reporting on the management of a business. The researcher will
carry out an empirical study and appraisal of a business financial accounting
and see whether there is room for improvement to be made. It will therefore
involve a review of the financial accounting and its related procedures.
1.2 PURPOSE OF
STUDY
The goal of every business is profit
optimization. The management of most business exist primarily for this purpose.
Whether the business ownership is separated from the management, the rules for
profit optimization (or maximization as some books may choose to call it) are
still the same. Profit optimization is used rather than maximization. In this
paper because optimization has a social effect.
The mangement is able to do this as
long as they are able to use their financial resources profitably they must
know the effect which financial accounting information has on the management of
the business. Financial accounting measures, by means of the reports they
prepare the extent to which management has succeeded in their goals of profit
optimization.
The report which serves as financial
information of the accounting period has an impact on the future achievement of
the business. This effect now becomes the goal of this research. The researcher
seeks to know more about this effect (ie the financial accounting effect on the
management of business) and also advices all business persons on the effect.
1.3 SIGNIFICANCE
OF THE STUDY
The research will be significant or
useful in
- Examining the effect of financial accounting as information system.
- Directing the business person to such effect
- Warning, not only business persons but all person’s from neglect of financial accounting
- Encouraging all to obey head the warning of financial accounting information.
The following classes of people will
find the work as useful references.
- Managers of companies, corporations and any other firm business whether such business are owned by management or not.
- Actual and potential leaders of money to business.
- Customers
- Owners and shareholders
- Government
- Other researchers.
1.4 STATEMENT OF
HYPOTHESIS.
Hypothesis is defined by the
Encyclopedia Americana as “ a proposition assumed to be true merely for purpose
of argument or a proposition/theory put forward to account for under a body of
facts” The hypothesis of this research work are: this will be used.
- Financial accounting information has both positive and negative impact on the management of a business and as such there is a common need for accounting to supply to its owners information about the business.
HYPOTHESIS I
THE NULL HYPOTHESIS HO: Financial accounting information has negative impact on the
management of a business.
THE ALTERNATIVE HYPOTHESIS H1: Financial accounting information has a positive impact on
the management of a business.
HYPOTHESIS II
THE NULL HYPOTHESIS HO: Neglect of financial accounting information will not have
any effect on the business.
THE ALTERNATIVE HYPOTHESIS H1:Neglect of financial accounting information will have effect
on the business
1.5
SCOPE OF THE STUDY
No research work is purely original.
Something’s have to be drawn from work of others. With acknowledgement and
appreciation, the researcher will include textbooks in all forms or branches of
accounting. Textbooks in management, finance and marketing, magazines and
encyclopedia will be used extensively.
Apart from extensive use of
literature, other method of research will include.
- Interview with business / staff
- Questionnaires will be design and distributed to some businessmen. The questionnaires will be designed for officers in management of public and private companies, shareholders, pertness and owners in sole proprietorship.
- A look into the document of some business and drawing heavily from such records is intended. Financial accounting information is often regarded as “figure” information and the method used in this research is the “transformation” of the data into information such be useful to both those who have knowledge of accounting and those who do not.
1.6
LIMITATION OF STUDY
A voluminous work would result, as
it were in all research work done on all parts of account information generally
(since this might lead to researching into all the different branches of
accounting ie cost accounting financial accounting, Auditing etc. still
voluminous would be a research into the financial accounting information since
this would include what it is, how it can be prepared its usefulness effect,
historical information interpretation, analysis and most of others.
Bearing this in mind this research
work shall then be limited to THE EFFECT OF FINACIAL ACCOUNTING INFORMATION TO
THE MANAGEMENT OF A BUSINESS.
The researcher is aware of the fact
that other types of information play a part in management of a business but
this research is based on the question. If those where types of information are
readily available and only financial accounting information is lacky.
1.7 DEFINITION OF
TERMS
The following are defined in this
section
- Effect
- Financial accounting
- Information
- Management
- Business.
- EFFECT: The oxford Adrancer learners Dictionary of English dexntes effect as “ Influence one effect has on another” it can therefore be good or bad.
- FINANCIAL ACCOUNTING: Financial accounting “is concerned with the recording of transactions for a business enterprises or other economic units and the periodic preparation of various reports from such records”. Financial accounting then can be said to be a systematic gathering, summarizing and reporting of business transaction in monetary terms such that it provide information which permits informed judgment by the users of such information
- INFORMATION OR REPORT: These can be thought of as being facts needed or received by a person or group of persons which is or will be useful to him/her. These information or reports may be spoken / written programmed or teleprinted.
- MANAGEMENT: Management can be defined as the rational selection of courses of action to optimize the interrelationship of man, materials and money for the survival and growth of the organization. It can be regarded as the “process of getting things done through people” A person who manages is called a manager.
- BUSINESS: Business is a process whereby human materials amd capital resources are combined to earn/satisfy human needs and wants. An entity which carries on such organized efforts is known as a business entity.
TABLE OF CONTENT:
CHAPTER ONE
INTRODUCTION
1.1
Background of the Study
1.2
Statement of the Research Problem
1.3
Objectives of the Study
1.4
Significance of the Study
1.5 Research
Questions
1.6 Research
Hypothesis
1.7
Conceptual and Operational Definition
1.8
Assumptions
1.9
Limitations of the Study
CHAPTER TWO
LITERATURE REVIEW
2.1 Sources
of Literature
2.2 The
Review
2.3 Summary
of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 Research
Method
3.2 Research
Design
3.3 Research
Sample
3.4
Measuring Instrument
3.5 Data
Collection
3.6 Data
Analysis
3.7 Expected
Result
CHAPTER FOUR
DATA ANALYSIS AND RESULTS
4.1 Data
Analysis
4.2 Results
4.3
Discussion
CHAPTER FIVE
SUMMARY AND RECOMMENDATIONS
5.1 Summary
5.2
Recommendations for Further Study
Bibliography
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