The main objective of this research work is to find out by investigation and analysis how the service of Accountants assist in the effective financial management in private and public organization. For some time now, cases of frauds, embezzlement and inadequacy of accounting system has led many establishments to liquidation and as such became necessary that a research be undertaken to find out a permanent solution to the problem. In chapter one, efforts were made to defined and evaluate the system of accounting and ascertain why knowledge of accounting is necessary to every body. In chapter two, it reviews some related literature in the field of the research work. In chapter three, it treated the research methodology, design, Area of study, population of the study, sample and sampling procedures, instrument for data collection and courses, method of data analysis. In chapter four, the data collected were presented and analysis of results given in a way for better understanding. Finally, chapter five dealt with Discussion of findings and implications were made. By and large, it was established that accounting information plays a vital role towards the effective financial management in Alo Aluminum.
1.1 BACKGROUND OF THE STUDY
The owner of a business naturally wishes to run his business as efficiently as possible. One of the purposes of keeping accounts is to enable one to do this.
i. Its account should avail him the necessary cost data for effective operation.
ii. The exact revenue of the business
With such information, the owner of the business can make comparison the from year to year. Comparing the profit this year with the preceding years and investigate any variances. This is by making comparison of the expenses incurred. By studying his account in this manner, the business manager can now formulate a business policy. He may, for instance take a decision on whether to adjust prices of his product, to embark on advertisement/awareness, to introduce new product, drop existing ones etc.
To change the method of production or to change the organizational structure.
To the ordinary man in the street, account mean story, explanation, or report of money received and spent. In the past, the actual record-making is called “Book Keeping”. However, accounting to day extends beyond book-keeping. Accounting is a discipline concerned with the recording, analysis, and forecasting of income and wealth of business and other terms, of the flow of economic values between or within economic entitles.
According to (Wood’s 1982), “Accounting is said to be the language of business”. At a given time, accounting made it possible for a business man to discover:
i. The value of his input and output
ii. The available cash/bank balance
iii. His debtors and creditors
iv. Whether profit or loss
v. The financial position of the business
According to “(White head 1979)” Accounting is the art of controlling a business by keeping accurate book keeping records, preparing from those records certain statistics called “Accounting ratios, using those ratios to dictate financial difficulties before they become serious, so that counter measure may be taken”. However, it is necessary to review the definition of the objective of accounting in line with the present role expected of accounting discipline. The main of accounting entered on the provision of potential useful information for
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