Project Topic:

THE IMPACT OF PUBLIC SECTOR ACCOUNTING IN NIGERIA FINANCIAL CONTROL SYSTEM (A CASE STUDY OF ESAN SOUTH EAST LOCAL GOVERNMNENT AREA, ED

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 Format: MS WORD ::   Chapters: 1-5 ::   Pages: 136 ::   Attributes: Questionnaire, Data Analysis  ::   1,560 people found this useful

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ACCOUNTING UNDERGRADUATE PROJECT TOPICS, RESEARCH WORKS AND MATERIALS

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                                    ABSTRACT

This  research  was  aimed  at  finding  out  the  impact  of  public  sector

  accounting in Nigeria financial control system using Esan south east local

  government area of Edo state as a case study. The purpose was to find out

if  the  control  of  public  fund  adopted  by  the  local  government  is

  appropriate,  to  determine  whether  the  public  sector  accounting  principle

applied  by  the  local  government  is  appropriate  and  effective  and  also  to

  investigate  whether  the  source  of  revenue  to  the  local  government  is

enough for them etc. The population size used was the staff and members

of  Esan  south  east  local  government  area  of  Edo  state,  out  of  which  the

  sample  size  was  selected  using  the  Taro  Yamani‟s  sampling  techniques.

Data for this study were primarily and secondarily sourced. Chi-square was

used  to  analyze  the  responses  gotten  from  the  distributed  questionnaires.

The  findings  made  in  this  study  are;  the  public  accounting  principles

applied by the said local government area is inappropriate and ineffective

and the control of public fund measures adopted is also inappropriate etc,

based  on  the  findings,  it  was  concluded  that  the  public  sector  accounting

  principles  applied  by  the  local  government  is  inappropriate  and  also  the

  control  of  public  fund  measures  adopted  was  inappropriate.

  Recommendations  were  also made  based  on  the  findings  which  are,  an

  account committee should be set up to control the accounting system of the

said local government and monitor their day to day activities etc and when

this is met, the goal of creating the local government will be achieved.

 

                               
CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY


Public  sector  is  that  sector  of  the  economy  established  and  operated  by government and its agencies distinguishable from the private sector and are organized on behalf of the whole citizens while Public sector accounting is the process government agencies and municipalities use to record financial  transactions.
 Mathias, (2004:78). Said, similar to private sector accounting in theory, the focus of public sector accounting is somewhat different. Most government agencies  and  municipalities  need  to  track  funds  generated  from  tax revenues and expenditures related to projects or appropriations. In addition nations  may  need  to  follow  a  set  of  standard  of accounting principles different  from  private  sector accounting rules.  The  creation  of  an  international accounting standard helps  nations  to  follow  similar  rules  in other to present information in a similar manner.  Government accounting typically  uses  a  set  of  rules  that  tracks  financial  information.  Rather  than  attempting  to  determine  how  much  money  a public sector entity has made, the entity must report financial information to  interested parties,  primarily  constituents.  The  separation  of money  into these  funds  makes  it  difficult  for  government  agency  or  municipality  to spend  money  on  unauthorized  purposes.  Elected  officials  or  legislatures must  create  appropriations  or  spending  authorizations  to  transfer  funds amongst  government  fund  accounts.  This  process  attempts  to  restrict  the  spending  of  money  on  a  free-will  basis  that  will  quickly  deplete  an agency‟s resources
Similar  to private sector accounting, public sector accounting principles often seek to lay a framework for accounting practices. 
 Afolabi,( 2004:320). Said rather than creating a hard set of rules to follow the principles allow for an application of basic principles to either large and small  entities  or  municipalities.  An  international  set  of accounting principles is also necessary for smaller nations to learn and adopt rules that will  enhance  their  internal  national accounting process.  Most  times,developing  nations  cannot  or  do  not  have  the  resources  capable  to  create and  instil  a  framework  for  their public sector accounting practices.Adopting an international set of accounting rules will help them overcome this problem and typically helps them start on the path better infrastructure development.
Another purpose of public sector accounting is  to  create  a  standard expectation  of  ethics  and  accountability  for  a  nation‟s  financial information. Standard public accounting principles will also make it easier for  a  nation  to  undergo  an audit.  it  is  also  harder  for  countries  to  hide inappropriate  financial  transactions  when  using public sector accounting principles. This research study will therefore appraise the impact of public sector  accounting  in  Nigerian  financial  control  system  focusing  on  Esan South East local government.

1.2 STATEMENT OF THE PROBLEM

The  problems  inherent  in  this  research  study  as  investigated  by  the researcher are;

1. INADEQUATE REVENUE: that is, the source of revenue available to Esan South East Local Government authority most often is not enough  for them, as this invariably affects diverse activities that are carried out  in the local government area.

2.  Poor administration of local government funds.

3. Another problem is the fact that the control of public fund adopted by the local government is inappropriate. It is as a result of this that there are still  setbacks  in  the  local  government  as  regards  to  infrastructural  development.

4.  The  adoption  of  inappropriate  and  ineffective  public  sector  accounting principles and guidelines.

5.  Another  problem  is  that  the  accounts  of  the  local  government  are characterized by inadequacies such as, improper maintenance and book keeping  of  accounts  and  other  necessary  records,  embezzlement  of public funds especially by the top officials.


 


 
 


 


 

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