CHAPTER ONE
INTRODUCTION
In this day of trade and commerce, many enterprises are springing up. For instance.
vSale proprietorship
vPartnership
vCorporative, limited liability company
Being established for the purpose of achieving objective as it related to their businesses.
These businesses have one thing in common and that is they all employ the factors of production land, capital, labour and entrepreneurship for the achievement of their various objectives. These objectives could be effectively and efficiently achieved if these very important tools are properly managed. A good and efficient business done not end with the profit made but ought to be sustained to ensure a more regular flow of income and subsequent profit
The sustainability of a good business depends on a number of factors the location of the business (which includes the land) environment, proximity to the required raw material and the targeted end users, and more importantly, funds. A good business can only thrive if the effective human resources are employed. Therefore it is necessary to ensure that a proper qualified workforce is employed to enhance productivity.
Another factor that will enhance the productivity and profitability of a good business out fit is proper accounting. If proper accounting procedures is employed in a business, waste of funds. Time and materials will be minimized. Although it is the duty of every employee in a business outfit to imbibe the culture of maintenance and accountability, the accountant has a greater put to play in this aspect of the business.
Proper accounting is the hallmark of any business and it cuts across every segment of the business from the security gate to the office of the Chief executive. In modern day business proper accounting is very beneficial and rewarding. It appraises, revaluates and checks the amount of capital invested, as well as revenue and expenditure that occur during the business financial year. With this profit and loss account is brought also into consideration, where proper accounting has not been introduced in a business, there is bound to be some irregularities. The income and expenditures would not be accurately recorded thereby making it difficult for the actual profit to be ascertained.
The importance of proper accounting in modern day business cannot be overemphasized because it definitely has a positive effect of the workforce. The work force will be more careful, cost conscious and committed to the business, profit will increase and waste minimized.
1.1 BACKGROUND OF THE STUDY
Business is the exchange of goods, services and money on an arm’s length basis, that result in mutual benefit or profit for both parties involved. An individual engages in business because he or she believes that the rewards or possible benefit of business are greater than the risks or possible future sacrifices of business.
Accounting is often said to be the language of business it is used in the business world to described the transaction entered into by all kind of organization. The actual record making phase of accounting is usually called bookkeeping and he use to which these record are pt, their analysis and interpretation. An accountant should be interested in relationship between the financial results and the events which have created them.
The owners of a business would want to know
vWhether or not the firm operating at a profit
vWhere or not the business will be able to meet its commitment as they fall due, or have to close down owing to lack of funds
vWhether documentary evidence of the company business activities can be maintained
The tool for a successful proper accounting report called financial statement that describes the financial position of a business and the result of its recent operation.
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS
AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)
CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »
A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »
AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)
HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »
APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA
2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA
ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »
ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)
THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »
What are looking for today?
Format: | Ms Word | ||
Chapters: | 1 - 5 | ||
Pages: | 70 | ||
Attributes: | Questionnaire, Data Analysis,Abstract | ||
Price: | ₦3000 | ||
Get the complete project » |
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
81,402 people found this useful
IMPACT OF E-LEARNING ON THE ACADEMIC PERFORMANCE OF UNDERGRADUATE STUDENTS (A CASE STUDY OF NATIONAL...
62,250 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
55,762 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
54,988 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
52,444 people found this useful
THE EFFECT OF ADVERTISEMENT ON CONSUMER BRAND PREFERENCE
51,122 people found this useful