ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURES IN NIGERIA (A Study Of Central Bank Of Nigeria Enugu State)
ABSTRACT
This research examines the role of accounting in the control of public expenditures in Nigeria, a case study of control bank of Nigeria, Enugu State. The researcher adopted descriptive survey design. The population of the study is the combination of internal audit department staff and accounting department staff making it a total of 41. The research used both primary and secondary source of data. In view of this, three research questions were formulated to generate expected answers. Literal works were reviewed for proper understanding and guidance. Questionnaires, personal interview and observation were used for collect of primary data. Secondary source of data were collect from text books, periodical, articles and journals. Tables and simple percentage were used for data analysis, hypothesis were tested using chi-square statistics. Based on the findings, the researcher found out that few of the staff were not following due accounting principles thereby causing inadequate and improper pursuit of the accounting records Omission of certain book-keeping records, improper audit. The staff and management of central bank of Nigeria has now adopted accounting standard, and the balance of power on NASC, financial analyst government agencies and others. Finally the researcher proffered among other use of accounting principle and standard in the company.
Table Of Contents
Title Page
Approval Page
Dedication
Acknowledgement
Proposal
Table Of Content
Chapter One 1.0 Introduction 1.1 Background Of The Study1.2 Statement Of Problem1.3 Purpose Of Study 1.4 Significance Of The Study1.5 Research Questions1.6 Research Hypothesis1.7 Scope And Limitation Of The Study1.8 Definitions Of Terms References
Chapter Two2.1 Review Of Related Literature2.2 Historical Development Of CBN (A Public Company)2.2.1 Ownership And Control Of CBN2.2.2 Organization 2.3 Nature Of Accounting Principles 2.4 Types Of Accounting Principles2.4.1 Factors Affecting Accounting Principles 2.5 Budgeting And Budgetary Control2.6 Standard Costing Of A Tool Of Control2.7 Role Of Accounting In Public Expenditure2.8 Summary References
Chapter Three3.1 Research Methodology 3.2 Research Design3.3 Determination Of Sample Size3.4 Area Of Study3.5 Population Of Study3.6 Sample Of Study3.7 Method Of Investigation 3.8 Method Of Data Analysis3.8.1 Sources Of Primary Data 3.8.2 Source Of Secondary Data3.9 Development Of Research Instrument
Chapter Four4.1 Introductions4.2 Presentations Of Data4.3 Test Of Hypothesis And Interpretation Of Result 4.3.1 Testing The First Hypothesis
Chapter Five5.1 Summary Of Findings5.2 Conclusion5.3 Recommendation 5.4 Recommendation For FurtherAppendix 1QuestionnaireBibliography
CHAPTER ONE
INTRODUCTION1.1 BACKGROUND OF THE STUDYIn most developing countries including Nigerian governmentparticipation in economic activity is usually significant. One of the waysthrough which government has intervened in Nigerian economy isthrough the establishment of public enterprises and statutory bodiesoperating service of an economic or social character on behalf of thegovernment.Since the colonial era, especially after independence 1960,Nigerian public enterprises have witnessed a steady growth unitrecently. Its Olisa (1988-133) pet it. Beginning as a trickle in the periodbetween this era of the second world war and Nigeria risen to floodlevel since independence the establishment of public enterprise inNigeria are many add to available rational capital for the support ofdevelopment and welfare programme, making to be controlled by afew individual, it possible for important profitable enterprise to becontrolled by a few individual or group organization certain criticalactivities national survival and economic stability and providingemployment opportunities (Ademolukun 1983). However, after a longperiod of growing starts intervention in the Nigeria economy throughpublic enterprises, the 1980’s onwards had witnessed a reversed whichhas sometimes been dramatic in public opinion therefore public policy.This has been brought by the persistent losses which stateenterprises that trivet been running over fears. Consequently, therehas been a willingness to look at alternative policy strategies for theachievement of economic development. At the forefront of thesestrategies is the minimization privatization of public enterprises.In Nigeria, public enterprises are engaged in a while spectrum ofeconomic activities including agriculture, mining, construction,manufacturing, commerce and services. The classification of publicenterprises in Nigeria has been made according to varieties of criteriaby different authorities. The public service review commission(1975:101) classified public sector int.Public utilitiesRegulatory of service bodyFinancial institutionsCommercial and industrial enterprisesBeing a mixed economy, individuals also own and operate privateenterprises. A firm classified as private enterprises when it is foundedand managed by an individual and or a group of individual. These firmsare expected to be registered in the local government within whichthey operate.The rational for the establishment of private enterprises arenumerous just like establishment of public enterprises. Theyinclude amongst others; provision of employment opportunitiesgenerating income for the owner of the enterprises governmentinterest in profit growth of the enterprises which performance ofthe public sector through competition. Moreover, the generalpublic is concerned with contribution which makes towards socialenlistment which is exhibit to the environment in which thebusiness is loaded and its willingness to contribute to thedevelopment of the environment.The activities of the public enterprises have been on the increasein recent times which necessitated the introduction of the accountingpractice to check and monitor the financial activities of theseenterprises. In this book, titled principles of accounting, by Bimage(1985) Accounting is defined as a process by which data relating to theeconomic activities of an organization are measured recorded andcommunicated to interested parties for analysis and interpretation. Theearliest methods of accounting records were kept in physicalquantities. These records came from the Eastern (early) civilizationwhich involved in the countries around the Mediterranean Sea such asMesopotamia, Egypt, Crete, Italy etc. Money was recorded as soon asmoney took the place of barter as a medium of exchange and unit ofaccounting practice has been closely related to the economicdevelopment of the country. If the business organizations grows in sizeand complexity management and outsiders groups which includeowners of the firm (stock holder) creditor, government, employer andthe general public.The differentiation necessitated the need to have accountingdepartment in the enterprises to give accurate financial of themanagement and to satisfy the outside demands or the general publicwho are already interest on whether the enterprises in growing or not.The role of accounting in public enterprises in Nigeria is primarily toensure accurate accountability in these sectors and present the timeand fair financial position of the enterprises. The role is of utmostimportance in any organization. An organization can only grow or profitwhen the resources can only be well managed if accountingdepartment of the organization give accurate financial information toknow how much the enterprises having. It only when this is done thatthe firm allocate its resources and knows what is to be done. The roleof accounting seems to be more pounced in the public enterprises. Inrecent times, there are cases of mis appropriation of funds in thepublic enterprises and improper accountability. These factors have ledto a lot of public enterprises go into Obiwon, if the government hasreorganization the role of accounting, all these feeble should not haverisen. No enterprises can more forward without having a well organizedfinancial department to give accurate financial, information about thefirm. This is because if improper accounting records are not minimizedor where possible eradicated these is bound to be cases of publicenterprises failure. Consequently, staff of such enterprises will forceout of their job. This will result to economic and social activities in thesociety.
1.2 STATEMENT OF PROBLEMObviously, every privates and public entries in Nigeria has theiraccounting department and there are increase cases of financialmismanagement in virtually all the public and private organization inNigeria. The problem of this study lies on how the manages of theseenterprises are able to recognizes the role of accounting in theirenterprises so that these cases of improper accountability will beminimized or if possible its total eradication in our society.
1.3 PURPOSE OF STUDYThis study aims at investigating the role of accounting in the control ofpublic enterprises in Nigeria. The purpose of this study include amongothers:Ø To determine the extent to which accounting records hascontrolled the effect of expenditures in public enterprises.Ø To find out factor that affects the accounting departmentpreventing them from carryout their function as expected.Ø To determine government policies which promote accountability inpublic enterprises in Nigeria.
1.4 SIGNIFICANCE OF THE STUDYIn this study, the researchers have set out to examine the role ofaccounting in the public sector in this country. Nigeria with the aid ofhighlighting the inherent problem encountered in the accountdepartment of most organizations. It is expected that this work will beof interest to the owners of business enterprises, the government,students and the general public.To shareholders, owners of enterprise, interested persons andthe government, this study is expected to en kindle their interest themore and they will take note of various recommendations mentionedhere and help steer the management team towards forming a studyorganizations to present an accurate financial information of their firm.This study will also help to serve as literature to individual or corporatebodies into want to carry on further research on the role of accountingin the public sector in Nigeria.
1.5 RESEARCH QUESTIONS1. What extent does accounting records has control in affecting theexpenditure of public enterprise?2. What are the factors that affect accounting department of mostorganization which makes them not to function effectively asexpected?3. What are these governments polices which promote accountability inNigeria public enterprises?
1.6 RESEARCH HYPOTHESESThis research hypothesis is to know the findings or result of thisresearch;1. H0 – Good accounting records budgeting has no control effect onexpenditure of public enterprises.H1- Good accounting records budgeting has control effect onexpenditure of public enterprises.2. H0- Corruption do not affects the quality of service rendered byaccountants in public enterprises.H1- Corruption affects the quality of service rendered by accountants inpublic enterprises.3. H0- Government accounting policies do not aid in promotingaccountability in Nigeria public EnterpriseH1- Government accounting policies aid in promoting accountability inNigeria Public Enterprises.
1.7 SCOPE AND LIMITATION OF THE STUDYScope of the study shows extent of coverage done in the study.The research topic suggests a study on the role of accounting in thepublic enterprises in Nigeria. The focus of the study is on Central Bankof Nigeria (CBN) Enugu State. I take this to be a fair representative ofNigerian Public Enterprise that is either avoidable or hard to come by.There are factors as constraints that normally follow this researchwork, some of them are;1. TIME: This which was a major problem was adequately not managedby the researcher. There is not enough time for the research to get theproject time, get it approved and within a short time we will be talkingabout our exams assignment and quiz.2. LACK OF MATERALS: The un co-operative of most people working inthe library other offices where the research needed to get materialsposed great problem to the research. Some of the staff do not feel safeletting have access to some materials while other will change you morethan double the cost of Photostat before one can get what he wants.3. FINANCE: Before now our project use to be a joint project of a groupof four-ten people but now it has to be on individual student. Sofinance hinder the projects in one way or the other. Esther bytransportation to where to get the materials or where to obtain thenecessary information.
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