APPRAISAL OF THE ACCOUNTING SYSTEM IN NIGERIAN PUBLIC SECTOR.CASE STUDY OF SELECTED GOVERNMENT ESTABLISHMENT IN ENUGU)
ABSTRACT
Accounting is the recording, summarizing, analyzing, and interpretation of an organization’s financial transactions.
An accounting system is a set of rules, laws, and processes that are articulated into a system by a proper theoretical force. Ti converts data into information for use as input in the organization’s decision-making mechanism.
According to these definitions, public sector accounting entails operations such as collecting, analyzing, recoding, summarizing, reporting, and interpreting government unit transactions.
The study’s goal is to establish the effectiveness of the existing accounting system of government units, to appraise the system and determine its applicability to analyze the problem associated with the accounting system used (if any) by these organizations, and to identify future improvements.
This study drew on both primary and secondary data sources. A research question was developed, as well as questionnaires containing statements derived from the research topic.
Interviews were used as main sources, and textbooks were used as secondary sources.
Some of the major findings from the data analysis include the appointment of unqualified accountants to act as accounts supervisors, a negative attitude of most accountants toward accountability, resulting in inadequate record keeping and accounting, the effect of the self accounting system, which is now used as an act of embezzlement/self enrichment by public sector accountants, and inadequate training and development of public sector accountants, resulting in a lack of p
Based on these findings, the following recommendations are made:
– In the public sector, management must implement an adequate internal control system for the prevention and detection of fraud and irregularities.
– Account personnel training should be implemented in the public sector service.
– Annual financial statements must be made and presented to members in order for them to have relevant information on their flaws and areas for improvement.
– The aforementioned advice, if completely implemented, will strengthen government accounting systems and records while also stimulating an enhanced financial reporting system in the public sector.
CONTENTS TABLE
The cover page
The title page
Page of approval
Dedication
Acknowledgement
Abstract
Contents table
CHAPITRE ONE
1.0 General Introduction
1.1 Background of the research
1.2 Problem identification
1.3 The study’s objective
1.4 Importance of the research
1.5 Proposal of a hypothesis
1.6 Scope and limitations of the research
1.7 Summary of Methodology
1.8 A brief history/background of the research
1.9 Definition of the term
Reference
CHAPITRE TWO
REVIEW OF LITERATURE
2.0 Getting Started
2.1 What exactly is an accountant?
Accounting is defined in Section 2.2.
2.3 Distinctions between bookkeeping and accounting
2.4 The public sector is represented by government accounting.
2.5 Accounting foundation and legal foundation
2.6 The purpose of accounting in the public sector
2.7 The Characteristics of Nigerian Public Sector Accounting
2.8 The Purpose of Public Sector Accounting
2.9 A comparison of government and commercial accounting
2.10 Some have discovered a flaw with Nigeria’s public sector accounting.
2.11 Bibliography
CHAPITRE THREE
METHODOLOGY OF RESEARCH
3.0 Getting Started
3.1 Data collection method and sources
3.2 Sample size for research
3.3 Instrument of investigation
3.4 Procedure for Sampling
3.5 Technique for Data Analysis
CHAPITRE FOUR
Data visualization and analysis
4.0 Getting Started
4.1 Information analysis
4.2 Information Display
4.3 Hypothesis verification
4.4 Significant discovery
FIVETH CHAPETR
Conclusion and summary recommendation
5.0 Summary of the findings
Recommendation No. 5.1
5.2 Concluding Remarks
Bibliography
Appendix
CHAPITRE ONE
INTRODUCTION
THE STUDY’S BACKGROUND
Accounting systems have a significant impact on the efficient management and administration of the organization. Accounting has been referred to as the “language of business and financial decisions” because it provides management with data required for decision making and the efficient operation of the firm.
Accounting, according to Walgenbach Dlttrich and Hanson, is the process of recording, classifying, reporting, and understanding an organization’s financial data.
Once an accounting system is established and implemented, capturing and categorizing data becomes somewhat routine and monotonous. Accounting, like language, is a dynamic profession that evolves to embrace new roles on its path to success.
Extensive accounting records must be kept not only because they are mandated by law, but also to avoid confrontation with a plethora of complex factors. Accountants must rely on the accounting process to translate corporate transactions into statistical data that can be abstracted and summarized in accounting reports, rather than simply observing daily operations.
It is heartening that an accounting body in Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN), has recently accredited two institutes as recognized training countries for the purpose of training accountants solely for the public sector,
despite the fact that the curriculum for government accounting has yet to be fully developed and integrated into our institutions’ accounting programs. Based on a large search of textbooks on governmental accounting in the country, these are issues that must be addressed as soon as possible.
Government institutions are established to offer social goods and services for the general good. These organizations are mostly funded by government subventions, which are derived directly or indirectly from various government sources (such as fees charges central or local taxation and borrowing)
The importance of a strong bookkeeping and accounting system, as well as effective accountability for public funds, cannot be overstated. Accounting officers act as internal security officers, controlling what happens inside the organization through records.
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