THE IMPACT OF ACCOUNTING RECORD IN THE DEVELOPMENT OF SMALL SCALE BUSINESSES

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THE IMPACT OF ACCOUNTING RECORD IN THE DEVELOPMENT OF SMALL SCALE BUSINESSES

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

This study, the impact of accounting records in small scale businesses is very vital. It is vital in the sense that records keeping are a prime factor in decision making and policies formulation. Some postulations have been broadly stated to back up the study.

Olasore (2001) states that accounting system consists of rule and methods by which financial and economic activities can be recorded and used in making decision. Poor accounting system in small scale business organization usually leads to inability of a firm to produce accurate figures to protect the true position of the business. The effect of working figures is always the risk of over estimation or understanding, which adversely affects management decision and plans. In small scale business organization without accounting record it can hardly differentiate between periodic gains and losses. According to Oshegbami (2008) project in small scale business organization tends to be over stated and in most time personal expenses are under estimated and it is one of the causes of business failure. A business organization without proper accounting record is like a man without eyes.

No failure planning operation can be move and past operating performance cannot be comparatively assessed. According to Ola (2008) reported, knowledge about the past performance of enterprise is additional value beyond its historical aspects. If accounting record is completed with summarized data of the most recent business, the analysis of these data may print the way to accurate the success of any small scale business organization. However a proper assessment of accounting record and provision of quality staff and training will help to eliminate some of the problem faced by small scale business organization.

1.2 Statement of the Problem

The growth of any business measure from accounting record kept. It has been observed that most of these small scale businesses do not keep adequate and proper accounting records of inventories, income and expenditure of the businesses. This has posed problem to the continued existence and growth of small scale businesses in Nigeria. It is therefore, this problem that motivated me to carry out this study

1.3 Objective of the Study

To identify accounting records in small scale businesses

To examine the method used in recording business transaction

To examine the quality of accounting staff employed in small-scale business organization.

To examine how accounting record can help in evaluating small scale business growth.

To make recommendations toward improving accounting method in small-scale businesses in Nigeria.

1.4 Research Question

The following research questions were formulated to assist in gathering data, from the answers provided.

What are the accounting records in small scale businesses?

What is the accounting method used in recording business transaction?

What qualities of accounting staff are employed in your organization?

In what ways can accounting record help in assessing small-scale business growth?

What are the ways of improving accounting method in small-scale businesses?

1.5 Research Hypothesis

Ho: There is no significant relationship between accounting records and proper management of small scale business organization.

Hi: There is significant relationship between accounting records and proper management of small scale business organization.

1.6 Significance of the Study

In view of the importance of accurate accounting record to the survival of the firms with specific reference total filling station, the study will be of benefit in the following area;

The findings of this research will help the company to keep proper and adequate records to enable effective decision to be made by management.

The result of this work will also serve as reference material to other researchers. The researcher work which reveals the numerous impact of accounting records on firm’s performance boast the interest of the potentials professional in field. It is hoped, the study will enhance knowledge with regards to effective management of small scale business organization.

1.7 Scope of the Study

This study is restricted to the impact of autonomy records on small business organization with particular reference to Total Filling Station used as a case study.

1.8 Limitation of the Study

The limitation encountered in the course of this study is lack of time and funds by the researcher to carry out more extensive survey during data collection stage. Another limitation encountered was lack of corporation from the respondents who is afraid of giving out secret information about their organization. Some did not respond at all to questions in the questionnaire.

1.9 Definition of Terms

Financial Statement: Richar (2000) defined financial statement as any report that summarized financial activities of an individual so or business for a given period, a business balance sheet income statement of retain savings were referred to as the financial statement of publicly owned companies.

Transaction: Bergold (2008) defined transaction as event or exchange which affects the assets, liability or

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