APPRAISAL OF ACCOUNTING SYSTEM IN LOCAL GOVERNMENT COUNCIL (A STUDY OF IBESIKPO ASUTAN LOCAL GOVERNMENT AREA)

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APPRAISAL OF ACCOUNTING SYSTEM IN LOCAL GOVERNMENT COUNCIL (A STUDY OF IBESIKPO ASUTAN LOCAL GOVERNMENT AREA)

CHAPTER ONE

PROBLEMS AND ITS SETTINGS

1.1 Introduction

Local government is the third-tier government in Nigeria; the Nigeria government is made up of the federal, states and local government councils. The local government reforms launched nationwide with reference to 1999 constitution gave birth to the making of local government a third-tier government. However, the 1999 constitution gave it a full legal recognition and since then, it has enhanced the grass-root participation at local government level and thus enlarged the responsibilities of the local government authorities.

The local government council as spelt out in the fourth schedule of the 1999 constitution of the federal republic of Nigeria, section 7 has both function of the economic development of its jurisdiction and participation of such councils in the provision of social amenities to the people in the grass-root communities.

The local government councils operate as autonomous entity as stipulated in the Nigeria constitution. They are authorized to raise revenue and also maker expenditure according. There is need for the appraisal of the accounting system of the local government councils. Appraisal of accounting system is the process of assessing, examining and analyzing the accounting system of prepared by the accounting officers to make a formal judgment about the value or worth of its whether it has met the financial rules and regulations and established circulars in the third-tier system of government.

1.2 Statement of the Problem

Local government councils in Akwa Ibom State in particular and elsewhere in Nigeria generally are faced with certain problems that seem to detect the way the local government councils are administered. These conditions include:

v Weaknesses and limitations in the accounting system of local government councils in Nigeria with Ibesikpo Asutan Local Government as the case study.

v The problems that are presently facing the financial statement that could not reflect the true and fair view of the financial position of Local Government Councils.

v The effect of accounting system and the poor asset, protection management and accountability in Ibesikpo Asutan Local Government Council.

1.3 Objective of the Study

The objective of this research work include the following:

v To determine if there is any relationship between accounting system and the staff productivity.

v This study seeks to examine the accounting system of the local government councils in Akwa Ibom State (A case study of Ibesikpo Asutan Local Government Council).

v It will enable formal judgment to be made about the rare and worth of its as required by the financial institutions.

1.4 Research Questions/Hypotheses

The following research questions were used by the research to aid in the research work:

v Does the accounting system in Ibesikpo Asutan Local Government Council effective and adequate to enhance productivity.

v Does the accounting system in Ibesikpo Asutan Local Government Council provide for proper financial for control and accountability of stewardship?

v Does the accounting system in Ibesikpo Asutan Local Government Council provide useful information for the effective control and management of government resources?

HYPOTHESES

(Ho): There is no relationship between employing accounting procedure and effective administration of Ibesikpo Asutan Local Government Council.

(H1): There is relationship between accounting procedure and effective administration of Ibesikpo Asutan Local Government Council.

Null Hypotheses (Ho): There is no relationship between the accounting system and staff productivity in Ibesikpo Asutan Local Government Council.

Alternative Hypothesis (Ho): There is relationship between the accounting system and the staff productivity in Ibesikpo Asutan Local Government Council.

Null Hypotheses (Ho): There is no relationship between accounting system and effect asset protection, management and accountability in Ibesikpo Asutan Local Government Council.

Alternative Hypothesis (Ha): there is relationship between accounting system and effective assets protect, management and accountability in Ibesikpo Asutan Local Government Council.

1.5 Significance of the Study

This research work would be useful to business operations by creating awareness as to the appraising of accounting system in the government councils. This study would facilitate through its recommendations, an improved accounting system in the local government councils.

It would provide useful information to other researchers who may require data on the same or similar field of research study.

1.6 Scope of the Study

This research study is concerned mainly with the effect of accounting system in Ibesikpo Asutan Local Government Council.

1.7 Limitation of the Study

The researcher encountered some constraints in carrying out the study.

Notably, was the attitude of the respondents in supplying the needed information? Lean financial resources affected the coverage of the designated area of the study.

1.8 Definition of Term

Government accounting has its terminology. In order to ensure good understanding of the study, the researcher used in the write-up considered it necessary to gave operational users of this work must be familiar with the meaning of some terms used in the study.

Accounting

Accounting is seen by Brady (1970) as the body of knowledge and functions concerned with the systematic originating, authenticating, recording, classifying, processing, summarizing, analyzing, interpreting and supplying dependable and significant information covering transactions and which are in part at least of financial character in the management and operation of an entity.

Accounting System

By accounting system, it is referred to the various methods approaches, nature, records and general ways in which financial events of an entity are recorded, processed and reported.

Government Establishments

These refer to government parastatals, departments, ministries and boards existing primarily to render public services to the generality of the public. In other words, government establish are referred to as the public sector, organizations which Onuoha (1991) described as being bureaucratic in nature, hierarchical, staffed mainly by permanent and career officials.

Administration

This refers to the acts of planning, organizing, directing and controlling operations and operators of an organization, ensuring commensurate wage in effort to actualize the organization goals (Onuoha, 1991).

Budget

This is an annual statement of proposed revenue to be generated and an outlined pattern or ways they are to be spent (Awoheni; 2002).

Methodology

According to Akpakpan (2000), it refers to the different methods, approaches and parameters employed in executing a given endeavour. In this case, it refers to this project work.

Private and Public Sector

Private sector refers to a collection of all organizations mainly for profit making, usually, a given private sector organization is owned by a limited number of people known as either entrepreneurs, partners or shareholders as the case may be. Public sector is made of organizations established by government to render services to the public. The ownership is not limited. The general public owns and has interest in it. According to Awokeni (2002), “The public sector is dominated by government activities and government officials carry out the activities”. Their duties are to govern the country as well as produce goods and services to citizens without profit motive.

Financial Management

Financial management cannot responsibility for obtaining and effectively utilizing the funds necessary for the efficient operation of an enterprise. According to Akintelure (2010), financial management involves the case of accounting knowledge, economic models, mathematical rules, systems analysis and behavioural science for the specific purpose of assisting management in its functions of financial planning and control. It covers all function concerned on attempting to ensure that financial resources are obtained and used in the most effective way to secure attainment of the objectives of the organization.

Entrepreneur

Entrepreneur is a term of French origin which is derived from the verb “Entrepreneur” which means to undertake”. It literally means somebody who undertakes or assumes responsibility. In the economic parlance, the entrepreneur is the individual who assumes the responsibility for the operation of the business including the choice of a product. The entrepreneur creates the other factors of production-launch labour capital and combines them in a form needed to achieve the objective of the business.

Shareholder

According to Akinlelure and Oguobi (2003) a share is defined as that portion of the joint stock company’s capital owned by a shareholder. Etukudo (1980) refers to a share as being legally defined as the interest which a shareholder has in a company which is measured by a sum of money for the purpose of:

Computing the shareholder liability; and

Ascertaining the amount of the shareholder’s divided.

A shareholder is person who own share(s) in a limited liability company. However, Etukudo postulated three classes of shareholders to include the following.

v The Preference Shareholder: These are groups of shareholders that have a first claim to the profits of a company in the form of a fixed divided and may also have the same claim to the return of capital in the event of liquidation.

v Ordinary Shareholders: These shareholders are entitled to divide after the preference shareholders and generally have the while of the sample share.

v Debenture Shareholders: These are classes of shareholders that lent money to the company in form of borrowing (bond under the seal of the company) on which the company agrees to pay a certain fixed rate of interests. These interests must be paid whether the company made profit or not. He is not a member of the company as was the ordinary or preference shareholders, but the stands as a credible creditor. The debenture holders are also entitled in the event of liquidation to be repaid their capital interest before shareholders receive payment of their capital.

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