APPRAISAL OF ACCOUNTING SYSTEM IN THE PUBLIC SECTOR (A STUDY OF BOARD OF INTERNAL REVENUE OF ENUGU STATE)

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APPRAISAL OF ACCOUNTING SYSTEM IN THE PUBLIC SECTOR (A STUDY OF BOARD OF INTERNAL REVENUE OF ENUGU STATE)

TABLE OF CONTENTS

Title page

Declaration:………………………………………………………………………. i.

Certification:…………………………………………………………………….. ii

Dedication…………………………………………………………………………iii

Acknowledgements:……………………………………………………………iv

Abstract:………………………………………………………………… ……..v

CHAPTER ONE: INTRODUTION

1.1 BACKGROUND OF THE STUDY:……………………..1

1.2 STATEMENT OF THE PROBLEM:…………………….3

1.3 Objectives of the study………………………………….5

1.4 Research Questions:………………………………………5

1.5 Research Hypotheses:……………………………………6

1.6 Significance of the study………………………………..6

1.7 Scope and Limitation of the study………………….8

1.8 Definition of terms:………………………………………..10

CHAPTER TWO: REVIEW OF LITERATURE

2.1 Theoretical Review:……………………………………….17

2.2 Conceptual Review:……………………………………….18

2.3 Historical Development of Government Accounting:..19

2.4 Financial Information……………………………………….23

2.5 Sources of Cash and Recording Media: ……………..25

2.6 Nature and Purpose of Government Accounting: …………….31

2.7 Fund Accounting Classification: ………………………………………34

2.8 Basis of Accounting: ………………………………………………………..39

2.9 Depreciation:……………………………………………………………………46

2.10 Summary Review:…………………………………………………………46

CHAPTER THREE: RESEARCH METHODOLOGY AND DESING

3.1 Research design:…………………………………………………………….48

3.2 Population of the study: …………………………………………………….49

3.3 Determination of sample size: ……………………………………………50

3.4 Sources of data: ………………………………………………………………52

3.5 Method of date collection: ………………………………………………….53

3.6 Procedure of date analysis: ………………………………………………54

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

4:1 Introduction: …………………………………………………………………55

4.2 Data presentation: ……………………………………………………………56

4.3 Hypotheses Test: ……………………………………………………….……61

4.4 Discussion of Results: ………………………………………………………..68

CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS

5.1 Summary of Findings: ……………………………………………………….70

5.2Conclusion: …………………………………………………………….…….71

5.3 Recommendation: …………………………………………………………..71

References: …………………………………………………………………….

Appendix: ……………………………………………………………………

ABSTRACT

This research aims at providing an insight of the accounting system in the public sector, a study of Board of Internal Revenue of Enugu state. The purpose of this research is to examine the Board whether it is efficient and effective. The method employed for data collection in this study is survey method which include: questionnaires direct interview and the methodology used to determining the sample size is sample percentage. The statistics were employed to analyze method employed for data collection in which 34 questionnaires were distributed among the accounting personnel of the board of internal revenue of Enugu state. And all were returned the major finding were that out of the total population of 37, the sample related was 34 accounting staff, the researcher found out that accounting system in the public sector is not effective and dose not provide for proper financial control and accountability. The study recommend that the Board Of Internal Revenue of Enugu State should set up efficient financial control system and organize in-service training programmers for its staff in order to make them familiar with the accounting system or procedure of the Board. Based on this employment of staff who have prior knowledge of Government accounting will no doubt help to ascertain the adequacy and effectiveness of the accounting system in the public sector.

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

The practice accountability for public funds dates back to the history of the ancient Greece. As old as theory is, it would not be erroneous to say that the idea has been equally lost to antiquity although not much is known about it, this makes the subject, government accounting to remain a myth.

However, there is general awareness all over the world of the need to pay greater attention to the development of government accounting and financial control. The reason is obvious, government, in most , if not all nations constitute the economy. Government in any society is basically for maintaining law and order. With changes and the complete nature of the society, government responsibility has automatically changed from the role of maintaining law and order to business like nature in the modern era. The enormous activities of government, equally call for enlarged government accounting in order to accommodate the innense task. As a result of this development, the traditional cash procedures of accounting can hardly meet the demands of reasonable accounting for modern government in providing necessary for information. Therefore there is need for government accounting to be dynamic in order to accommodate both the fundamental roles and the developments.

Government accounting is the process of recording, analyzing, classifying, summering, communicating and interpreting financial information about government in aggregate and in detail, reflecting all transactions involving the receipts, transfer and disposition of government funds and property. The purpose are to demonstrate the propriety of transactions and their conformity with established rules to give evidence of accountability for the stewardship of government resources and to provide useful information for the good control and efficient management of government operation.

Financial management in public services as can be observed has failed to encourage and promote the efficient utilization of public funds or serve as effective basis for planning and decision making as well as to ensure proper accountability. Besides, it does not mean that financial irregularities being detected in public sector at large is basically based on traditional cash procedure of accounting but it dose arouse a question whether the modern system of accounting will make both modern management and financial management viable.

1.2 Statement Of The Problem

The problem of this research is to identify these weaknesses and limitations inherent in the cash accounting system of the public sector ( in relation to the accounting system of the sample ministry).

This is with a view to propose means of eliminating them completely or at least reducing them to the barest minimum. Put in question from, what are those weaknesses and limitation that militates against adequate and efficient accounting system and financial reporting in the public sector and how can they be eliminated?

Some of these problem witnessed in the public sector includes: the lack of accountability and abuse of delegated authority by the officers in authority, fraud and misappropriation of government funds, as well as lack of expertise and business acumen on the part of those officers. Due to the fact that government operation have been termed “Non-profit oriented operations”, there is no pressure on the part of these government officers to preformup to optimum expectation, accounts are kept in messy shape while the officers get away with lack of proper accountability.

This research is carried out in order to examine the extent to which proper accounts are being kept in the public sector and to offer solution to the inherent problem discovered. The Enugu State Board Of Internal Revenue has been used as a sample ministry for this research for this work.

1.2 Objectives Of The Study

This cardinal objective of this study is to determine strength of the accounting system existing in the public sector.

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