THE EVALUATION OF ACCOUNTING PRINCIPLES IN THE MANUFACTURING SECTOR A CASE STUDY OF CELEST PLASTIC INDUSTRY, ASABA

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THE EVALUATION OF ACCOUNTING PRINCIPLES IN THE MANUFACTURING SECTOR A CASE STUDY OF CELEST PLASTIC INDUSTRY, ASABA

ABSTRACT

In this study the objective of the researcher is to evaluate the accounting principles in the manufacturing sector concentrating on Celest Plastic Industry, Asaba. This is a company that manufactures plastic chair, plastic tables, plastic plates, plastic containers etc. To do this research work the researcher was able to discover that the following were some of the problems militating against the evaluation of accounting principles in the manufacturing company in Celest Plastic Industry, Asaba. Appointment of unqualified accountant to act as account supervisor. Negative attitude of some accountants towards accountability resulting to inadequate keeping of accounting and financial records. Chapter one, it entails the introduction of the study, statement of the problem, objective of the study, scope and limitation of the study, research question and definition of terms. Chapter two, involve the literature review, who is an accountant, define book-keeping and account differentiated, government accounting define objective of accounting in the public sector, legal basis, nature and some problem of the Nigeria pubic sector accounting. Chapter three, the researcher used questionnaires and oral interview in collecting the necessary data and information required. The sample size was determined and validity and reliability of instruments were shown. Chapter four, the researcher presented and analyzed the data gotten from the questionnaire in order to assess the accounting system of the sector testing of research question and major findings. Finally chapter five, the researcher after everything, summarized the findings from the data gotten. And resolved into making reasonable recommendations before concluding at last.

ABLE OF CONTENTS

Title i

Approval ii

Dedication iii

Acknowledgement iv

Abstract v

Table of contents vi

Chapter One – Introduction

1.1 Background of the study 1

1.2 Statement of problem 4

1.3 Objective of the study 4

1.4 Research Question 5

1.5 Significance of the study 6

1.6 Scope of the Study 6

1.7 Limitation of the Study 7

1.6 Definition of Terms 7

Chapter Two – Introduction – Literature Review

2.1 Concept of the Management Accounting 9

2.2 Financial Statement Analysis 12

2.3 Decision Accounting 14

2.4 Throughput Accounting 15

2.5 Management Information System 16

2.6 Scope of Accounting Principles 17

Chapter Three – Research methodology

3.1 Research design 19

3.2 Population of the Study 19

3.3 Sample Size 19

3.4 Sample Techniques 20

3.5 Research Instrument 20

3.6 Validation of Instrument 21

3.7 Reliability of the Instrument 21

3.8 Method of Data Collection 21

3.9 Method of Data Analysis 22

Chapter Four – Data Analysis and Presentation

4.1 Introduction 23

4.2 Presentation and Analysis of Research Question 23

4.3 Discussion of Finding 31

Chapter Five – Summary Conclusion and Recommendations

5.1 Summary of the Study 32

5.2 Conclusion 32

5.3 Recommendation 33

5.4 Suggestion for Further Study 34

Bibliography 35

Appendix 37

Questionnaire 38

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

According to Olumba (2009) accounting is a service activity. Its function is to provide quantitative information about economic entities. The information primarily is financial in nature and is intended to be useful in judging the business and making economic decisions. Accounting information is used in describing the activities and financial position of many different kinds of economic entities. They include profit oriented organization such as commercial banks, trading companies and non profit oriented organizations such as government hospitals, schools, government agencies etc.

In judging and making economic decision about an economic entity, individual generally must begin by asking questions about the entity. The answers to such questions are found in accounting reports. If for example the entities were business concerned, the management of the business would account for answers to questions such as:

i. What are the resources of the business?

ii. What debt does it owe?

iii. Are amount avid by customer being collected rapidly?

iv. Are too little or too much merchandise being kept?

v. Will the business be able to pay is debts as they mature?

vi. Should a new product be introduced?

vii. Should selling prices be increased?

In addition, providers of finance including suppliers may use accounting information in answering such questions as:

i. Are the customers earning prospect goods?

ii. What is its debt paying ability?

iii. Has it paid its debts promptly in the past?

iv. Should it be granted additional credit?

In a similar manner, the manufacturing sector units use accounting information in regulating business and assessing businesses to tax.

The American Institute of Certified Public Accountants (AICPA) defined accounting in (2001) as the art of recording, classifying and summarizing in a significant manner and in terms of the money, transactions and events which are in part at least of a financial character and interpreting the result thereof.

In a nutshell, accounting can be defined as the process of identifying, analysing, recording, classifying, summarizing, communicating and interpreting economic information to users of the information’s in order to permit informed judgement and decisions.

Key words from the above definitions are as follows:

Identifying financial transactions and other economic events from source documents. Analysing and recording identified transactions into prime books such as journals and cash books.

Classifying and summarizing analysed and recorded transactions from the prime books by posting them to the ledger accounts and subsequently balancing them.

Communicating and interpreting the summarized items and accounts to all interested users of accounting information so that they can judge the performance and position of the business and make necessary decisions.

Accounting principles according to Onyike (2007) are those based rules, concept, conventions and procedures adopted in preparing and presenting financial statements. A substantial number of alternative postulates, assumptions, concepts and methods adopted by a reporting entity in the preparation of its account on significantly affect its result of operations financial position and changes thereof.

It is therefore, essential to the understanding, interpretation and use of financial statements. Whenever there are several acceptable accounting methods, which may follow that those who prepare them disclose the main assumption on which they are based

1.2 Statement of the Problem

Inadequate accounting principle by the manufacturing sector often lead to poor managerial decision making which invariable affects the overall organisational objectives and goals of the sector. Most fraudulent activities that have taken place in the manufacturing sector are as a result of poor accounting principles. This is due to the fact that there are no effective of efficient accounting principles for monitoring the diverse financial activities that go in the manufacturing sectors.

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