EXAMINING THE USE OF ACCOUNTING INFORMATION IN PUBLIC CORPORATION

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EXAMINING THE USE OF ACCOUNTING INFORMATION IN PUBLIC CORPORATION

CHAPTER ONE

1.1 INTRODUCTION

Public corporation can be defined as the types of business organization that are established by a special act (or ordinance) of the parliament. Public corporation and business owned and finance by the federal, state and local government, as the case may be in the public interest.

They can be explained and described also as the type of business) organization thoroughly and solidly established by act of parliament to provide public utilities. This participation in the productive and commercial part of a country’s economy.

There are some area in the economy where it is felt that the free enterprises system and private sector competition should not allowed, as they would exploit the public such art should be run by the government in the public interest. Therefore, in Nigeria, where there is a three-tier system of government; the local government, state government and federal government do run certain enterprise so as to provide essential service for the people.

TYPE AND FORMATION

Public enterprise can be categorized into public corporations or boards or quasi government department.

Government Corporation are enterprise that has commercial functions, which are normally established of level by an act parliament or decree, which specially refers to the corporation. Each corporation, board or authority had a particular or decree establishing it. The cart will take the objective and of the corporation and specify its power and how it is to be run and managed. At the state level, public corporation are established by a state judge at the local government level are established by social edicts.

For instance, the National insurance corporation of Nigeria (NICON) was established. decree 22of July, 1969 to ‘write all classes of insurance such as fire, motor accident, workmen’s compensation, marine and aviation, i did Risk…..Among others.

The Nigeria port authority (NPA) was established in 1955 to ’’identify and satisfy the demand for port facilities and services at minimum cost to the nation’’.

While the Nigeria enterprise promotion board was established in 1972 to advance and promote enterprise in which Nigerians are encouraged to participate fully and play important roles’’.

Others corporations and boards the federal level includes:

The federal radio corporation of Nigeria (FRCN)

The Nigeria railways corporation (NRC)

The central bank of Nigeria (CBN)

The national electric power authority (NEPA)

The Nigerian telecommunication limited (NITEL)

The Nigerian national petroleum corporation.(NNPC)

The Nigerian coal corporation (NCC)

The Nigerian cost corporation (NCC

Mention may be made to the universities, polytechnics, college of education and the research institute which is public sector educational enterprise established by relevant federal act, decree or state laws in the case is.

Public corporations are to be independent of the central government as possible. Thus, they are by boards or councils each of which has the board of directors of a company. Each corporation also have general manager or similarly placed officer who is the chief executive reporting to the board and council.

THE FEAURES OF PUBLIC CORPORATION

One of the main feature of the public corporations is that a manager s put in as supervisor in the running to the business. The board of directors in responsible to the minister of the government and he parliament. This is one reason why the public corporation type of business is described a being controlled by the government.

Another special feature f the public corporation type of business to that it is sot-up and are financed, by the government initially. Only some have issued stock to the public obtain large capital and long-term capital. This means that the corporation has on shareholders except in some cases.

One other feature in that public corporation is no aimed at malign profit. This does not mean that they do not aim at making profit. The government can supplement the public corporation with government grants. If the earning of the business fall. The government can do this by taxing the citizens in order to meet its expense.

The public corporation does not share or distribute profit but they have and meet or pay interest on state issue to the previous owners of the business on their fixed rates.

The feaster of the problem corporation in that it deals with those economic activities that the community may be benefit from but which offer. The businessman may was the fact that such a commodities or service is renewed essential to exploit the consumer. An example of such is electricity.

Restriction of then commodities supplied and feature of the public corporation. An example is the services of the Nigerian Railways Corporation (NRC) whose services are available only to the area that are covered by real, the electricity corporation of Nigeria can only supply areas where their electric cable and wires reach.

Local monopolies are also brought by the business of the public corporation this important feature means that is difficult for other business to compete with the corporation. An example of this is that no other form of business may or will install in electric power station in a dies where the Electricity Power Authority of Nigeria has setup its station. In fact, paramagnet will not approve the move. Another characteristics of public is discriminating services render or goods supplied. For example the NEPA can charge less on the supplied to factors or industries than on power supplied to private domestic consumers. This possible because their services generated cannot be transferred from one customer to another.

The last main feature of the public corporation is that it always operates below full capacity. This is so because the establishment needs large fixed capital. Therefore, the existing demand of the public as a whole to be able to meet any future increases in demand.

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