THE ACCOUNTING PROFESSION AND ITS ROLE IN THE SOCIETY

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THE ACCOUNTING PROFESSION AND ITS ROLE IN THE SOCIETY

CHAPTER ONE

INTRODUCTION

1.0 BACKGROUND OF THE STUDY

The aim of this research project is to look into in details the accounting profession and then enumerate its function s and rise in society. The accounting profession is regarded in the course of history as social institution, that when ever people met in the economic area a reference is needed to keep score, this is accounting. Since the turn of the 19th century, the accounting profession has grown tremendously all over the world. In fact, during the first sixty years of the 20th century, major economic and social force have thrust the accounting profession to new frontiers and responsibilities. The factors contributing to this growth are th increase of the large corporate business in number, size and complexity in addition to government influence in the affairs of business by taxation and regulation. Technological advice especially in the field of computer, which has rapidly changed the process of data accumulation and interpretation are also factors contributing to the growth of the accounting profession.

The role of the computer in accounting profession has facilitated the traditional accounting function such as payroll, cost accounting and general book-keeping. It is also used for analytical purposes such as cost benefit analysis. New types of work are added to the practice of the accounting profession, installation of accounting system, management of social activities auditing and a host of other activities relating to financial production and organizational problem and government units. The accountant apart from the examine, supplying and communicating financial information to its various uses, gives his opinion on wide variety of representation such as sales, statistics, lease agreement advice on financial matters and tax matter budgeting, cost control planning etc. He had also contributed immensely quota in a complex society in ways other than the ones stated above such as attacking problems of urban congestive, medicine, crime control, economic development etc.

This accounting profession is a wide based and complex profession, this is because the above activities performed by accountant conflict complex problems and this creates the need for a high degree of expertise by the accountant in various specialties to enable him solve some of the problem created by management and society. New kinds of problems like auditing and installation of accounting system can also beaded.

1.1 STATEMENT OF THE PROBLEM

In discussing the problems of accounting profession when related to the individual and society, we have already know that accounting is the actor of recording, interpreting and communicating financial information as an aid to decision making. Firstly, is the government influence the affairs of business Through taxation and regulation has introduced new accounting problem and broadened the scope of accounting.

In addition, we individual face some problems of decision making like how much income received in a given period of time? What expenses they will incure? Are these amount large or sooner than in some other period? If the income exceeds expenses, what do I do with the surplus. If the income is insufficient to meet, what were the sources and amount of income for the year and to whom and in what law are pertinent to those accounting and reporting procedures?

We individuals resolve these question through primitive records and reports. But the soundness of the judgment and decision depends on the quality, timelessness of the information. The processing of information at this level must be systematized and managed by experts.

1.2 OBJECTIVE OF STUDY

As we have introduced, the subject of accounting and accounting profession and how it relates to individuals in particular and society in general. It will also be useful to state the objectives of our study. In this particular study,

1. To ascertain the role and functions of accounting profession in management and society

2. To study the impact of accounting on society including its significance to individual and society will be discussed. 3. To determine the extent to which accounting generally affects the economic activities of the private and public sectors in Nigeria.

4. To examine how managers adequately and efficiently apply the role of accounting in their organizations. Finally, we shall discuss the features of the profession which includes the professional quality of the accountant made possible through education standard established and enforced by such profession legal responsibilities and dedicated to services.

1.3 SIGNIFICANCE OF THE STUDY

In this study, the researcher has set out to examine the role of accounting profession in the society and as well in an organization mostly concerned with Zenith Bank Plc, Aba with highlights of the inherent problems encountered in the accounting departments of most organizations. It is expected that this work will be of interest to the owners of business enterprises, the government and the public. To shareholders, owners of the enterprises, interested persons and the government, this study is expected to kindly their interest the more and they will take note of various recommendation mentioned here and help steer the management team towards forming a sound accounting departments which would enable organizations to present an accurate financial information of the firm. This study will also help to serve as literature to individuals or corporate bodies who want to carry out further research on the role of accounting in the private and public sectors in Nigeria.

1.4 RESEARCH QUESTIONS

1. Has accounting principles has any control over public and private sectors in Nigeria economy?

2. What training method can improve the manager’s skill, knowledge and experience such that high concentration will be given to the accounting control in private and public sector?

3. What will be done so that there will be perfect accountability in the accounting section of any organization?

4. What type of accounting standard or technique will be applied to see to the maintenance of accuracy in the accounting control of public and private sectors in Nigerian economy?

5. How will managers of the enterprises are able to recognize the role of accounting in their sectors so that these case of improper accountability will be minimized or eradicated.

1.5 SCOPE AND LIMITATION OF THE STUDY

The research topic suggests a study on the Accounting profession and its role in the society in Nigeria. The scope of this study will focus at Zenith Bank Plc, Aba .

1.6 DEFINITION OF TERMS

The following terms were used for the purpose of this study.

PUBLIC SECTOR Is that sector of the economy established and operated by the government or, its agencies, distinguishable from the private sector, and organized on behalf of the whole citizens.

PRIVATE SECTOR This is that sector of economy established and operated by individual. Its agencies is totally different from public sector.

ACCOUNTING Is the composite activity of collecting, analyzing, recording, summarizing, reporting and interpreting the through financial position or transaction of any organizations or government units.

OBLIVON This is a state of forgetting or being quite forgotten, i.e. to show that if any organization fail to give proper accountability of the financial position it will then be forgotten.

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