THE IMPORTANCE OF ACCOUNTING INFORMATION ON MANAGEMENT DECISION MAKING PROCESS (A CASE STUDY OF AKWA IBOM STATE WATER COMPANY)

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THE IMPORTANCE OF ACCOUNTING INFORMATION ON MANAGEMENT DECISION MAKING PROCESS (A CASE STUDY OF AKWA IBOM STATE WATER COMPANY)

CHAPTER ONE

INTRODUCTION

Background of the Study

It obviously printed out by Niswonger and Fees (2000) that ownership of economic resources or wealth or possession has gives rise to accountability. The objective is to give the owners and prospective owners of a business enterprise the need to know about it financial status and its prospects for the future. The use of accounting information is very essential in our business organization as it is used to manage the day to day activities of a business.

However, business information report both for the consumption of internal and external users that is information flows from the internal example, managers need information concerning economics activities. (Akpakpan, 2001). Also from the external and internal, where the general reactions of the outsiders are communicated to the internal “that is the business organization”.

Business communication in this format especially the external and internal, that is from customers to the firm helps the firm to increase or decrease its production and also decide on how and when the renders certain services to its customers information from the internal to the external helps potential customers to know the existence of such a business organizations. Accounting information is one of the necessary tools in accounting management , which relates to cost accounting but employs both historical and estimated data to assist management in day to day operation and planning for operations.

Management accounting identifies specific problems and times to find as a matter of act, the practices of accounting information could be undertaking when ever economics activities takes place. Decision making is an essential aspect of modern management storey and storey (2000) put it forth that the principal role of financial accounting and reporting is serve the public interest by providing information that is useful in making business and economic decisions. Therefore, external and internal parties who are interested in an organization seek accounting information such as financial situation, capital base and conditions regarding the assets of organization in order to make proper decisions.

Statement of the Problem

Most business organization in our community do not keep records of timely transactions of their business, and this has a serious adverse effects on the organization. Many others do keep records of transactions but do not base their decisions, on the available accounting information.

However, these organizations lack the knowledge of deciding whether to make their or buy their product for sale, when and where to buy their goods, whether to employ new workers or maintain old workers, etc. The above problems will dwindle the activities of the organization and hence become the cause of mismanagement of finds, compulsory retirement of workers inability to pay salaries. Base on the above problem, the researcher would want to examine the importance of accounting information that would be found necessary to develop the decision making process in various organization.

Objective of the Study

The objective of the study are as follows:

_ To find out the problems associated with non keeping of proper record of business transactions in Akwa Ibom water company limited, Uyo.

_ To find out the role of government towards the monitoring of performance through keeping of accounting records in Akwa Ibom water company limited, Uyo.

_ To find out the roles of record keeping in decision making in Akwa Ibom water company limited, Uyo.

_ To recommend for improvement of financial controls and efficient management of Akwa Ibom Water Company Limited, Uyo.

_ To drawn government to non compliance with financial controls by some government organization

Research Question

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