₦airaland Forum

TABLE OF CONTENTS

TITLE PAGE

APPROVAL PAGE

DEDICATION

ACKNOWLEDGEMENT

ABSTRACT

CHAPTER ONE

1.0 INTRODUCTION

1.2 OBJECTIVE OF THE STUDY

CHAPTER TWO

2.0 LITEREATURE REVIEW

2.2 WHAT IS JUNK FOOD

2.3 MAJOR CONTENTS IN JUNK FOOD

2.4 HEALTH IMPLICATIONS OF CONSUMPTION OF JUNK FOOD

2.5 10 REASONS WHY JUNK FOOD IS BAD FOR YOUR HEALTH

2.6 WHY JUNK FOOD IS CALLED JUNK FOOD

CHAPTER 3

3.0 CONCLUSIONS

3.2 RECOMMENDATIONS

REFERENCE





TABLE OF CONTENTS

TITLE PAGE

APPROVAL PAGE

DEDICATION

ACKNOWLEDGEMENT

ABSTRACT

CHAPTER ONE

1.0 INTRODUCTION

1.1 SCOPE / LIMITATIONS OF THE STUDY

1.2 SIGNIFICANCE OF THE STUDY

1.3 OBJECTIVE OF THE STUDY

CHAPTER TWO

2.0 LITERATURE REVIEW

2.1 USE OF COMPOSITE FLOUR IN BISCUIT MAKING

2.2 THE ROLE OF BISCUIT IN SUPPLEMENTARY AND EMERGENCY FEEDING

2.3 WHEAT FLOUR IN BISCUIT MAKING (DEFINITION)

2.4 NUTRITIVE VALUE OF WHEAT FLOUR

2.5 CHEMICAL COMPOSITION OF WHEAT FLOUR

2.6 ORIGIN OF WHEAT

2.7 HEALTH BENEFIT OF WHEAT

2.8 USE OF WHEAT

2.9 LIMITATIONS OF WHEAT

2.10 ORIGIN OF AFRICAN YAM BEAN

2.11 NUTRITIONAL VALUE OF AFRICAN YAM BEAN

2.12 HEALTH BENEFITS OF AFRICAN YAM BEAN

2.13 USES OF AFRICAN YAM BEAN

2.14 LIMITATIONS OF AFRICAN YAM BEAN

2.15 PROXIMATE COMPOSITION OF AFRICAN YAM BEAN

2.16 ORIGIN OF CASSAVA

2.17 ECONOMIC IMPORTANCE OF CASSAVA

2.18 USES OF CASSAVA

2.19 NUTRITIONAL IMPORTANCE OF CASSAVA

2.20 HEALTH BENEFITS OF CASSAVA

2.21 LIMITATION OF CASSAVA

2.22 RAW MATERIALS FOR BISCUIT MAKING

2.23 NUTRITIONAL VALUE OF BISCUIT

CHAPTER THREE

3.0 MATERIALS AND METHODS

3.1 RECIPES FOR THE PRODUCTION OF BISCUITS

3.2 FORMULATION OF FLOUR BLENDS

3.3 BISCUIT PRODUCTION

CHAPTER FOUR

4.0 RESULT AND DISCUSSION

4.1 RESULT OF SENSORY EVALUATION

CHAPTER FIVE

5.0 CONCLUSION AND RECOMMENDATION

REFERENCES



CHAPTER ONE

1.0 INTRODUCTION

Urbanization is charging the food habits and preferences of the populace towards convenient foods, which influence their nutritional intake. Most of the snacks consumed are high in carbohydrate. The use of composite flour has been encouraged since it reduces the importation of wheat.

Biscuits, which are usually produced from cereal flours (mainly wheat) are consumed extensively all over the world, including the developing counties, where protein and caloric malnutrition is prevalent particularly among women and children. The increasing phenomenon of urbanization coupled with the growing number of working mothers, have contributed greatly to the popularity and increased consumption of snack foods (Singh et al; 1989). However, this increasing importance of snack foods such as biscuit in today’s eating habits has not been fully exploited in the developing countries. This is probably as a result of the prohibitive cost of baked products (Tsen et al; 1973). Since this crops is not currently cultivated in the tropics, there is need to look inwards for local raw materials with optimum nutritive value and good processing characteristics, to substitute wheat in baked products.

Cassava (Manihot esculenta L) is the staple food of the poorer section of the population of many tropical counties rich in carbohydrate and has minute quantities of protein, vitamins and minerals (Ihekoronye and Ngoddy, 1985) which can result in malnutrition in some areas where it is the main item of diet (Kay, 1987). Although supplementation is necessary, it is not the solution of the elimination of micro nutrient deficiency disorder but rather the simple and most sustainable approach is fortification of staple food with limiting micronutrient (Ihekoronye and Ngoddy, 1985). Therefore the nutritional value of cassava root and its products such as cassava flour can be improved through food composites and fortification with other protein-rich crops with a reasonable amount of fats, vitamins and minerals (Enwere, 1998). One of such crops is the African yam bean.

The African yam bean known as Odudu, Azama or Okpodudu by the Igbo’s belongs to the family Febaceae, which was formally classified under the sub-family


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ABSTRACT



This project work is based on “investment appraisal a guide to effective managerial decision” A case study of selected manufacturing companies in Nnewi Anambra state. These companies are Chikason group, Ebeto group and luis carter industries. Inited. This research work of investment appraisal is to help investigate the problems in selecting improper investment, and to know if investment appraisal is needed and to know the impact of investment appraisal towards managerial decision. Five research questions and four hypothesis were employed. The statistical tools used to analyze the data convent analysis. Tradition a non discounting techniques and ,discounted cashflows techniques. Chi –square techniques was adopted to measure the difference between a swt of observed frequencies and histogram was used to show the results. It was found that investment appraisal in organization encourage workers to a greater extent. Investment appraisal helps organization in analyzing it’s financial position. Other finding include the fact that investment appraisal are responsible for the promotion recognition and maintenance of organizations. The implication of this findings is that without investment appraisal many organization cannot meet the demands of the populace. It was recommend that the managers of every organization should adopt proper investment appraisal programme to enable them get the best out of their employees and that government should adopt some incentives measures reduce the cost of capital and encourage the young investor ot invest wisely.

































TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Abstract

Table of content

CHAPTER ONE

1.0 Introduction

1.1 Background of the study

1.2 Statement of the problem

1.3 Purpose of the study

1.4 Significance of the study

1.5 Research question

1.6 Hypothesis

1.7 Scope of the study

1.8 Definition of the study

CHAPTER TWO

2.0 Literature Review

2.1 Research questions / hypothesis / theories

2.2 Current literature on theories models hypothesis and research question

2.3 Summary of literature review

CHAPTAER THREE

Research methodology
3.1 Design of the study

3.2 Area of the study

3.3 Population of the study

3.4 Sample of the study

3.5 Instrument for data collection

3.6 Validation of the instrument

3.7 Distribution and retrieval of the instrument

3.8 Method of data analysis

CHAPTER FOUR

Data presentation
4.1 Finding

4.2 Finding and discussion

4.3 Discussion of finding

CHAPTER FIVE

5.0 Summary, conclusion and recommendation

5.1 Summary of finding

5.2 Conclusion

5.3 Recommendation

References

Appendix A

Questionnaires

CHAPTER ONE

INTRODUCTION



BACKGROUND OF THE STUDY


As business in this modern generation are growing rapidly and becoming more competitive among other investment (long run investment). Decision involves the acquisition of machinery, vehicles, buildings, patent right, new product line, copy right research and development and so on are critical decision facing managers of today’s business. however, these exists a greater task to the management when it comes to conflicting decision as regards to the selection of projects to embark on.

Under these circumstance, the management is left with series of potential projects with pregnant risk and returns. Given that the resources are limited in supply, the investor are bound to consider many factors before selecting a particular investment.

Investment is the key word to every established firm, organization both private and public make decision on projector investment at hand overtime, as managers that make decisions about a variety of specific investment, one could say that the organizations performance in any particularly year is the combined result of all the investment under way during the year.

Therefore, investment is any scheme of investing resources, which can reasonably be analyzed and appraised as an independent unit. This in-depth analysis and combination between the movements of cash outflow and cash inflow decision is known as investment appraisal.

The aspect of investment that leads to capital expenditure decision should be evaluated or appraised properly. Therefore, this research is prepared to study the investment appraisal as a guide effective managerial decisions. Appraisal of investment is one of the key drives of business financial system. Sound investment that implemented well founded strategies are essential to creating shareholders wealth and must appraised both in a proper content and with sound appraisal techniques. Under this aspect, an economic trade-off must be made between the resources of cash benefits to be obtained. Analyzing this trade is essentially an appraisal process that makes an economic assessment of combination of positive and negative cash pattern. This task is difficult because it deals with future conditions subject to uncertainties and risks.

Nevertheless, investment appraisal is of paramount importance of all investment both large and small some investments are beneficial during their early stage with high returns, however these cash inflow are not adequately maintained from such project or investment during the maturity periods. With these developments, the investors, workers, and management are not motivated with such result.

Therefore, without a planned scrutiny of the investment, management decision will be jeopardize and management standard and policy will be instable.

Having established these facts, far an effective investment appraisal the following factors and steps must be religiously considered.

a Project identification

b Project evaluation

c Project selection

The selection of an alternative should be determined by the use of these appraisal techniques

NON DISCOUNTING CASH FLOW TECHNIQUES

i Payback period

ii Accounting rate of return.

B DISCOUNTING CASH FLOW TECHNIQUES

i Net present valve (NPV)

ii Internal rate of return (IRR)

iii Profitability index (PI)

The application of cost analysis should be employed to determine the cost of capital and hurdle rate where discounting approach is the organization policy. The expected coupled with the uncertainties or riskness associated with the investment for an in-depth comparative analysis, with the investment for an in-depth comparative analysis with these rules and principles, managerial decision stand at the best alternative to maximize the organizational profit.

1.2 STATEMENT OF PROBLEM

One of the things that help an organization or a firm to grow rapidly, the ability to make right decision as regards to investment. This work will help the researcher to find the possible solution to some problems that is facing management in terms of decision making in regards to investment.

Does investment appraisal lead management to invest on the appropriate project?
Does investment appraisal help management to invest on viable projects?
Does correct investment decision improve productively?
1.3 PURPOSE / OBJECTIVE OF THE STUDY

OBJECTIVE OF THE STUDY IS TO:

a Study the needs of investment appraisal to organization

b Study the impact of investment appraisal towards managerial decision.

c To investigate the problems on centered in the use of discounting and discounting appraisal techniques in selecting some conflicting investment.

1.3 PURPOSE / OBJECTIVE OF THE STUDY

The main objective of this research work is to identity and examine investment appraisal in managerial decision making. Having said this, the purpose / objectives of this study includes:

i To investigate the problems on centered in the use of discounting and appraisal techniques in selecting some conflicting investment.

ii Study the impact of investment appraisal towards managerial decision.

iii To study the needs of investment appraisal to organizations

1.4 SIGNIFICANT OF THE STUDY

This research work of investment appraisal is very important the solution and the recommendation that emanate form this study will assist the financial analyst and the managers in their decision making towards capital investment.

It help and expose managers to understand the need to appraisal and any given investment to know its viability.

It also aids the managers in knowing the factors and appraisal techniques to consider during mutually independent or conflicting investment.

RESEARCH QUESTIONS
a Does investment appraisal play an important role in manufacturing firms?

b Does management makes right decision towards investment?

c Does investment trades on the right projects?

d Does the appraisal techniques use in evaluating investment appraisal adequate?

e Does investing on the right project improve the firm\s profitability of investment opportunity?

1.6 RESEARCH HYPOTHESIS

Tests are to be concluded to ascertain the result of the following hypothesis.

1 Ho: Investment appraisal does not aid effective managerial decision making.

Hi: Investment appraisal aid effective managerial decision making.

2 Ho: There is no significant relationship between investments appraisal and the firm’s productivity

Hi: There is significant relationship between investments appraisal and the firms productivity

1.6 SCOPE OF THE STUDY

This research work was conducted with selected industries in Nnewi such as Chikason Group, Luis Carter Indusries Nnewi. Being that these companies represent other manufacturing industrie. Although the researcher would have like ot carry out moer esearch on their companies in Nnewi. But due to shortage of time and other constraint, the above companies where the one which this research has been conduct in place of others.

1.8 DEFINICTION OF TERMS

ACCOUNTING RATE OF RETURN (ARR)

It is non-discount cash flow capital budgeting technique expressed as the expected average annual operating income divided by the initial investment.

BALANCED SCORE CARD:

It is a performance measure system that strikes a balance between financial and ooperating measures link performance to rewards, and gives explicit recognition to the diversify of stake holder interest.

ACCOUNTING SYSTEM

It is a formal mechanism for gathering, organizing and communicating information about an organizations activities.

PAYBACK PERIOD

This is a technique measures projects on the basic of the period over which the investment pays back itself or he period of recovery of the initial investment or it is defined as the period usually expressed in years, in which the cash outflows will equate the cash inflow form a project (CIMA)

CONCEPT OF ANNUITY

An annuity is a constant sum of money receivable or payable over a specific period of time.

NET PRESENT VALUE (NPV)

Is a summation of all discounted cash flow (DCF) associated with a project, this is the difference between he present value of cash out lay or outflow and the positive present value of the cash inflows.

INTERNAL RATE OF RETURN

Is that cost of capital or return that will produce an NPV of zero if applied to a project. It is a break even point cost of capital.

CAPIRALT RATIONING:

Is a situation in which a company does not have sufficient fund to execute worth while investment projects.

PROFITABILITY INDEX (PI)

It is the contribution per limiting factor approach that is, it is actually a benefit / cost analysis of projects.

INFLATION

Refers to increase in estimates as a result of changes in price levels.

RISK

Is a situation in which the occurrence of future uncertain events is known but the possibilities of such future events can quantified.

UNCERTAINTY

Is a situation in which the probability or possibility of occurrence of such future event can not be quantified.

DECISION MAKING

Is the purposeful choice from among a set of alternative courses of action designed to achieve some objective.

INVESTEMENT CENTER

Is a responsibility center where success is measured not only by its income but also by relating that income to its invested capital as in ration of income to the value of the capital employed.

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CHAPTER ONE

INTRODUCTION

Background of the study
The Over the years, countries of the world have defined and set the standards of financial reporting in their individual territories. However, globalization has brought about ever increasing collaboration, international trade and commerce among the countries of the world; hence, there is grave need for increased uniformity in the standards guiding financial statements so that such statement would remain comprehensible and convene the same information to users across the world. The need for the development of unified accounting standards has been the primary driver of international public sector Accounting Standards for public sector financial reporting. While the commercial entities across the world are moving toward international financial Reporting standards (IFRS), governments are harmonizing with International Public sector Accounting Standards (IPSAS). The international Public sector Accounting Standards govern the accounting by public sector entities, with the exception of Government Business Enterprises.

According to Hayfron Adoagye (2012), IPSAS are high quality global financial reporting standards for application by public sector entities other than government business enterprises and being issued by international public sector accounting standard board IPSAS B which is formerly known and called public sector committee. IPSASB’s a body of International Federation of Accounting (IFAC) with autonomy to develop and issue IPSAS. In a study conducted by John (2011) he revealed that IPSAS Board comprises of 18 members, out of which 15 are nominated by the member bodies of IFAC while the other three are appointed as public members whom may be appointed by any individual or organization.

Furthermore, the Nigerian society has been filled with stories of wrong practices such as stories of ghost workers on the pay roll of Ministries, Extra-ministerial Departments and Parastatals, frauds, embezzlements and setting ablaze of offices housing sensitive documents and corruption leading to none or poor accountability of individuals in public offices of the country.

One of the most researched and least understood variables in public sector accounting of the nation is how the accountability and stewardship of financial controls are conducted. Scholars have been speculating on how the funds generated are managed but now researchers through the International Public Sector Accounting Standards (IPSAS) have conducted systematic investigation of funds and leakages in Nigeria with direct reference to ministries, departments and agencies.

Even with this, there is still an increasing difficulty and doubts in establishing the fact that the generated revenues are put to good use by individuals in public offices. This work contains also an evaluation of the source of revenue and the impact of the financial control system in the ministries, departments and agencies particularly.

IPSAS are accounting standards for application by national governments, regional (e.g., state, provincial, territorial) governments, local (e.g., city, town) governments and related governmental entities (e.g., agencies, boards and commissions). IPSAS standards are widely used by intergovernmental organizations. IPSAS do not apply to government business enterprises.

International Public Sector Accounting Standards (IPSAS) is at present the focal point of global revolution in government accounting in response to calls for greater government financial accountability and transparency. The Public sector comprises entities or Organizations that implement public policy through the provision of services and the redistribution of income and wealth, with both activities supported mainly by Compulsory tax/levies on other sectors. This comprises governments and all publicly owned, controlled and or publicly funded agencies, enterprises, and other entities of government that deliver public programs, goods, or services. Public Sector Accounting is a system or process which gathers, records, classifies and summarizes as reports the financial events existing in the public or government sector as financial statements and interprets as required by accountability and financial transparency to provide information to information users associated to public institutions. It is interested in the receipts, custody, disbursement and rendering of stewardship of public funds entrusted.

International Public Sector Accounting Standards

International Public Sector Accounting Standards (IPSAS) are a full suite of standards, designed for the public sector set by an independent, international standard setter. IPSAS is held up as the best government accounting ideas that the global accounting profession has to offer. IPSAS therefore has become recognized benchmark for evaluating and improving government accounting in developing countries. IPSAS are primarily intended for adoption by developing countries. The World Bank for example has endorsed the use of IPSAS in accounting for its financial assistance to developing countries. IFAC believes that in order to change the paradigm for government reporting, governments should adopt the accrual-based IPSASs, set by the International Public Sector Accounting Standards Board (IPSASB).Over 40 Countries apply Accrual IPSAS (Kara, 2012).

In recent years, the IPSAS Board has addressed developing countries in two ways. First, it issued a set of comprehensive “cash basis IPSAS” in 2003 which were more closer to traditional Government Accounting practice and are less costly to implement. Secondly, the IPSAS board has issued the standard on the disclosure of external assistance under the cash basis of accounting. The cash basis standard excludes the recognition of grants receivable and loans payable, and other non-cash assets and liabilities (IFAC, 2005).

1.2. STATEMENT OF PROBLEM

Looking at the previous years, cash basis of accounting is observed to be the commonly used basis in the public sector which has some limitations and setbacks that affects financial transactions such as poor budget implementation, mismanagement of public fund etc. This can be traced to the fact that while using the cash basis of accounting, there is no attempt to match an expense with the revenue it generates. This means that income statement and balance sheet are not good pictures of recent business conditions and an expense written against specific revenue may not have been incurred for generating the revenue. This creates the issue of poor budget implementation, making it necessary to consider the relationship between public sector budgeting and cash basis of accounting.

The preparation and presentation of financial statement at each level of government have pose series of problems worldwide. Over the years, government accounting has been anchored on cash basis of accounting while private sector accounting has been predicated on accrual basis. Whereas the accrual basis has been working perfectly well in the private sector, the continued application of the cash basis in the public sector appears to have thrown up a number of challenges relating to under-utilization of scarce resources, high degree of vulnerability to manipulation, lack of proper accountability and transparency, inadequate disclosure requirement due to the fact that the cash basis of accounting does not offer a realistic view of financial transaction.

IPSAS adoption is expensive in all material respect, so expensive that some experts have contended that it’s much advertised benefits do not justify the cost of the implementation predominantly accounting or financial reporting places emphasis on accountability and transparency. Revolution is not only accorded to government functional activities, instead revolution also exists in Government Accounting.

It is of necessity to note that a complete budget protocol entails effective planning, monitoring and implementation of recurrent and capital proposals. But regrettably, the budgeting culture in Nigeria mostly begins and ends with planning alone. Oversight functions carried out by the legislative arm of government in the past as it concerns budget monitoring have been nothing but mere window dressing. This fact has helped to condemn budgets as mere annual rituals. Poor budget implementation in Nigeria is a huge indictment on both the executive and legislative arms of government at the local, state and federal level which can be traced to the implication of cash basis of accounting as a technique for recording financial transactions in the public sector, (Gberegbe and Micah 2013).

It is against this backdrop that this study seeks to investigate the challenges encountered in the implementation of IPSAS by government ministries, agencies and government.

1.3. OBJECTIVES OF THE STUDY

Interestingly, a sound government accounting standard such as IPSAS is a critical part of a nation’s institutional infrastructure. It has now become a recognised benchmark for evaluating and improving government accounting in most developing countries like Nigeria. As a result of this the objectives if this study includes the following:

Examines the effect of adopting International Public Sector Accounting Standards (IPSAS) in Government agencies and ministries.
Identify the challenges of migrating to Accrual Basis IPSAS in public sector.
Examine the constraint encountered in the implementation of International Public Sector Accounting Standards (IPSAS) in government mistries and agencies.
Determine how IPSAS improve the quality of general purpose financial reporting by public sector entities.
Investigate the effect of (IPSAS) in terms of how public office holders in ministries, departments and agencies give accountability report of their stewardship.
Assess the impact of the adoption of the IPSASs on the financial reporting in public sector.
1.4. RESEARCH QUESTIONS

The following research questions are formulated for the purpose of this research work:

What are the effect of adopting International Public Sector Accounting Standards (IPSAS) in Government agencies and ministries?
Challenges of migrating to Accrual Basis IPSAS in public sector?
Are there any constraint encountered in the implementation of International Public Sector Accounting Standards (IPSAS) in government ministries and agencies?
How has IPSAS improve the quality of general purpose financial reporting by public sector entities?
What are the effect of (IPSAS) in terms of how public office holders in ministries, departments and agencies give accountability report of their stewardship?
Impact of adopting IPSASs on the financial reporting in public sector?
1.5. STATEMENT OF HYPOTHESIS

The following hypotheses are formulated for the purpose of this research work and are stated in null form:

Hypothesis 1

H0: The adoption of IPSAS will not increase the level of Accountability and Transparency in the public sector of Nigeria.

Hypothesis 2

H0: The adoption of IPSAS has negative effect on revenue generation of the government.

1.6. SIGNIFICANCE OF THE STUDY

One reason that makes high quality public sector reporting necessary in many countries is to make issuance of Government financial instruments attractive in the international financial markets. Further, there exist various financial crises in many developing countries especially in Africa, with government debt levels sitting at very precarious levels; and it is no news that government finances need to be managed very carefully thus adoption of IPSAS would increase credibility and assurances of these financial statements.

This study would increased level of confidence and improved decision-making and in government financial reporting by emphasising on disclosures and presentations of information relevant to the key stakeholders in Government financial reporting.

The study would develop a framework for reporting satisfaction of key stakeholders in Government accounting, it would also go a long way in harmonization of public sector reporting would go a long way in improving the Public Finance Management principles and reporting guidelines of public resources by critically examining the generally accepted accounting and financial standards for maintenance of proper books of account for government and prescribe quality control procedures.

In addition, this study would improve the public financial management and decision-making of the government by making Government accounting more transparent and improving its governance framework.

The study would provide chronological history of the adoption path of IPSAS in Nigeria, thus providing the historical perspective of IPSAS adoption in Nigeria.

This research work will help the entire nation in modifying the methods and approaches used by different ministries, parastatals and other inter-ministerial departments in the implementation of IPSAS for government financial transactions and also it will help them in improving revenue generations and minimizes expenditures since public sector is differentiate able from private sector or bodies.

Lastly, this research work will as well be of benefit to students and researchers because it will widen their scope from the information contained in this research work.

1.7. SCOPE OF THE STUDY

This research work on the investigation into the challenges on the implementation of IPSAS adoption by government ministries, agency and parastatals shall focus on ministry and agencies of Kwara state government as case study, due to the schedule and location of the researcher.

1.8. LIMITATIONS OF THE STUDY

This research would have been generalized to all state government in Nigeria but due to some numerous factors, I have decided to limit my study to a particular state.

The following are the constraints encountered in this research:

1. FINANCIAL CONSTRAINT:Finance is the key to the success of every research work and the said finance was readily unavailable on my part as at the time I was carrying out this research and as such, proper research will not be carried out if I go about all state governement in Nigeria.
TIME CONSTRAINT: The time stipulated for the submission of this work was obviously too short and as such was unable to visit and carried out my findings as planned for all state government in Nigeria.
LACK OF KNOWLEDGEABLE AND SINCERE PERSONNEL: some of the officials employed or appointed in the ministry of finance, kwara state including some of their agencies has no knowledge of what international public sector accounting standard is and they are also not approachable because they placed themselves on a very high esteem and even when one is opportune to interview them, there is sure to be shortcomings arising from the basis such as, misinformation, and deliberate distortion of facts and these is as a result of not letting one know where revenue comes from and how it is been utilized.
LACK OF RESERCH FACILITIES: Research facilities such as transportation makes research work easier and interesting but it is noted that Nigeria has a poor transportation system especially in the area were agencies and ministries are situated and this restricted me from going to all as planned.
1.9. DEFINITION OF TERMS

IPSASmeans International Public Sector Accounting Standard
International Public Sector Accounting Standards (IPSAS)are a full suite of standards, designed for the public sector set by an independent, international standard setter. IPSAS is held up as the best government accounting ideas that the global accounting profession has to offer.
Public sector accounting
Public sector accounting (PSA) is defined as a process of recording, summarizing, analyzing, communicating and interpreting financial transactions of government units and agencies. It reflects all levels of transactions, involving the receipt, custody and disbursement of government funds.

Accountability:accountability is defined as the obligation to demonstrate that work has been conducted in accordance with agreed rules and standards and the officer reports fairly and accurately on performance results vis-à-vis mandated roles and plans.
Cash basis of accounting
Cash basis of accounting is the system of recording receipt or income when actual cash is received and record expenditure when actual payment is made irrespective of the accounting period in which the services are rendered or benefit received.

Accrual basis of accounting
Accrual basis of accounting states that revenue/ income should be recorded and recognized in the accounts when earned and not when money is received, similarly expenses should be recorded and recognized in the accounts when incurred and not when money is paid.

Budget
Budget is a plan of financial operation embodying an estimate in proposed revenue and expenditure as well as the proposed means of financing them for a given period, usually a year.

A budgeting system : A budgeting system simply means the method adopted in preparing the budget such that organization can reap maximum result from its resources.
Budgetary control: according to Reid (2003), is the whole system of control, financial or otherwise to ensure that income and expenditure are in line with the budgets and wastages are reduced to the minimum. It is a positive and integral part of a public sector organisation, planning and appraisal activities so as to achieve the set objectives

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