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THE EFFECTS OF CORPORATE TAX ON THE PROFITABILITY OF BUSINESS ORGANIZATION, (A CASE STUDY OF FIRST BANK OF NIGERIA PLC ENUGU MAIN BRANCH)


ABSTRACT

This study effect of corporate tax on the profitability of business organizations shows the result of corporate tax on company’s profit. It allows the public and corporate bodies to view and understand the importance and benefits of paying tax out of their profit. Income tax was first introduced in 1904 by Lord Lugard when he was the high commissioner for Northern Nigeria. Taxation was defined by many people such as Agyes, A.K 1983, Amaechina, P.U. 1995 e.t.c. The information for the study was collected using both primary (questionnaire) and secondary data (internet). A population of 200 was assumed and a sample of 133 was gotten using Yaro Yamines formular. All the responses gotten was analysed using tables and percentages. it was found out that there is no free flow of information about corporate tax. However, public enlightenment should be organized by the government so as to explain the need for companies to pay tax promptly and adequately, emphasizing on the benefits they stand to get.

CHAPTER ONE

1.0 INTRODUCTION

In Nigeria, one of their major problems is the problem of generating income through taxation. Since it is known to everyone that taxation is a way of generating income to the government, it is not suppose to be a problem especially in corporate taxation.

Developed countries like America have effective corporate tax system which has gone a long way to making their economy better. However, this tax being paid by business organization also has effects on their profit both in a positive and negative way which is the purpose of this study.

1.1 BACKGROUND TO THE STUDY

Corporate taxation serves as a vital factor in the economic planning and development of a nation as well as social change. In Nigeria, in context, income tax was first introduced in 1904 by Lord Lugard who enacted the first income tax statue when he was the High commissioner for Northern Nigeria. The colonial government in Nigeria introduced various taxes in order to tap the financial resources from the people for their own personal operations. In that situation, government taxation was an extension of the network exploitation of the colonized people.

The post colonial states unavoidably inherited and sustained taxation as one of the government sources of revenue.

Tax has been defined by so many people in the different ways. An oxford advanced learners dictionary by Hornby, A.S, (1977) sees tax as money compulsorily levied by the state or local authorities on individuals, properties, or business. Amaechina, P.U (1995) defined tax as a levy which a government imposes on the income of the citizens of a state for which the government makes no direct benefits to the tax payer (s). Tax according to Agyes A.K (1983) is the transfer of resources from private sector to public sector in order to accomplish some of the nation economic and social goals. However, the universality of taxation accounts for its description as a popular way of raising revenue by Turner and Hunt (Okoye 1998). In that light or view, Benjamin Franklin is quoted to have argued that in this world, nothing is certain but death and tax.

The corporate tax we know was introduced in 1965 in Britain. Companies are taxed at different rate from individuals and union corporate business was followed during the second world war by the recent development of this tax is attributed to the fact that until after the second world war, the corporate form of business was practically non-existing in Nigeria. Being recent, it has therefore, not received as much adequate attention from the populace as personal income tax has. However, with the growth of the economy, the corporate sectors has expanded considerably bringing more; sharply into focus the problems of taxing corporate income and at exploiting a potentially sources of revenue.

Over one thousand (1000) companies were subjected to company’s income tax in 1963 compared with only about three hundred and fifty (350) in 1960, comparing these figures with the great number of business organizations now in existence presently we have over three thousand companies which are subject to company’s income tax. Companies income tax has become crucial not only from point of view of revenue but also from the point of rivals of stimulating rapid industries. Also, this has answered one of the reasons why government has so much interest in tax as a source of revenue. The huge sum of money generated by the government from corporate tax has made them to set out several decree/Act in respect of corporate tax.

In Nigeria, the company tax Act was enacted in 1979, several amendments were made to the original ordinance of 1961 where separate laws were enacted for the tax of income and profit of both individuals and companies. Also from 1961, the law (companies income Tax Act-CITA) has followed several amendments till April, 2007 with the rate of 30% on companies profit with effect from 1st January 1996. Generally, tax is imposed on the net taxable income of a company. It is strongly believed that there are many effects on the profit of business organizations due to corporate taxation.

1.2 STATEMENT OF PROBLEM

There has been an outcry of various business organizations in Nigeria over their profit due to high level of corporate tax. Despite their tax avoidance and evasion, there is no difference. This ugly development have placed some companies where they are not suppose to be, hence, a compelling need to put an end to this situation through proper problem identification.

The problems include the following:

a. The extent to which the objectives of the companies are been achieved

b. The problem of double taxation

c. The problem of complex tax structure which has become a disincentive to business growth and profitability.

d. The problem of determining the relationship between the ignorance of tax benefits and the unwillingness of companies to pay their taxes.

e. The use of revenue collectors by the finance of Nigeria.

However, companies shall ratify these problems facing them.

1.3 OBJECTIVES OF THE STUDY

1. To identify both the negative and positive effects of corporate tax on the profitability of business organization.

2. To know the importance and benefits of this corporate tax.

3. To find out the extent to which the objectives of companies are being attained.

4. To determine the relationship between the ignorance of tax benefits and the unwillingness of companies to pay their taxes.

5. To know if and/or to what extent efforts have been made to solve the possible problems facing business organizations in Enugu state (first Bank of Nigeria PLC Enugu main branch in particular).

1.4 RESEARCH QUESTIONS

1. To what extent has corporate taxation been a great benefit to the company?

2. To what extent has the negative way influenced the profit of companies?

3. What is the relationship between the unwillingness of corporate organizations (companies) to fulfill their tax obligations and the ignorance of corporate tax benefits?

4. What is the level of the attainment of the company’s objectives in the recent past years?

1.5 SIGNIFICANCE OF THE STUDY

This research work is being undertaken in order to identify the effects of corporate tax on companies’ profit. These are hope that this study will help to correct the negative aspects of corporate tax on companies’ profit.

Furthermore, since corporate taxation is way of raising income for the government, it is important to know that it helps the government to finance its expenditures being drawn up in the budget. It also helps the government in the provision of infrastructural facilities and social amenities as well as other services. This tax also helps the company to make more profit in increment of shares etc.

Thus, this research work on this topic is very necessary in providing a lasting solution to unhealthy problem of tax avoidance and evasion through inefficient and ineffective corporate income tax administration and collection in companies in Enugu state in particular and Nigeria as a whole.



1.6 SCOPE OF THE STUDY

This research work “the effects of corporate tax on the profitability of Business Organizations (A Case Study of First Bank of Nigeria PLC)”covered an area in Enugu which is the first Bank of Nigeria in Okpara Avenue to discuss on how their profits are been affected by the tax paid to the government.

1.7 LIMITATIONS OF THE STUDY

This study which is supposed to cover the whole companies in the country was restricted to a particular company in Enugu State only because of time, finance and management constraint.

There was not enough capital to spend in transport and fact finding as well as respondents especially the branch manager not co-operating as was expected together with the reluctant of workers in different sections in answering some of the questions asked. Not withstanding, all these problems did not prevent the continuation of this research work.

1.8 DEFINITION OF TERMS

Tax: A compulsory levy imposed by government on individuals, corporate bodies, goods and services in order to finance its expenditures and create condition for the economic well being of the society.

Corporate tax: A tax imposed on the income or profits of companies operating in a country.

Corporate: People united in a group with same view and aims.

Revenue: Income generated by a country from tax paid by their citizens.

Profitability: Bringing profit which includes benefits made out of business.

Effects: The result or an outcome produced by an action.

Net taxable income: Is the financial statement of a company with modifications.

The Company Income Tax Act-CITA

A law that regulates the taxation of all limited liability companies doing business in Nigeria (Private and Public Limited Companies) other than those engaged in petroleum operations.


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COMPARISON OF ACADEMIC PERFORMANCE OF JUNIOR SECONDARY SCHOOL STUDENTS IN ENGLISH LANGUAGE, COMPUTER SCIENCE AND INTEGRATED SCIENCE IN EXTERNAL EXAMINATIONS FROM 2003-2007. (A CASE STUDY OF ENUGU NORTH LOCAL GOVERNMENT AREA,


ABSTRACT

The research investigated the comparison of academic performances of junior Science in External Examinations from 2003- 2007. This study is a survey research design. It is a research conducted on a large number o f people to identify general opinion. The study was carried out in Enugu North Local Government Area. The area belongs to Enugu Educational Zone. The population of the study consist of all the students and teachers in junior secondary schools in Enugu North Local Government Area, Enugu State. The population of the students are 20, 470 while that of teachers are 4, 300. We used four junior secondary schools as our sample out of the junior secondary schools in Enugu North Local Government Area, Enugu State. Random sampling techniques were used to select ten (10) students from each of the schools used in the table listed above to ensure that the relevant features of the population were adequately represented. Five (5) staff (teachers) from each of the schools were also sampled. The instrument used was a questionnaire design to elicit responses on the items in questions. The researchers used the four like scale of strongly agreed (SA), Agreed (A) Disagreed (D) and strongly |Disagreed (SD). The respondents are required to tick against the column that best describes their views in each item. The questionnaire will be distributed to ten (10) students from each schools and five (5) teachers from each schools and will also be collected through item. The researchers’ used mean to analyze and interpret the data. Interpretation of the data was based on the following scores interval:

SA – Strongly Agreed – 4 points

A - Agreed - 3 points

D – Disagreed - 2 points

SD- Strongly Disagreed – 1 point

The output was determined by finding the mean of each number.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Measuring of academic performance of student is challenging since student performance is the product of socio-economic, psychological and environmental factors. Education ought to be growing as a profitable industrywith prime objective of maximizing profit by delivering high quality education that produces well educated, skilled mannered students according to needs and requirements of the dynamically growing market. There are two groups of students as generally perceived, that is those who improve and those who don’t improve. Students performance is also affected by different factors such as learning abilities because new paradigm about learning assumes that all students can and should learn at higher levels but it should not be considered as constraint because there are other factors like race, gender, sex that can affect students performance Hansen (2000).

Mishae (2001) explained the effect of age, qualification and distance from learning. Place on the students performance in his explanation concerns the readiness in doing a particular discipline in the school; for instance, a student that is not capable of doing sciences in the secondary school joins sciences because his/her friends are offering the subjects. Winston et al (2002) added that the academic performance of student is also coined in the students impatience (this time discount behavior). Yuonne (1998) further elaborated that students academic performance is very much dependent on SEB (socio-economic background) as per his statement, secondary school students performance is with statically significant differences. Alexander (2001) explained that some of the practice adopted by secondary school administration can also influence their academic performance, such practices like organized study group, debate club, media and culture clubs etc.

According to Bello Lawel, an Abuja based educationist a member of the All Nigeria committee of Principals of secondary school (ANCOPSS). The truth is that the reading culture in Nigeria is generally poor. To make it worse, these days, mot of our students hardly read. Instead they waste their precious time watching televisions or films, listening to music, playing to music, playing video/computer games.



Another educationist Mohammed (2009) attributed the dismal performance on the external examinations to the lackadaisical attitude of the government and its refusal to adequately fund the education sector. According to him, on several occasions we clamored for improved budgeting allocation to the education sector but all these have fallen on deaf ears. For instance, UNESCO recommends that 26 percent of any country’s budget should be allocated to the education sector but instead what do we have in Nigeria.

Government paying lip service to the education sector. Other countries who understand the importance of education have taken proactive steps to adequately fund their education sector. For instance, Ghana has allocated 29 percent to its budget education sector, even far more than the UNESCO recommendation. The same thing with countries like South Africa and Botswana who allocated 35 and 37 percent respectively to the education sector. So until these things are implemented we would continue to morty age the future of our children.

Statement of the problem

Secondary school students performances in external examinations has been a nagging issues in Nigeria generally and particularly in Enugu North Local Government Area, Enugu State.

Language is a medium of institution. For teaching and learning to take place effectively, there must be adequate communication between the learner and the teacher. In Nigeria, English language is a “Lingua Franka”. Except in vernacular, it is used in communicating the learner in all Nigeria schools. The importance of English language can hardly be overemphasized. That is why it appears almost everyday in the school time table.



Unfortunately, a cursory look at the performance of students in English language in particular computer and integrated science in external examination in Eungu North Local Government Area is nothing to write home about. Since computer and integrated science are relatively new in development of science and technology, the researchers would want to find out why there is an always recorded low performance in English language, computer science and integrated science from 2003 -2007 on case study.

Secondly, what facilities are available in teaching and learning of the three subjects in Junior secondary school certificate examination in Enugu Local Government Area.

Purpose of the study

Based on the background and the problem of this study, the main purpose underlying the project is to compare the academic performances of the junior secondary school students in English language, computer science and integrated science in external Examinations from 2003-2007. (A case study of Enugu North Local Government Area, Enugu State) specifically, the purpose of the study tends to find out:

1. Why there is poor performance of students in external examinations

2. How students perform in external examinations

3. How students perform in English Language, Computer Science and Integrated Science in External Examination and when compared, which one among the listed did perform better than others.

Significance of the study

The usefulness of the research work in educational system cannot be over emphasized if the result of the study is properly utilized. It is going to be a benefit to the students, teachers, parents and government. This would help to provide some information for curriculum designers and classroom teachers in order to utilize relevant approaches to enhance meaningful learning and teaching of English language, Integrated Science and computer science students. Thus, the knowledge of students’ cognitive style and attitude would be very useful in both academic and career enhancement.

Scope of the study

The study was based on the junior secondary school students performance in external examinations in English Language, Integrated Science and Computer science in Enugu North Local Government Area, Enugu State. This specifically covers the following junior secondary schools;

1. New Layout Secondary school

2. Days Secondary School Independent Layout

3. Government secondary school Enugu

4. Coal Camp Secondary School, Enugu

The schools mentioned above are used in this research work for better coverage and easy assessment.

Research questions

The following research questions were formulated to guide the study. These questions are:-

1. What are the causes of poor performance of students in external examinations?

2. In what ways can the performance of students in external examination be improved?

3. How does students perform in external examination in English language, Computer science and Integrated science and which of the three subjects did they perform better on?

Limitation of the study

For a proper project research to be carried out effectively, there should be some limitations along the line, these limitations includes:

Time Constraint: This is the time consumed by students carryout a particular project research topic.

First and foremost, for a student achieve his or her goals on a project research, there should be an effective plans on how the materials needed can be gotten.

And this will be actualize by proper research which might involve moving from one place to another in search of these materials. By so doing time is consumed.

On the other hand, some students in a particular group may be giving excuses that the time fixed is not suitable for them, some may complain that they usually do their domestic work for their parent during the project research exercise, which may demand all attentions.

In order to balance the equation they should be proper plans on time management.

Money: This involves that money needed for the project to be carried out in a situation whereby the money needed becomes high, some students in a group will be affect and this may hinder their chances of participating and finally terminates their work since nothing good comes easy without money.

Difficulty Experiences: This is the experience we encounter from our group. Since every body has his/her own personal character couple with individual schedule for daily activity, thing can never be done at the same time. Therefore, the time schedule for a particular group to carryout their project research varies.

Insincerity of responding to questionnaire items: this is the inability of the supervisor did not explain properly the most essential things needed and how he wants the project to be done. The project writer may find it difficult to cope.


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GENDER INFLUENCE ON CHOICE OF SUBJECT IN SSCE EXAMINATION (A CASE STUDY OF ENUGU NORTH LOCAL GOVERNMENT AREA OF ENUGU STATE)


Abstract

This study was conducted in the five mixed senior secondary schools in Enugu North Local Government Area of Enugu State on Gender influence on choice of subject in SSCE Examination. The purpose of the study was to determine the subject preferred by males than females, identifying factors associated with subject choice and determine the problems affecting the subject choice of students. Descriptive survey method was adopted. There are seven hundred and fifteen (715) Students in Senior Secondary 3 (SS3) in Enugu North, random sampling was used to select two hundred and fifty (250) out of 715 students. The questionnaire was used for data collection and the items were descriptive of frequencies and mean responses. The basic findings showed that greater of males choose science subjects based on their greater aptitude in mathematics. The major problems that influenced the choice of both males and females were: Gender, family background, job opportunity, parents, teachers and peer group. It was recommended that the students, teachers and parents should be exposed to the needs of choosing subjects that one knows better.


CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the Study

Gender, according to Longman Dictionary (2000) is defined as the fact of being male or female. Oxford Dictionary 5th edition (1998) defines gender as the condition of being male or female. The New International Webster’s Comprehensive Dictionary of the English Language (2004) has it that “gender corresponds to sex. Animate beings are either masculine or feminine. Britannica volume 5 (2005) defines gender as self-conception of being a male or female as distinguished from actual biology sex. From the above definitions, gender can be then be defined as “the fact of being male or female.”

According to Oxford Dictionary 5th Edition (1998) influence is to have effect on somebody on their behaviour. It is the power to affect somebody’s actions, character or beliefs especially by providing an example for them to follow.

Longman Dictionary (2000) defines influence as the power to affect the way someone develops, behaves or thinks without using direct force or order. Also, the New International Webster’s Comprehensive Dictionary (2004) sees influence as the power or process of producing an effect upon a person, by intangible means. Influence, therefore, is the power to affect the way someone develops, behaves or thinks without directly forcing or ordering the person.

The Oxford Advanced Learners Dictionary 6th edition (2000) defined “Choice” as an act of choosing between two or more possibilities. The New International Webster’s Comprehensive Dictionary of English Language (2004) says that Choice is the act, fact, power or privilege of choosing; selecting a number or variety from which to choose, the power to prefer or select. Brittannica volume 3 (2004) defines choice as a corollary of the proposition of the free will, that is, the ability voluntarily to decide to perform one of several possible acts or to avoid action entirely. Choice can therefore be defined as the power to prefer or select.

Longman Dictionary of Contemporary English (2000) defines subject as the things you are talking abut or considering in a conversation, discussion. It is the area of knowledge that one study. For the purpose of this research work, subjects are the courses offered in Senior Secondary Certificate Examination (SSCE) which are sciences and Arts.

Senior Secondary Certificate Examination (SSCE) is the external Examination that students in Senior Secondary Three (SS3) take as the final examination usually organized by the West African Examination Council (WAEC) and National Examination Council (NECO).

Nigerian Government is committed to building a nation devoid of gender discrimination, guaranteeing equal access to political education, social and economic wealth, creating opportunities for women and men.

United Nations Development Programme (UNDP), (2001) pointed out that gender development index in Nigeria stood at 0.423 ranking 124th country in the world expowerment index for men was 0.456 and that of women was 0.442 indicating that men were marginally better than women not withstanding that “what a man can do, a woman can do it better.”

In the traditional society, women were highly discriminated against and marginalized to the point that education of young women were regarded as a wastage of resources, since their education will end-up in kitchen. Because of this, women choose subjects like Arts that will allow them carry out their domestic responsibilities alongside their education. Gender is a concept that is dynamic and its relationships always subject to changes, however, it varies from one country to another.

United National International Children’s Education Fund (UNICEF), (1998) defines gender as “the various socially and culturally constructed roles, qualities, responsible behaviours, power and so on that are described to women and men by different societies.

Gender influence on choice of subjects has been a topic in recent global development initiatives (Clifford, 1999). Gender plays decisive role on students’ choice of subject in Senior Secondary School Examination (SSCE), Measor and Sikes, (1996) observed that most societies prescribe different activities and characteristics for male and females which may come to be seen as natural by people involved. Therefore, there are courses such as mathematics and other science subjects that involved calculations which are ascribed as male subjects while those that requires less quantitative implications were attributed to female subjects along these line determines the gender preference at each point in time.

However, women are competing favourably with men in choosing science subjects. The present study seeks to investigate the influence of gender on choice of subjects in SSEC Examination with emphasis on Enugu North Local Government Area of Enugu State.

In summary, the variables of this work are gender being the independent variable and choice being the dependent variable. This is so because gender cannot be changed, it remains what it is while choice changes.



1.2 Statement of the Problem

The researchers would like to know if:

1. Students choose science or Arts subjects because of their gender (sex);

ii. they make choice of subject based on how difficulty or easy a given course (subject) may be;

iii. some make choice of subject under the influence of their parents, teachers and their fellow students (peer group);

iv. the family background of students influences their choice of subject in Senior Secondary School Certificate Examination (SSCE);

v. the nature of School (availability of equipment and presence of qualified and experienced teachers) attended by the student and if

vi. job opportunity of a given course (subject) also influences the choice of subject by the students.







1.3 Purpose of the Study

The purpose of this study is to find out gender preference of subjects choice in Senior Secondary Certificate Examination (SSEC). The study seeks to

i. identify the particular subjects the male and female students will differently prefer to register in SSCE Examination;

ii. examine problems encountered by students in choice of subjects;

iii. examine various solution areas on problems of gender preference in choice of subjects;

iv. investigate if female students take science subjects than male students and

v. know the attitudes of parent and teachers on choice of subjects in Senior Secondary Certificate Examinations.



1.4 Significance of the Study

This study (research work) will be significant to: the researchers themselves, their follow-up students; parents; schools; government and the legislators (policy makers).

1. This study will help the researchers to graduate successfully.

2. It will serve as a reference material to their (researchers) follow-up students.

3. Through this study, parents will know that it is better to allow their children (students) to make their choice of subject rather than influence them.

4. The school uses it (research work) as a reference material in the library.

5. This research work will improve the yet to come government, being that the students does not deviate from their field of study.

6. It will enable the policy makers (legislators) to initiate young women aspiring subjects to compete with men in specialized science areas.



1.5 Research Questions

The following research questions were formulated to guide this study:

1. Does gender has any effects on choice of subject in Senior Secondary Certificate Examination (SSCE)?

2. Does student choose subject because of how difficult or easy the subject may be?

3. Do parents, teachers and peer-group influence students choice of subjects?

4. Does student family background affects their choice of subjects in Senior Secondary Certificate Examination (SSCE)?

5. Does the nature of Schools attended by students affect their choice of subjects?

6. Does job opportunity of a subject (course) influence the students’ choice of subject?



1.6 Scope and Limitation of the Study

This study is limited to Senior Secondary Class 3 (SS3), in five mixed secondary schools, randomly selected in Enugu North Local Government Area of Enugu State.



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EFFECT OF INCOME MEASUREMENT ON PROFITABILITY OF CORPORATE ORGANIZATION
EFFECT OF INCOME MEASUREMENT ON PROFITABILITY OF CORPORATE ORGANIZATION


ABSTRACT

The significant of income to any business entity cannot be overemphasized. Income of the residue That is available for distribution to the shareholder which ensured the maintenance of the capital (Glautieu et al 2011:430). Income is a basic and important item of financial statement that has various uses in various context. It is generally perceived as a basis for taxation and redistribution of wealth, a determination of dividend payments policies and investment and decision making guide and element of prediction (Riachi-Belkauie 2002). The choice of income measurement concepts which has a direct bearing on the operating performance reporting of an organization is informed by some factors which this paper sought out to examined. To achieve the objective of this study, opinion of selected staff of ABC transport Nigeria Ltd was sought thought the use of questionnaire and besides relevant theories and concepts were reviewed. The questionnaire were analyzed. The evidence show that the choice of accounting concepts as the prevailing income measurement concept is premised on historical cost accounting given its unconditional and long standing acceptance of this version of income by the accounting profession and the business world. This can be explained by the fact that its objectives verifiable practical and easy to understand and avoid of confusion.


Chapter One

Introduction

1.1 Background of the Study

Business are in the business of earning income. Their activities do not necessarily coincide with standard periods of time, but the business environment requires that firms report income or loss regularly. For example, owners must receive income reports every year, and the government requires corporations to pay taxes on annual income. Within the business, management uses financial statements – prepared every month or more often to monitor performance. Because of these demands, a primary objective of accounting is measuring net income in accordance with generally accepted accounting principles. Readers of financial reports who are familiar with these principles understand how the accountants defined net income and are aware of it’s strengths and weaknesses as a measurement of company performance.

Business rely on profit to buy new inventory, expand operations and finance product development. Without profit, business would stagnate and risk losing its market share to other competitors. Its share price will fall, which means its cannot rise as much money with share sales and cannot borrow from banks as easily. The goal of many businesses is to generate a profit for owners, employees and shareholders. It is therefore imperative at this point to illustrate the definition of income measurement. From accountant’s perspective, income is defined as the residual portion of revenue which is the result of subtracting total revenues generated from the total expenses incurred by the company during the revenue generation phase. An economist though would beg to differ, by defining income in terms of residual expected cash flows available from consumption, after dividend and equity appreciation has been taken into account although the accountants and the economists view of the income concepts differ, in that one deals with historical values and the other in future expected cash flows, its importance is of vital use. Effectively, management has been entrusted with funds from various sources (shareholders, financial etc) to appreciate its value, and as such. Income is an effective indicator of measuring that. Management’s stewardship on its operating effectiveness of working capital may be best monitored by charting a company’s income pattern.

From managerial point of view, income will aid in high lighting the disparities between actual and predicted performance targets. As for governments, income is a bench mark of a company’s asset appreciation for a given period, that they may apply taxes on.

However, the importance of income measurement cannot be over emphasized. Explicte survey has revealed that ther is growing awareness of importance of income measurement and its influence on the success of a corporate organization.

Based on the above general promises of our discussion, income measurement requires expert skillful in determining not income as its effectiveness make an esteem corporate organization prosperous and successful as a result of the impact of income measurement on a business, this is to assess the income concept measurement in corporate profitability.

1.2 Statement of the Problem

Corporate organization will be safe, sound and healthy if they measure their income efficiently and periodically. These will enable investors to understand the financial health of these business organization. Today, there are many business failures as a result of poor measurement of income some corporate organization has gone bankrupt because of poor measurement of business income.

If we ignore this problems, many corporate organization will go out of business. There will be how investment, unemployment will rise, government income will reduce that is tax paid to government will drop.

In the light of all these problems and the fact that there is the awareness of the need for income measurement. This study focuses on looking at the ways and methods of measuring income. It will also highlight the need to study the accounting period issue, the continuity issue and the matching issue. Moreover, income statements, net income will be discussed. Finally, the basic elements of revenue recognition, basic elements of expenses recognition, the adjusting process and related entities and accrual-versus cash-basis accounting will be looked into.

1.3 Objective of the Study

i) To determine the immense importance of income measurement in corporate organization. The goal of many businesses is to generate a profit for owners, employees and shareholders it provides important financial information to business, manages, investors, lender and analysts. It allows investors to make direct comparison between companies income measurement can help managers focus on specific areas for improving financial operations. Investors and creditors use it to evaluate a company’s financial performance. Management uses it to communicate with interested outside parties about its accomplishment running the company.

ii) To critically examine and evaluate the methods used by corporate organization in measuring their income. Accounting is the method companies use to meaure profit, commonly referred to as net income. Many forms of accounting exis for measuring a company’s net income. Smaller businesses often use a basic form called bookkeeping. Larger or publicly held companies use accrual-based accounting methods that carefully track, record and report various financial transactions from business operations.

iii) To access the general contribution of income measurement in determining the profit and loss of corporate organization. Income statement serves several important purposes.

a) Allows shareholders/owners to see how the business has performed and whether it has made an acceptable profit (return)

b) Help identify whether the profit earned by the business is sustainable (profit quality)

c) Enables comparison with other similar business (e.g competitors) and the industry as a whole.

d) Allows providers of finance to see whether the business is able to generate sufficient profits to remain viable (in conjunction with the cash flow statement)

e) Allows the directors of a company to satisfy their legal requirements to report on the financial record of the business.

iv) To determine the factors hindering the measurement of income in corporate organization. One of the most compelling problems that continue to confront accountants is the measurement of income of an economic entity.

a. The issue of income recognition measurement and report is at the heart of financial reporting. What constitute accounting income and how effective it can be measured

b. Reveneue/loss is recorded for only certain assets (such as land and buildings) as they appreciated depreciate in value (whereas the reminder of the assets are recorded according to their cost values).

c. Capital profits go unrecorded until they are realized.

d. Unrealized profits are not recorded until their date of realization, where as unrealized losses are recorded immediately.

e. The allotted depreciation, depreciation expense, is an accountant’s estimate.

1.4 Research Questions

i) When does the company i.e corporate organization present its financial statement or report?

ii) Does corporate organization prepares its financial statement on time

iii) How does corporate organization recognized revenue within a short period of time, such as a month or a year.

iv) How does corporate organization recognized expenses within a short period of time

v) What methods are useful in measuring income of corporate organization.

vi) Does corporate organization apply matching principles concepts in the determination of their income.

vii) Does corporate organization adjust its accounting and related entities as and when due.

viii) Does the financial statement reflect corporate organization’s performance.

ix) Does the financial statement shows corporate organizations profitability

x) Does corporate organization apply the guidelines rules, and sets of rules used in determining corporate financial statement.

1.5 Research Hypothesis

The researcher hypothesis is made to test the reality and correctness of the questions contained in the measurement of corporate income. The research question can only be correct when they have been tested and proved ot be correct.

Hypothesis One

Ho: There is no significant relationship between corporate income measurement and profitability.

Hi: There is significant relationship between corporate income measurement and profitability



1.6 Significant of the Study

a) This study will determine certain problems associate with the measurement of income in a corporate organization in Nigeria. The difficulty of assigning revenues and expenses to a short period of term such as a month or a year. Not all transactions can be assigned easily to specific time periods. Purchases of building and equipment, for example, have an effect that extends over many years.

b) It will highlight useful information on the possible means of improvement. Publicly hold companies use accrual base accounting methods that carefully track record and report various financial transactions from business operations. The general idea is that economic events are recognized by matching revenues to expenses (the matching principles) at the time in which the transaction occurs rather than when payment is made (or received. It gives a more accurate picture of a company’s current financial condition.

c) It will be of immense benefit to investors, government and banks

d) Finally, it will serve as a useful guide for further researcher, who may wish to go into the subject.



1.7 Scope and Limitations of the Study

This study is to access the ways and methods corporate organizations measure their income in Nigeria and on the major components of income measurement which include elements of revenue recognitions, elements of expense recognition, the adjusting process and related entities and the accurate – versus cash basis accounting including the accounting period issue, the continuity issue, the matching issue, profit and loss account and balance sheet in carrying out this work, I encountered some set back, among the principal constraints is lack of time. Time they said has never being someone brother, and wait for no one. The time to go the library and work has always been conflicting each other. I have to go to work in the week day and weekend as well because of the nature of my work. When will I make time to go for the research in the library and in the cyber cafe? Another pressing obstacles is fond. Money has always been one of the most important factors hindering the execution of research and project. It enables the researcher to sources for materials needed for the project. It also enables the researchers to fraud wide and near for information and materials. Moreover, fear of job insecurity by staff of the accounts departments of corporate organization. They thought that I am an agent from federal inland revenue services or from the state government the staffs stated that it is against the ethics of the company to disclose such vital information to researcher citing that such things have happened in the palt, where government and tax officials disguish themselves as researchers with the intention to get information from the company. Furthermore some staff stated that some have lost their job for disclosing such information to them and advised me to go directly to the chief accountant of the company. Getting the chief accountant was not been easy, it has been from one disappointment to other.

1.8 Definition of Terms

Account: The basis storage unit of account data. There is a separate account for each assets, liability, and components of owner’s equity; including revenue and expenses.

Accountant: One who is skilled in the practice of accounting or who is in charge of public or private account. Qualified persons who is trained in bookkeeping and in preparation , auditing and analysis of account.

Accounting: An information system that measures, processes, and communicate financial information about an identifiable economic entity.

Accounting period issue: The difficulty of assigning revenues and expenses to a short period of time.

Accounting system: The sequence of steps followed in the accounting process, also called accounting cycle.

Accrual: The recognition of an expense that has been incurred or a revenue that has been earned but that has not yet been recorded.

Accrual Accounting: The attempt to record the financial effects on an enterprise of transactions and other events I the periods in which those transactions or events occur rather than only in the periods in which cash is received or paid by the enterprise; al the techniques developed by accountants to apply the inatching rule.

Assets: Probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events.

Balance Sheet: The financial statement that shows the assets, liabilities, and owners equity of a business at a point in time. Also called a statement of financial position.

Bank: An establishment authorized by a government to accept deposits, pay interest, clear cheque, make loans, act as an intermediary in financial transaction. An institution that deals with money.

Bookkeeping: The process of recording financial transactions and keeping financial records.

Business: A commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities.

Continuity Issues: Difficulties associated with not knowing how long a business entity will survive.

Corporate: A separate legal entity having its owns rights, privileges and liabilities distinct form owners. A business unit that is legally separated from its owners.

Dividend: The distribution of a corporation’s assets (usually cash) to its stockholders.

Economist: One that helps you out with controlling your money. A person with expertise in economics who often works as an analyst or adviser.

Equity: The residual interest in the assets of a business entity that remains after deducting its liabilities.

Expenses: The cost of goods and services used up in the course of earning revenue.

Financial Statement: The primary means of communicating important accounting information to uses.

Going Concern: The assumption, unless there is evidence to the contrary, that the business entity will continue to operate indefinitely.

Government: A body of people that sets and administers public policy, and exercises executive, political, and sovereign power through customs, institutions, and laws within a state.

Income Statement: The financial statement that summarizes the amount of revenues earned and expenses incurred by a business over a period of times.

Inventory: A company’s merchandise, raw materials and finished products and unfinished products which have not yet been sold.

Management: The group of people who have over all responsibility for operating a business and for meeting its goals.

Net Assets: Owner’s equity, or assets minus liabilities.

Net Income: The net increase in owner’s equity that results form business operations revenues less expenses when revenue exceed expenses.

Net Loss: The net decrease in owner’s equity that resetting when expenses exceed revenues.

Periodicity: The recognition that net income for any period less than the life of the business, although tentative, is still a useful estimate of net income for that period.

Profit: The increase in owner’s equity that results form business operations.

Profitability: the ability to earn enough income to attract and hold investment capital.

Revenues: The price of goods sold and services rendered over a specific period of time.

Revenue Recognition: In accrual accounting, the process of determining when a state takes place.

Share of stock: A unit of ownership in a corporation.

Stockholder’s equity: The owner’s claims to a corporation.

Tax: A charge or burden laid upon persons or property for the support of a government. A fee charged (levied) by a government on a product, income or activities.

Source: https://topics.com.ng/project-topics/564/effect-of-income-measurement-on

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THE IMPACT OF INTERNAL CONTROL SYSTEM IN A MANUFACTURING INDUSTRY WITH A SPECIAL REFERENCE TO COCO COLA AND ANAMMCO COMPANIES


ABSTRACT

This research work “The Impact of Internal Control System in manufacturing Industry with reference to coca cola and ANAMCO Companies” aims at determining the strength and weakness of internal control system and exposing the areas of weakness in the operation of the system and how it effects the productivity and hence profitability of the organization. To examine the extent the internal control have gone in bringing about efficiency in the operation of manufacturing industries. To recommend approaches to proper designing installation and operation of an adequate internal control system which will improve and ensure further survival of manufacturing firms. Source of data used include both primary and secondary data. The data collected were analyzed using the chi-square test method. The findings are lack of knowledge of internal control system by the staff has affected its application in the running of the business and the weakness in internal control system of business manufacturing companies affect the projected profit of the companies. Some recommendations are audit department should be created in each company and should be made independent to be able to report deliberate errors, falsifications or improper use of record or other forms of irregularities that comes to it attention.


Chapter One

INTRODUCTION

1.1 Background of the Study

The sizes, capabilities, and complexities of modern companies even the smallest requires internal control in the activities of the organization. As an organization grows, the management needs more formal information system in order to maintain control. The control can no longer be carried out by the man on top. Since the organization is now complex, and subject to such influences without that one person can possibly hope to exert the detailed and sophisticated control needed. The management therefore, needs assurance that the accounting data it receives are accurate and dependable. This assurance is provided in large part by developing strong system of control that comes from within the functioning of the organization itself. This strong system is the internal control system. It is the system where each level of management acts as a siege so far as possible. Adverse factors are dealt with on the spot by lower management before they grow to worse.

The institute of chartered accountants of Nigeria defined this internal control as the whole system of control, financial, personal, operating and good information management system and otherwise established by the management in order to carry on the business of the enterprise to achieve their aim and set objectives in an orderly and efficient manner, ensure adherence to management policies, safeguard the assets the assets of the organization and secure as far as possible the completeness and accuracy of record. This definition recognizes that a system of internal control extends beyond to the functions of accounting and financial departments infact, the concept of internal control is so vast that it effects all the assets of business, all liabilities, the revenue and expenditures, periodic operating reports, statistical analysis and dissemination therefore, it also taught across standard costing training programmes designed to aid the personnel in meeting their responsibilities, internal audit and every aspect of the operation.

The main purpose of internal controls can be deducted from the above definition are:

1) To ensure adherence to management policies.

2) To safeguard the assets of the organization.

3) To secure as far as possible the completeness and accuracy of records.

4) To evaluate the level of performance in all divisions of the company

Infact, internal controls aid in the efficient operation of a business. The increased size of business units have encouraged the adoption of different methods which will both increase the efficient of the business and act as a safeguard against fraud and error which adversely affect profitability. The basic divisions of the elements of internal control are:

Plan of Organization

Plan should cover the activities of both management and staff at all levels stating clearly their duties responsibilities and their power to authorize various activities of the business.

Authorization, Recording and Custody Procedures:

Where these are concerned, the financial and accounting controls should be as such as to facilitates efficient working, at the same time obviate any chance of fraud or error arising.

Management Supervision and Review:

Management should constantly review and give consideration to the financial position and financial procedures within the organization. This may include the use of an internal audit department, but not necessarily so. Budgeting control whereby variances are revealed and investigated special reviews of department systems may also take time apart from normal internal audit procedures.

However every company designs its own internal control according to the needs of the establishment or the area in question needs to be in relationship with the cost benefit. All departments needs to be scrutinized properly before an adequate and strong system which will provide all the necessary informations that can be understood and concise form can be designed. The success and continued existence of all manufacturing companies and all business enterprises lies on the internal controls that exist there. In other words, the internal control system is the key to profitability of all manufacturing companies.

1.2 Statement of the Problem

Although internal control is highly effective in increasing the reliability of accounting data and in protecting against fraud and errors and promoting the efficiency and growth of the organization no system of internal control is fully proved. Today, there are news of bankruptcy and folding up of many manufacturing companies due to some problems like:

i) Lack of raw material for production of enough goods for quantity demanded of the people;

ii) Different companies have not been manufacturing or producing the expected or projected number of units.

iii) Most companies have not been adhering to the system of internal control. It is being neglected and poorly operated.

iv) Internal control in most companies is not operational rather it held in principles;

v) Lot of money is lost through non adherences to internal control system thereby denying its expected profit.

1.3 Objectives of the Study

The objectives of this study include among other things:

i) To examine the extent to which management have designed, installed and operated the internal control;

ii) To expose the areas of weakness in operation of the system and how it effects the productivity and hence profitability. Profitability here is related to the level of internal control system;

iii) To examine the extent the internal controls have gone in bringing about efficiency in the operation of manufacturing industries;

iv) To recommend approaches to proper designing, installation and operation of an adequate internal control, system which will improve and ensure further survival of manufacturing firms.

1.4 Research Questions

1) To what extent has internal control system, improved the activities of the manufacturing industry?

2) Can in adherent to the system of internal control affect the profitability of the manufacturing companies?

3) Has internal control system reduces the chances of fraud and errors in the manufacturing companies?

1.5 Hypothesis

Hypothesis I

Ho: Manufacturing companies have failed to maintain strict and efficient internal control over their cash.

H1: Manufacturing companies have maintained strict and efficient internal control over their cash.

Hypothesis II

Ho2: Lack of knowledge of internal control system by the staff has negatively affected its application in running of the business.

H1: Knowledge of internal control system by the staff has positively affected its application in running of the business.

Hypothesis III

Ho: The weakness in internal control system of manufacturing companies affects the projected profit of the companies.

H1: The weakness in internal control system of manufacturing companies does not affect eh projected profit of the company.

1.6 Significance of the Study

This work will undoubtfully be of a great help to management of various manufacturing companies and other business enterprises. The importance of it brings the dream of designing and internal control system and throws more light on the need for adequate system of control which helps in bringing efficiency in operation and achievement of objective which leads to increased profitability of the company it shows that areas of weakness of internal control and suggests appropriate measures of correcting those weaknesses. It also moves on the state the negative effect of poor internal control operation which most at times lead to leakage in the projected profits. This will help waken most companies in order to tighten their loose ends, maximize profit, survive and succeed. Others who will benefit from this work are other researchers on this topic, it will help them for further researcher. The researcher found this work invaluable to his academic advancement because it has exposed him to so many things which ordinary he would not have come across.

1.7 Scope and Limitations of the Study

It must be understood that on a research work of this nature, it is quite impossible to collect information from all possible sources and respondents.

In evaluating the impact of internal control systems, emphasis were based on the elements, internal audit and the application of internal control in EDP system, areas that need internal control system. The reason for such limitation in scope was principally to desire well into all aspects of the coverage, so the readers after going through the entire text will have course to believe that the researcher is well equipped with materials and information.

Limitation

For the research work of this nature, it is very impossible to search through all the whole country, so the researcher because of time and fund could not tour the length and breadth of the country to gather more facts on this research work. Also the researcher encountered difficulties in collecting information for the research work. Lack of adequate library facilities and trying to convince some of the respondents to complete the questionnaire were some of the difficulties. But at any rate, with the selected areas the researcher was able to cover them.

1.8 Definition of Terms

The following are some terms used and their meaning as regards this work:

ASSET: Company property like land, machine, plant, building, cash etc.

CONTROLS: Compelling events of the company to conform to their plan.

EFFECTIVENESS: The agree to which input are used in relation to a given level of outputs.

ELECTRONIC DATA PROCESSING (EDP): A system of processing data by use of electronic computers.

EMBEZZLEMENTS: Theft of assets by the person its entrusted to.

FRAUD: Deliberate acts of dishonest intended to deceive, of involving the theft assets and falsification of accounting information and financial statements.

LIABILITIES: Obligation or debts of the company.

PROFITABILITY: Ability to yield targeted or desired profit.

RECEIVABLES: Money and other properties in debtors hand.

SYSTEM: A set of elements which operates together to attain a goal.



Source: https://topics.com.ng/project-topics/563/the-impact-of-internal-control

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AUDITING AS AN INDISPENSABLE TOOL FOR ECONOMIC DEVELOPMENT (A CASE STUDY OF TEXCO NIGERIA PLC LAGOS STATE)


PROPOSAL OF THE PROJECT

This research study intends to took into the importance of auditing as a tool in economic development. Often times it is reported at various companies, corporation and others enterprises that productivity is low efficiency narrowed, misappropriation of funds have occurred. The study will there fore find solution to these problems. Further more the research study will try to disclose problems like misappropriation of funds, fraud and irregularities and possibly find solutions to these problems. The research study will also find solution to the imperfection in the ability of those managing resources entrusted with them. The sources of data for the researcher will be as follows.

1. Primary data: The researcher intends to use questionnaire, interviews and personal observation.

2. Secondary data: The major secondary data which the researcher intends to use are text books Journals, accountancy. However, there are so many constraints that I will face in this research work and which include:

1. Lack of finance

2. Limited time as a result of combing the research work and my academic work. However, there are so many constraints that I will face in this research work and which include. Lack of finance. Limited time as a result of combing the research work and my academic work. Lack of material for the research work. Finally what I hope to achieve at the end of this research work is to find solution to the imperfection on the resource of the organization and the importance of auditing in the economic development of the country.


CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The management of the economy in the past has been characterized by corruption and financial mismanagement which made the country to have persistent balance of payment problems. This financial mismanagement was more pronounced during the civilian administration of 1979- 1983 and the dictatorial government of general Sani Abacha of 1993 to 1998.

The performance of the economy in the past therefore suggest that our economic problem today are the bye product of unpatriotic, uncommitted, selfish and corrupt leadership.

In the face of glaring corruption financial impropriety over invoicing and other facets role the auditors of repute have been playing in a bid to build a virile nation. The purpose of accountability in any society is to showing how well organization and people in position of trust of public and private funds and property have performed. The accounting profession requires of its members integrity transparent honesty independence and objectivity to accepted professional conduct.

During the decade 1970 and beyond the Nigerian economy completely lost its direction. The glory which the economy attained during its pre- and post independence era soon began to dwindle due to the monocultural dependence on oil which the country developed as a result of the unexpected rise in oil prices. The need for integrity oneness of purpose, effective and efficient financial control which enhance profitability at this stage can not be over emphasized in a bid to channel the surplus funds to prioritized areas.

Even the surplus funds could not be used for the development of man power in the area of science and technology for the country consequently there is a total dependence on the foreign sector for technical support. The company under review is a case in point since the production of its marketable product can not be carried out without the assistance of technical partners.

However, the company provides goods and services to the public generate employment opportunities as well as contributing substantially to government revenue.

There is a requirement that all registered limited liability companies must have their financial records audited annually by a firm of auditors so appointed.

The law complies as above for the auditor to express an opinion on such financial statement and for the opinion to be authoritative the auditor must seen to be independent

In an attempt to ensure improve profitability various devices and method such as internal control are used.

Since companies differ both in degree and circumstances depending on the nature of business and commercial environment it operates reliance on certain factors. Paragraph (5)_ of the auditors operational standards and guideline state that if the auditor wishes to place reliance on any internal control he should ascertain and evaluate those controls and perform compliance test on their operation this is to ensure completeness and accuracy of all financial record and transaction.

As we go further in this study the relevant ingredients will be dealt with in order to arrive at the conclusions based on empirical test.

1.2 STATEMENT OF THE PROBLEM

The financial statement of government and other non- business and public sector entities may report on the audit of public sector entities or other public corporation the auditor has to take into consideration the specific requirements and other relevant regulation ordinances and decrees which affect the audit mandate and any special auditing requirement including the need to have regard to issued of natural security.

According to H.D Onuegbu (!991`) in his book auditing for beginners. Such requirement may affect the scope objective and planning of the audit and the extent of the auditors discretion in establishing materiality and in reporting fraud and the form of the audit report. M.G Fred (1990) states that the extent to which reliance can be placed on the work of other auditor and the auditors objective is respect of other information included in the annual report.
1.3 OBJECTIVE OF THE STUDY

This research project is intended to achieve the following objectives.

1. To evaluate the indispensable nature of auditing in economic development.

2. To make suggestion on how auditing is inevitable in accomplishing a sound check on financial records of business organizations.

3. Recommendation on how to prevent mismanagement and misappropriation of business enterprise through efficient record keeping and sound financial management.

4. To identify the problem faced by the auditors in public practices.


1.4 STATEMENT OF HYPOTHESIS

A hypothesis is a testable tentative and probable explanation of the relationship between two or more variable that creates a state of affaires or phenomena. For the purpose of this project, the following pertinent hypotheses have been formed.

1. H0: Auditing is an indispensable tool in economic development

H1: Auditing is an indispensable tool in economic development.

2. Ho: Auditors opinion does not assist management in decision making.

H1: Auditors opinions assist management in decision making

3. H0: Auditing does not help in minimizing fraud in an organization.

H1: Auditing help to minimize fraud in an organization

4. H0: Auditing is not a mirror of shareholders investment

and the turn ovens achieved in a company.

H1: Auditing is a mirror of share holders investment and the turn over achieved in a company.

1.5 SIGNINFICIANCE OF THE STUDY

A critical analysis of this research work will be of immense importance to the company. Even through Texaco Nig Plc has gotten a reputable and competent external auditors who audits accounts of the company, the recommendation and suggestions in this work will enable the company to see some lapses in the internal control system. When these are remedied, the efficiency and effectiveness of its management and administration could be further enhanced.

The shareholders and intending investors of the company will see this research work very useful
1.6 SCOPE AND LIMITATION OF THE STUDY

This work covers the area of auditing in Texaco Nig Plc. The blending of financial accounting. Taxation costing and auditing attuned to a very large extent the effectiveness of administrative and financial co- ordination of this company Texaco Nig Plc.

LIMITATIONS

It was not easy getting valuable and relevant data needed for this research work. The company has its own world operational headquarter in Texas U.SA. However being the third largest oil marketing company in Nigeria, it has its Nigeria head office in Lagos and branch offices in almost every petroleum / crude oil producing states in Nigeria.

Meanwhile the researcher used the accounting department of the company as q basis for his innings. About 30 percent of the staff in the department were given questionnaires and only 23 percent of them filled and returned them. Oral interviews were held with some of its internal auditors and the responses were encouraging. Not with standing the limitation, a second batch of questionnaire s were distributed to ensure accurate research work.

The information given to the researcher work. The information given to the researcher by the auditors was too brief and inadequate. The Chief accountant and the director of finance in their Lagos head office could not be approached due to administrative bureaucracy through the researcher was able to get a general knowledge of the company performance by the head of the internal audit department.

Other limitation of the study were infect, being an examination materials the study was restricted to a certain number of chapters and as such the study could not cover all grounds that one could possibly cover under a chosen topic if one was to write freely. Financial constraints was also a limited factor in carrying out the study. The reason being that the distance between the institution and the company head office involves spending a substantial lager suns of money for transportation. And since the researcher is a student his financial disposition was low thus the data used in this research work was gotten from one journey to the head office.

Time factor was another limitation to the research work because of the combination of light academic time table with the research project.


1.7 DEFINITION OF TERMS

The following terms found in this research work are here by defined in the sense in which they are used so as to facilitate study.

Auditing: This is an examination or verification of the records of transactions of a business organization in such a way that will enable the auditor to satisfy him self that:

a. Book o accounts of the business or undertaking have been properly kept.

b. The accounts of the business as well as the correct profits and losses incurred for the period of the account.

Auditor: A competent and impartial person appointed to verify or examine the records of transaction of a business.

Auditor report: This is a report made by an auditor of a company to its member on the account examined by him and on every balance sheet and profit and loss account on all group of financial statement, copies of which are to be liad before the company in a general meeting during the auditor’s tenure in office.

Tabulation: This is a way of putting the data collected in tabular forms for the purpose of arranging them in the order of magnitude or degree of importance. This serves to reduce and simplify the data collected./

Internal check: This is described as a day to day check on transaction which operate continuously as a part of the routine system here by the work of one person is proved independently commentary to the work of another, the object being prevention or early detection of errors or fraud

Internal control: This can be effectively be defined by reference to the definition given by professor fred in his book internal control as a tool for efficient management which he quoted from (ICAEW) it is defined as the whole system of control, financial and otherwise, established by management in order to carry on business of the enterprise in an orderly and efficient manner to ensure adherence to management policies, safeguard the assets and secure as far as possible the accuracy and completeness of the records. Internal/Audit. An element of internal control system set up by management of an enterprise to examine evaluate and report on the accounting and other controls on the operation. It exists mostly because of management decision but some times because of statutory requirements.

Frand: Cheating, deceit or trickery deliberately practiced in order to gain some advantage dishonestly deception or anything contrived or intended to deceive,

True: This means that the accounting information contained in the financial statement has been qualified and communicated in such a way as to correspond to the economic events activities and transaction it is intended to describe.

Fair: This means that accounting information in a manner which is objective and without prejudice to any particular sectional interest in the company.

Audit Risk: This is defined as the risk that an auditor may give an in-appropriate opinion on financial information that is materially mistated.

NOTE

1. H,D. Onuegbu, Auditing for beginners (Lagos New Generation publisher (19991) Page 8

2. M.G Fred, Importance of Auditing (London Prentice Hall. 1990) page 50

3. CM Fred internal control as a tool for efficient management. (Oxford: Churchill Livingstone, 1980 Page 32.



Source: https://topics.com.ng/project-topics/562/auditing-as-an-indispensable-tool

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THE QUEST FOR POLITICAL POWER THROUGH VIOLENCE


CHAPTER ONE

INTRODUCTION

Man is a being driven by an insatiable quest for dynamism. He has since the evolution of societies been preoccupied with how to effect changes in the society to maximize his well-being, man therefore, has never at any point abdicated the pressing responsibility of searching for, or evolving models of governance that would make for a better understanding and organization of the society, and one of the reasons for this conviction is to foster a blissful life for humanity devoid of rancor, violence, crisis and conflict. Thomas Hobbes insists that men decided to live under a civil society for their self-preservation and contented life such that the unfortunate and miserable situation of anarchy and conflicts would be ameliorated if not completely eliminated. The philosopher also points out that the fear of uncertainty and insecurity of lives and property prompted the formation of civil society. Jean-Jacques Rousseau also talks of preservation whereby the human race must necessarily change its nature of existence if it must continue to live and avoid violence. It is against this backdrop of social progress that Hannah Arendt points out that the glorification of violence is not restricted to small minority and eternity.

1.1 BACKGROUND OF THE STUDY

In Nigeria basically violence has taken the central field in the democracy which involves the untimely death of wanton of her citizens in the pursuit of political power. We imbibe the ideas of Georges Sorel in his Reflections on Violence, he believed that power had to be shifted from the deteriorated middle class to the working class, and that power must be acquired through only a general strike that, to be effective, must be violence[1]. Political conflict is an endemic feature of most of the world’s political systems. This is particularly true of the developing countries, including Nigeria, where political conflict, crises and even violence, became essential characteristics of the political process, especially after independence. It was perhaps Nigeria’s pride that she achieved her independence with a minimum of social disturbance and violence. Nigeria stumbled from crisis to crisis and near disintegration, as the country witnessed a marked increase in the bitterness of party, ethnic and region.

Consequently, Violence or the threat of violence is a universal phenomenon. Writing in the same vein, Charles Tilly remarks that Collective violence has flowed regularly from the political process… Men seeking to size, hold, or realign power the lever of power have continually engaged in collective violence as part of their struggle. Nigeria affords a good case for both the theoretical and empirical study of political violence. We believe that the sources and dynamics of violence in Nigeria are fundamentally comparable to those of civil violence in the other parts of the world. Nigeria rioters share with their counterparts throughout the world certain psychological characteristics; most of them feel frustrated in their pursuit of their political and economic goals and in seeking redress for grievances. In Nigeria, those who had power had no respect for the establish channels of political action, that is, the rules of the game, and political power in this country through violence leads to economic prowess and marginalization of citizens. As Arendt posited that: Power and violence are opposites, where the one rules absolutely, the order is absent. Violence appears where the power is in jeopardy, but left to its cause it ends in power’s disappearance[2]. Political violence has become a central part of political competition across much of Nigeria and it takes forms from assassination to armed clashes between gangs employed by rival politicians. This violence is most often carried out by gangs whose members are openly recruited and paid by politicians and party leaders to attack their sponsors’ rivals, intimidate members of the public, rig elections, and protect their patrons from similar attacks[3].

The 2011 general election marked another ugly milestone of political violence in the political history and culture in Nigeria. Comparatively, it is rather difficult to determine which the most violence afflicted general elections were since the return to civil rule in mid-1999.The 1999 general election was violent prone; so also was the 2003 and 2007 general elections and what was also apparent was that each general election took place under different dimension and circumstances with progression of record of casualties. The continually deteriorating economic conditions also continue to throw up new dynamics and nuances alter the pattern of political violence.

Hannah Arendt as a child experienced war and violence during her life as she wrote: these reflections were provoked by the events and debates of the last few century, which has become indeed, as Lenin predicted, a century of wars and resolutions, hence a century of that violence...[4] This currently believed to be their common denominator. There is, however, another factor in the present situation which, though predicted by nobody, is of at least equal importance. The technical development of implements of violence has now reached the point where no political goal should conceivably correspond to their destructive potential or justify their annual use in armed conflict. Hence, warfare since times immemorial the final merciless arbiter in international disputes has lost much of its effectiveness and nearly all of its glamour. The apocalyptic chess game between the superpower that is between those that move on the highest plane of civilization is being played according to the rule; if neither wins; it is the end of both.[5]

1.2 SIGNIFICANCE OF THE STUDY

This trend in Nigeria politics poses some interesting questions for political inquiry. Nigeria affords a good case for both the theoretical and empirical study of political violence. We believe that the sources and dynamics of violence in Nigeria are fundamentally comparable to those of civil violence in other parts of the world. Though the ability to compromise by different actors in the Nigerian political system was very remarkable, especially after independence ,it was during this period that violence or its potential use moved to the center of political action a weapon in the hands of the both the state and individual.

Therefore, the relevance of this study is seen as avenue to the political situation of Nigeria which has anchored on violence rising from shedding of bloods of her citizens and thereby by advocating for non-violence as a means in a achieving a positive political quest with the shedding of blood or rioting which is paramount in the Nigeria political arena. Non-violence is without not a new idea in the existence of man, however, Nigerian political elites should be schooled on the use of non-violence as a track to contest for any political office of their choice rather than using violence to deduce the game of politicking thereby defranchaising some due to fear of injuries at the various electoral centers Hence, with the death of violence and by applying peaceful methods in the Nigeria electoral system and synthesizing the political ideologies of Nigeria, I think Nigeria democracy shall be sustained and she will become a model looked upon and emulated by others.

1.3 STATEMENT OF THE PROBLEM

Political class continue to arm the youths, employ them to commit heinous crimes, shed blood at every critical pint of life especially during election period; water the streets with blood of the youths themselves, innocent by-stands passersby. Politicians themselves are assassinated in broad day and in cold; bodies, souls and destines are wantonly destroyed in the Manichean quest for political power even the conferences held to pontificate on the negative of political violence wee unfruitful due to lack of tangible deliberations and implementation to harness the menace. The political systems of Nigeria are caught in a spider web of violence and death.

Also, in definition of Marx Weber’s idea of a state C.W Mills succinctly defined politics as a struggle for power and the ultimate form of power is violence.[6] This closeness between power and violence seems to be in consonance the earlier ideology and postulations of the Chinese dictator Mao Tse-tung who believed that power grows from the emanation of barrel of gun.[7] The necessary consideration given to the relationship, these differences between power ad violence was thrown into light when the existential philosopher J. P Sartre whilst writing the preface to Fanon’s Wretched of the Earth glorified violence, believing that it is only violence that pays.[8] The name which Nigeria accrued due to her growth in different diverges of economy is a paradox. The catalogues of mismanagement, which led to this paradox, constitute as it were, the afflictions under which Nigeria is going through. Since her independence in 1960, Nigeria is menaced with much problems ranging from political, economic, cultural, social and otherwise. The superstructure is in fact in dilemma .This sometimes makes wonder the authenticity and the real autonomy of the country some even led to the conclusion that we are not independent.[9] The incessant wars against our fellow country men and women in the quest for political appointments through violence can only undermine our collective development as a people. With the ideologies of different philosophers aforementioned earlier and some individuals whose interest and specialty on political violence would be of valued help in analyzing the notion of violence and its relationship to political power will generate an enormous questions; what is the necessity of violence in the existence and maintenance of political power or can there be any political power without violence?.

The aforementioned questions are very prevalent in this our modern world with the contemporary penchant of world wars and revolutions in which violence is ultimately is the rising common denominator[10].With the advancement in technology man’s inhumanity to fellow man through violence by production of weapons of mass destruction has persistently been in outstanding pedigree has rendered man powerless and technological modernization which should serve as a helper to man has become his own instrument of destruction. However, violence has gathered an outstanding impetus when it comes to politics and politicking. Therefore, the quest for political power in this contemporary age is now full of violent actions thereby sending down morality to oblivion and enchanting the glories of violence to its apex level through the acceptance of Machiavellian principle of the end justifies the means.

Taken cognizance of Nigeria situation with facts born out of experience and genuinely vindicated by history that the quest for political power through violence is very much prevalent in Nigeria. Violence has persistently being attuned into the Nigeria system of politics in the garb of thuggery, riots, ethnic crisis, assassination, kidnapping, defranchizing people their electioneering rights which will eventually leads to untimely death of innocent people. It is our view that when political violence is used in conditions in which no other form of protest is permissible, and then it would wrong be to call it terrorism. Miller argues that violence may be permissible in dictatorships and other repressive regimes when it used to defend human rights, provoke liberal reforms, and achieve other desirable objective[11].A journey down to Nigeria’s political activities indicates that politics which is supposed the natural activities of man taking cognizance of Aristotelian definition as a political animal. Nigeria idea of politics is a game of do or die affair and what can be known as survival of the fittest. I should think that the aim of political power in every government as Arendt asserts is to enable men to live together, to promote happiness or to realize a classless society[12]. This meaning is no longer obtainable nowadays instead people have understood political power as the best avenue to make money hence resorting to all forms of violence in order to acquire it.

In this write-up, I am going to philosophically expose this quest for political power through violence especially in our country Nigeria toeing the foot step of Hannah Arendt to prove that power and violence are incompatible and that violence can destroy power but not create it[13]. Most Nigerian politicians see violence both as an offensive weapon and as a component of personal security as a necessary part of political campaign; they believed that they must maintain some capacity to unleash violence as a measure of self-defense.

1.4 PURPOSE OF STUDY

Nigeria is a country where no particular system of politics can be said to be consistently practiced. It is a country where they might sets the pace for politicking[14] .As hitherto mentioned above; man is by nature a political animal. Hence politics is not restricted to special type of people neither is it a dirty game. Instead, it is those who indulge in it that are could be seen as dirty. Politics in Nigeria is what the leaders call it. Nigeria can therefore, not be said to have a system of politics other than inconsistence which culminates into a pyramid of corruption.[15] What we have in Nigeria as politics is a facilitation of imbroglios and camps of civilian armies; we have politicians a panoply of hotchpotch of individuals with contradicting interest ready to satisfy their individual characters through destructive manners[16].Therefore, the purpose of studying this topic titled the quest for political power through violence is to redress the above mentioned status quo in which politics is seen as a game of do or die. To achieve this, the youths who are veritable tools of violence have to be re-orientated for they are gradually imbibing this method as the best option for survival.

Again, I wish to use this write-up to appeal to the consciences of those whose hands are not yet soiled in politics to keep it up. This destructive malady had been extenuated that there must be venomous activities as feature of Nigeria politics. Hence, for to be a successful” in Nigeria, one must be abysmally violent[17]. The fact that violence is seen as the order of the day in Nigerian politics should not make them to join them when they cannot beat them for violence has always been part and parcel of Nigeria political process which has lead credence to the people’s loss of lives and property.


Source: https://topics.com.ng/project-topics/554/the-quest-for-political-power

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LIQUIDITY MANAGEMENT IN MANUFACTURING INDUSTRIES (A CASE STUDY OF NIGERIA BREWERIES NINTH MILE CORNER NGWO)


ABSTRACT

The topic liquidity management in manufacturing industries is the inflow and outflow of liquidity in an organization to ensure that there is availability of funds meet up the firms’ short term financial obligation. Because of the need for increase efficiency in liquidity management especially in this period of high inflation rate that threatens the value of any ideal liquidity. Liquidity is the important current assets for operation of business. The purpose of liquidity management in manufacturing industries is to find out whether formulized liquidity management system exist in manufacturing industries particularly in Nigerian Breweries Limited 9th Mile corner. The implication of these liquidity management is that activities does not auger well for the overall well being of Nigerian Brewery. In chapter one the study has been devoted to the introductory part of the topic which deals with the over-view of liquidity management, the nature and definition of cash management. Chapter two the research review the related literature on liquidity management as it concerns manufacturing industries. Chapter three is the research design and methodology, area, population, sampling of study. Chapter four deals with data analysis and testing. Chapter five deals with findings, implications and conclusion.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Liquidity management is the basic input needed to keep the business running on a continuous basis. it is also the ultimate output expected to be realized by selling the service or product manufactured by the firm. The firm should keep sufficient cash neither more or less, shortage will disrupt the firms manufacturing operation, While excessive idle without contributing anything towards the firms profitability.

Liquidity management involves initially, the provision of sufficient cash to meet the organizations obligations, the aim of this project is to explain in simple and clear language what management must do to have effective control over its most liquidly and important asset cash. Thus a major assignment of the financial manager is to maintain a sound cash position. Effective management and control of cash is very important to the firm because cash represent instantly available purchasing power and nearly every transaction ultimately involved the exchange of cash.

An integral part of cash administration is concerned with the effective utilization of corporate fund. The planning and control of this activities is made necessary by the fact that business is cyclical in nature and a considerable amount of time, during which raw material must be purchased and wages and over head paid collapse between the receipt of an order its shipment and banking of cash. An investment in cash assets is required in order to meet the company’s operational need, the uneven flow in the receipt and disbursement of funds, seasonal fluctuations and so on. Moreover, the receipt and disbursement of fund is varies on a daily bases and within the month, with a heavy cash receipt accruing at a particular time. Sophisticated cash management models recognize the uncertainty inherent in forecasting both cash inflows and outflows.

1.2 STATEMENT OF THE PROBLEMS

Liquidity constitution a substantial part of current assets of many companies particularly in Nigeria. An effective cash management is necessary for the overall performance of organization, one is surprised at the complete lack of formalized cash management system in many organization in Nigeria. While some companies prepare cash budget at the beginning of the financial year. Without any follow up control process, others just have cash. Management to the monthly bank reconciliation statements, which are often prepared in arrears, unfortunately, it is only when cash problem arises that the management starts to look for solution.





1.3 OBJECTIVE OF THE STUDY

In every business organization effective liquidity management plays a vital role in assisting the business attain certain goals. Among this basic purpose of the study are;

a) To determine the part which effective liquidity management plays in organizations in attaining its objectives.

b) To verify from practicing accountants and financial executives the consequences of not having effective liquidity management in manufacturing organization.

c) To relate how effective liquidity management can assist business to attain their predetermine profitability by increasing net returns on asset investment.

d) To determine whether inefficient liquidity management has any impact in manufacturing investment.

e) To ascertain how a company can optimize liquidity position by adequate cash management.

f) To determine the level of efficiency in liquidity management of Nigeria Breweries Limited 9th Mile Corner Ngwo.

g) To find out whether formalized liquidity management system exist in manufacturing industries particularly in Nigerian Breweries Limited 9th Mile Corner.

1.4 RESEARCH QUESTION

a) How has liquidity management assisted Breweries Industries in attaining predetermined profitability?

b) Is effective liquidity management necessary in optimizing liquidity position?

c) What are the roles of liquidity management in working capital evaluation?

d) Is effective management present in manufacturing organization such as Nigerian Breweries Plc.

1.5 RESEARCH HYPOTHESIS

The following hypothesis were formulated by the researcher.

Ho Liquidity management has no role to play in the attainment of organizational goals.

Hi Liquidity management has significant role to play in the attainment of organizational goals.

Ho Effective liquidity management is not necessary in optimizing liquidity position of an organizations.

Hi Effective liquidity management is needed in optimizing liquidity position of an organization.

Ho Liquidity management has no role to play in working capital evaluation.

Hi Liquidity management has significant role to play in working capital evaluation.

Ho Liquidity management is not effective in Nigeria breweries.

Hi Liquidity management is effective in Nigeria breweries.

1.6 SCOPE OF THE STUDY

It is on established fact that in any research project like this type, it is not always easy to cover all possible grounds one would like to cover due to time constrains.

This research work though based on manufacturing industries were limited to Nigerian Breweries Limited 9th Mile Corner Ngwo and its environs due to time since the time required for the completion is very short, the researcher finds it difficult to cover all the manufacturing organization in Enugu State.



1.7 SIGNIFICANCE OF THE STUDY

In recent time due to changes in business generally, greater emphasis have been placed on liquidity management. The important of this study is that it will highlight the consequences of not having and operating an efficient liquidity management system in business organizations. The research work will also expose the management of manufacturing organization to effective way to manage cash towards the achievement of organizational goals.



1.8 Definition of terms

Liquidity represents instantly available purchasing power and nearly every transaction ultimately involved the exchange of cash.

Liquidity management involves initially, the provision of sufficient cash to meet the organization obligation.


Source: https://topics.com.ng/project-topics/553/liquidity-management-in-manufacturing-industries

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THE ROLE OF INDEPENDENT AUDITORS IN ENSURING PUBLIC SECTOR ACCOUNTABILITY IN ENUGU STATE (A STUDY OF SELECTED AUDIT FIRMS AND MINISTRIES IN ENUGU STATE)

ABSTRACT

This research work is aimed at evaluating the role of independent auditors in ensuring public accountability in Enugu State with particular reference to some selected audit firms and state ministries in Enugu metropolis, this work examined the following: The role of independent auditor on public account ability in Enugu State. The problems and challenges faced by the independent auditors in ensuring public accountability in Enugu State. Data for the study was sourced from two main sources which include Primary and Secondary sources of data collection. Primary data: Questionnaires and oral interviews were used to collect information from the respondents. Secondary data: Journals, magazine and other relevant materials relating to the area of my investigation will be review. Extensive literature review was carried out on direct literature and indirect literature on books, journals and past works. The research instrument used in this study includes oral interview and questionnaire. The questionnaire is structural as to contain both close and open ended question. Simple tables, pie-charts and percentages were used in treatment of data while chi-square was used in the research work. The researcher found out that independent auditor has significant role to play in the development of Enugu State Ministries. Based on the findings I recommend that Client should allow the auditors to exercise his independent, free from bias and compromise in the discharge of his duties. All government establishments should as a matter of urgency embark on yearly auditing of their books and records and fraud early.


CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

In an economy where resources abound, funds are being disbursed for the government to effectively carry out its assignments. Since a lot of public funds are being disbursed for government assignment it calls for accounting that is of the receipts and disbursements of these funds. The accountants in these units perform these assignments by preparing the profit and loss accounts and also balance sheet showing the state of affairs of the years in reviews.

It is important to note that inspite of the accountant and the internal auditors (who serves as the custodian of financial resources and watch-dog respectively). There are still reports of large scale fraud in most of there government unit. The organization had to be addressed and it also needs various attentions Again, it is the requirement of law that the financial activities of the state should be subjected to audit section 83 (2) of the 1989 constitution states that the public accounts of the federal and state government shall be audited by the auditor-General of any person authorized on his behave shall have access to all book records, return and other documents relating to his accounts. Also some of government institutions has public influence like government companies allowing interesting members of the public to own a share.

Section 148 (2) of companies and Allied Matters Act of 190 states that a companies must be audited these people who has interests need to know about the operations of these companies through, the instance of audited reports. So, in the view of the above and also for the state government to maintain an effective financial base in the system. The role independent auditors in Enugu State cannot be over-emphasized the need for indigent bias free examination of the financial records books and accounts of Enugu State by an auditors is not only a matter of compliance with the law but also a means of protecting detecting and correcting of errors and frauds.

An audit has been defined by many authors such as: According to Clive an Attwood 1999 auditing is an examination by the auditor of a balance sheet and profit and loss account prepared by other so as to be able to express his opinion that such a balance sheet and profit and loss account have been properly drawn up to show a true and fair view of the state of affair and of the particular concern and comply with the relevant states.

According to Bigg (2001), an audit is an examination of the books, account and voucher of any business, as will enable the auditor to satisfy himself that the balance sheet is properly drawn up so as to the a true and fair view of the state of affairs of the business according to the best of his information and explanations given to him and as shown by the books and if not in what respects he is not satisfied.

Sontochi (2001) defined audit as an examination and evaluation of the authenticity and therefore the reliability of an organization business documents and records it also involves making inquires to ascertain that financial statements on which the auditor is reporting and which have been prepared form the records display a true and fair view of state of affairs at the years end.

The auditing standard and guideline define audit as the independent examination of the financial statement of any enterprise by an appointment auditor in pursuance of that appointment and in compliance with any relevant statement obligation from all these definition given above, an auditor is one whose job is to examine the records of a business in order to be able to give an opinion on the state of affairs of the business at a particular time. He may also examine the records of non-trading organization. Club sets for the same purpose. He may also perform specialized investigation work when asked to do so by proprietor of business or by court.

It can be seen from the above definitions that the auditor is presented with the account and balance sheet himself, his role is to complete and audit work.

In the course of his work, if the auditor notice any form of inefficiency and weakness in the working system he has to bring such matters to the notice of the client or his staff. Here, he is doing the sense that since as the auditor, it is his duty to advocate certain methods of working. But never the less, with his still and experience, the auditor can be most helpful to these by whom he is engaged but any accounting work he does must always be considered a part from the audit. Auditing of public funds entrusted to him. Auditing in that sense serves as deterrent to public officers and those in fiduciary.



1.2 STATEMENT OF PROBLEMS

In stating the problems, it is divided into two main problems:

Major problem

Sub problem

MAJOR PROBLEM:

Since this study loitered towards ascertaining the role of independent auditors in Enugu state, attempted to find out whether independent auditors roles affect the economy of the state in resent time.

SUB PROBLEM:

1. The problem of liabilities, remuneration and removal of independent auditors.

2. The problem encounter by the auditors, in the course of their audit work.

3. The duties, rights and powers of the auditors.

4. The ascertainment of history and development of audit.

5. The problem of quality consideration in the appointment of auditors.

1.3 OBJECTIVE OF THE STUDY

The aim of this research work is to evaluate the role of independent auditors in ensuring public accountability in Enugu State with particular reference to some selected audit firms and state ministries in Enugu metropolis, the specific of objective of this project work includes:

1. To determine the role of independent auditors in the development of Enugu State ministries.

2. To determine the role of independent auditor on public account ability in Enugu State.

3. To examine the problems and challenges faced by the independent auditors in ensuring public accountability in Enugu State.

4. To proffer solution to the problems identified.

1.4 RESEARCH QUESTION

The following research questions were formulated by the researcher:

1. Do independent auditors have any role to play in the development of Enugu state ministries?

2. What are the roles of independent auditor on public accountability in Enugu state?

3. What are the problems encountered by independents? auditors in ensuring public accountability in Enugu state?

4. Does independents auditors contributes to public sector accountability in Enugu state?

1.5 RESEARCH HYPOTHESIS

For the research to carry out extensive study on the role of independent auditors in ensuring public accountability in Enugu state the following research hypothesis where formulated:

H0: Independent auditors do not have any role to play in the development of Enugu state ministries.

H1: Independent auditors does significant role to play in the development of Enugu state ministries.

H0: Independent auditors do not contribute to public accountability in Enugu State.

H1: Independent auditors contribute to public accountability in Enugu State.

H0: There are so many challenges faced by independent auditors in ensuring public accountability in Enugu State.

H1: There is no many challenges faced by independent auditors in ensuring public accountability in Enugu State.

1.6 SIGNIFICANCE OF THE STUDY

The study is expected to be useful to the Enugu State Government if they will utilize and apply the recommendation in the study so as to check adverse influence on the economy.

Again, since the project work would be kept in the library, there is that accessibility to the members of the public it is so in the sense that they can now read and also know the basis difference between accountant and the independent auditors.

It will also help the research students both from this school and others. It is also pertinent to note that the recommendation in this work will help to solve some of problem encountered by the auditors.

1.7 SCOPE/LIMITATIONS OF THE STUDY

Since independent auditors are found all over the state and the researcher was not able to cover the whole state due to its fertility, she limited her work on some selected audit firms in Enugu state. Due to the face that all independent auditors practice as stipulated by law, the chosen audit firms represent other firms. Also some selected states ministries were chosen in other to appraise the effect and impact on the role of independent auditor in Enugu state.

LIMITATIONS

Lack of adequate fund: Due to recent transport fare increase and with about eight audit firms and four state ministries as case study, the researcher was unable to finance the travel to other organizations as and when due so she had to trek a times to these place for information gathering.

Lack of information: Due to the attitude of some ministries officials and independent auditors the researcher was unable to elaborate more on the research. They do not give all that is required because of the secrecy provision they have.

1.8 DEFINITION OF TERMS

Auditing: It is the act of examine the book, accounts and vouchers of a business so as to enable the auditors to satisfy himself that the balance sheet is properly drawn up in other to given a true and fair view of the state of affairs of the business and also whether the profit and loss account thus a true profit and loss for the financial fear according to the best of his information and the explanation given to him as shown by the books and if not in what respects she is not satisfied.

Auditor: An auditor is one who carries out the independent examination and expresses her opinion on the financial statement of an enterprise in compliance with the relevant statutory obligation and auditing standard and guideline.


Source: https://topics.com.ng/project-topics/550/the-role-of-independent-auditors

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THE ROLE OF FINANCIAL ACCOUNTABILITY IN A PUBLIC LIMITED COMPANY (A CASE STUDY OF NIGERIA BOTTLING COMPANY 9TH MILE CORNER, ENUGU)

Abstract

The mismanagement of every organization results from the inability of the financial accountability controllers to administer the financial resources in order to achieve its profit maximization. Business collapsed, is characterized by negligence to adhere to effective control system, which primarily comes from internal control. An organization encounters problems, which often times result to financial impropriety, which has made many firm to collapse. Some of these problems lie largely outside the control of the organization. These are the problem to be solved by the financial accountability controllers in the interest of effective control system of the organization. While other problems arise from the organization’s limitation in his financial resources. An analysis of factors that contributed to this fact would be highlighted and useful recommendation towards resolving these problems would be made. This researcher is optimistic in view of the fact that if these recommendations are adhered to, they will go a long way in achieving the objectives of this research work.


Chapter one

introduction

1.1 BACKGROUND OF THE STUDY

The subject of the study of “Financial Accountability” has been a controversial issue even among the early philosopher. Plato condemned using (i.e, the use of money in trade) according to him, for the attendant “social ills” and “unethical reason”.

In addition to the above, the peculiar nature of Nigeria economy has made any topic in accountability, financial or otherwise, worth discussing. Nigeria has had her fair share of financial impropriety both in public and private sector, no quite unconnected with her political set ups, the history of the evolution of her financial institutions and level of the country’s development.

The research has therefore been reduced to the firm (micro) level and Nigeria Bottling company 9th Mile corner, Enugu has been carefully selected to be used in drawing a line of parallel between the level of accounting in the public and private sectors.

Control is adjunct of accountability. The extent of financial accountability therefore should be reflected to the extent of the working mechanisms within the particular organization.

The fact that both public and private sectors make use of control measures is undisputable

The extent to which they employ this and how it has improve their finances is called to question. The effective means, by which they employ internal control to safeguard assets, collect debt or pay creditors, etc. is the issue at stake.

In the word of a management experts initial control comprises the plan of organization to co-ordinate methods and measures adopted within a business to safeguard its assets, check accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed managerial policies.

Apparently, the general concept “internal control” here is that it should be effective enough to cause probity in all the organization activities with a resultant discipline financial atmosphere in the organization.

HISTORICAL BACKGROUND OF NIGERIA BOTTLING COMPANY PLC, 9TH MILE CORNER, ENUGU.

The organization, coca-cola was incorporated as a company in Nigeria in the year 1952. However, the Enugu plant did not come into existence until 1975, due to the fact the Owerri plan could not sustain the rapidly increasing market demand of the Eastern region then. The management board of the company decided to establish another plant and Enugu state was unanimously picked or chosen as a viable site while Mr. Philip Eseyin was saddled with the responsibilities of managing the plant.

However, the plant only produce and packaged the coca-cola product while its commercial centre, Enugu Urban depot served as the annex responsible for all sales and as at the time of this write up; the coca-cola company has about fifteen (15) plants in Nigeria and sixty five (65) commercial depots and which Abuja plant is the youngest. The following are the core values of the company:

a. COMMITMENT: To stretch every resource in delivering outstanding performance.

b. TERM WORK: To effectively share best practices, and support colleagues in order to achieve both country and group wide goals and to draw from the best resources available.

c. INTEGRITY: To conduct our business openly and honestly to the highest ethical standards.

d. ACCOUNTABILITY: To be individually and transparently accountable to our colleague for delivering agreed target and goals.

e. QUALITY: To be committed in each part of the business total quality of product, customer service, operation, execution in market place and people.

f. PEOPLE: To focus on creating a fun environment in which a group of highly skilled and motivated people are exceptionally well trained, developed, challenged, respected, and motivated or rewarded.

1.2 STATEMENT OF PROBLEM

Every policy formulated in boardrooms would have been a success, if they were being carried out there too. Unfortunately, adherence to planned policies by employees is the problem of many management of some companies.

Harold Koontz, noted that management is the art of getting thing done through and with people in formally organized group. The owner of every business expects a reasonable return on their investment of who executes the policies. The problem of policy execution is further compounded by the evolution of large organization.

Personal supervision of the employees by an individual seems an attempt at impossibility with large spans of control. There are therefore the needs for an internal control system. Internal control is such an indispensable tool in the hand of management if it wishes to obtain adequate and useful information, protect company assets, but despite the established necessity for installing an internal control system, many managers do not have it, and they of course wallow in the flimsy excuse of its expensive nature. This is the first problem.

The other thing to think about is the effectiveness of control procedures if the internal control is at all established. The effectiveness of control procedures is a function of the fact that segregate duties are not being circumvented by the collusion of the employees, negligence and mistake or even personal factors. These factors are problem to the firm and eventually would undermine the effectiveness and efficiency of the internal control system, if not taken care of. The above mentioned problems give rise to the following basic questions:

a. How adequately are employees adhering to internal control measures?

b. What standard should management adopt as test to observe control measures?

c. Should internal auditing be an adequate means of checking internal control?

d. Should the effectiveness of control be relied on for adequate financial accountability?

1.3 OBJECTIVE OF THE STUDY

The purpose of this study is to have a close look at the cost of internal control existing in Nigeria Bottling Company 9th Mile Corner, Enugu. If there is any, then to know how efficient this has assisted in attaining financial accountability.

Specifically, the Objective of the Study include:

i. To ascertain if there is adequate segregation of duties at various levels of management.

ii. To know if there have been irregularities that have passed unnoticed in the establishment.

iii. To find out what step have been taken to rectify inefficiency when detected.

iv. To determine whether adequate punishment is meted out to those found to over – step control measures to prevent further occurrence of such defects in the future.

v. To know action that can be taken to forestall the situation and see that probity is maintained.

vi. To undertake a critical appraisal of the system generally, and to suggest solutions where the system is seen ineffective, and

vii. Finally, to build an analytical model to explain the network of an internal control system.

1.4 RESEARCH QUESTION

In carrying out this research more effectively, the researcher therefore designed the following questions:

a. How adequately are employees adhering to internal control measures?

b. What standard should management adopt as a test to observe control measures?

c. Should internal auditing be an adequate means of checking internal control?

d. Should the effectiveness of control be relied on for adequate financial accountability?

1.5 SIGNIFICANCE OF THE STUDY

Although the research work is not exhaustive one because of the none availability of some important information and limited time, all part of this work is very important in one way or the other to Nigeria Bottling Company PLC 9th mile corner, Enugu in particular

More so, this study will be useful for those who may be interested in carrying out further investigation on “The Role of Financial Accountability in Public Limited Company” with special reference to Nigeria Bottling Company PLC 9th mile corner, Enugu.

However, the Nigeria Bottling Company PLC 9th mile corner, Enugu will benefit greatly by ensuring “Financial Accountability” in there company and they can achieve this by adopting and implementing the different ways suggested by the study of Internal Control System

1.5 scope of the study

The study focus attention practically in all the activities of Nigeria Bottling Company PLC 9th mile corner, Enugu especially those related to financial terms. These areas will include buying of raw materials, hiring production and sales, payment and collection of debts, etc.

Through internal control, the control measures will be the only one computed for analytic purposes. Respondent to the study will be selected from all departments and even beyond the company. However, a certain sampling procedure, as will been seen later, is adopted to achieve a certain level of reliability of the data gotten.


1.7 LIMITATIONS OF THE STUDY

The researcher was saddled with limitation which constituted an impasse to make and compile the research work.

The following problems to the research work include:

a. The widespread increase on transportation in the country have prevented the researcher from making frequent visit to the company as many times as are necessary.

b. The competitive nature of the Coca-Cola industry in Nigeria have almost make every issue a secret such that information may be better thrown to the winds than be given out to untrusted students who claim to be working for internal Control system of a company to which they do no belong.

c. Respondents show lackadaisical attitude when they discover there is no financial reward which might accrue to them in the exercise, some keep the questionnaires for so long while other never bother to return them.

d. Another frustration is due to the “come today”, come tomorrow syndrome which people in authority have enjoyed issuing as a cheap excuse for being momentarily busy.


Source: https://topics.com.ng/project-topics/543/the-role-of-financial-accountability

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THE ROLE OF AUDITING IN CONTROLLING FRAUD IN GOVERNMENT ESTABLISHMENT A CASE STUDY OF FEDERAL PAY OFFICE, ENUGU.


ABSTRACT

This research work was designed to achieve a specific purpose on the role played by Auditors in protection of public funds in the government establishments, ministries or government parastatals. The research goes into providing a systematic financial accountability that will promote proper stewardship of asset, deter wastes, dishonesty and promote effectiveness at reasonable cost. However, the literature review helps to ascertain other writers view concerning the subject of the study which explains how government establishment is so organized in a way that fraud could be detected easily and on time. The data used for this work was collected from primary and secondary source. Questionnaires were also used; 200 in number, 120 were retained unfilled while 20 missed on transit and total of 60 were used. Against the background, invaluable and reliable discoveries were made. Finally, the researcher recommends that the legislative arm of government should make it mandatory for the accountant general to submit financial statement of government account to audit department for audit work within six (6) months and auditors to be given power to execute or enforce its findings after its work has been reviewed by the Public Account Committee (P.A.C).


CHAPTER ONE

INTRODUCTION

1.2 BACKGROUND OF THE STUDY

The role of auditing in fraud and corruption management is essential. Damages done to public institutions by fraud and corruption can be enormous ranging from financial loss, damage to organizational performance, reputation and credibility loss. In many occasions if the case makes the headlines in the media, it permanently harms public confidence and undermines the legitimacy for administration and spending of taxpayer’s money by this institution. Therefore, good risk management as well as prevention detection and well designed control systems should be considered by every public sector authority as a must. Despite many initiatives, strategies and tools, there is a constant need for more effective control instruments, reporting mechanisms, investigation method and best practices.

Auditors often have the best access to detailed information on financial transactions, project management, procurement procedures and use of finding and grants in their institutions. As a person responsible for risk management and internal audit in an institution, the auditor is responsible for guarding the ethical standards and being a good example by ensuring adherence to rules, procedures and recommended practices. Therefore, the auditor needs to be fully prepared for implementing innovative prevention methods and tools for an organization to be efficient and effective and be able to achieve its desired objectives, it needs to have amongst others good leadership, competent manpower, adequate resources and good measures of internal control. Connor (1979) said that internal control is considered important in an organization because today’s economic environment requires that management of every organization weather public or private should take adequate steps considered necessary to establish and sustain an effective internal control system with a view to ensuring effectiveness, efficiency and economical operations. It also ensures the accuracy and the completeness of accounting information as well as compliance with the rules and procedures. The system of internal control is seen as the integrated collection of control mechanisms used to achieve desired results, among which is the internal audit, which is an essential element of the internal control system. Many organizations lack mechanisms for adequate monitoring of activities and operations, thereby not giving room for easy achievement of the business goals (Adeniji, 2004).

Flaws and loopholes may still exist in an organization despite the existence of internal control system, which can easily be circumvented by individuals who are inclined towards fraudulent activities. Therefore, measures have to be put in place to checkmate such fraudsters. One best way of curbing and/or minimizing the menace of fraud is through the institutionalization of a vibrant and effective internal audit. The presence of an effective internal audit in an organization is not only to checkmate fraudsters, but also serves as a managerial control which function by measuring and evaluating the effectiveness of other controls (Dandago, 2002). The primary function of an auditor is to evaluate processes that are in place to identify any weaknesses in internal controls that might lead to undetected fraud. When any such weaknesses are identified, they are reported to management for corrective action. The internal audit is expected to anticipate problems, visualize improvements and propose preventive actions (Effiok, 2003). The auditor has the responsibility to appraise the activities of other departments in an organization, and provides management with information that is useful in assessing operational effectiveness.

That an auditor has the responsibility for the prevention, detection and reporting of fraud, other illegal acts and errors is one of the most controversial issues in auditing, and has been one of the most frequently debated areas amongst auditors, politicians, media, regulators and the public (Gay et al 1997). This debate has been especially highlighted by the collapse of both small and big corporations across the globe. The auditing profession in Nigeria has caught the media’s attention following financial scandals in some of the Nigeria banks such as Intercontinental Bank, Oceanic Bank, Afribank, and PHB among others.

There seems presently to be a misconception that auditors’ duties are largely the preventing, detecting and reporting of fraud, for example, Idris (2009). The aim of this paper is to identify financial report users,Perceptions of the extent of fraud in Nigeria, and to determine their perceptions of the auditor’s responsibilities in detecting fraud and the performance of related audit procedures. The paper also aimed at ascertaining whether the report users’ perceptions of auditors’ responsibilities on fraud are consistent with those of the auditing profession as expressed in auditing standards in Nigeria.

1.8 STATEMENT OF THE PROBLEM

Public embezzlement always create a consciousness on the part of the supervisory authorities as to the quality and disagreement of protective management in government

1. Lack of understanding of the purpose of auditing among the society in general.

2. Lack of a well-defined goal oriented policies aimed at building up a strong and sound financial system.

3. Inherent weakness in the existing Administrative arrangement for government establishment accounting function.

4. Improper supervision of over all officers under the authority entrusted with the receipts expenditure of public money.

5. Inability of the government establishment to maintain a sound system of internal control.

1.9 OBJECTIVE OF THE STUDY

The specific purpose which the project is designed to achieve is as follows:

1. To find out roles played by the audit department in protection of public funds.

2. To provide a system of financial accountability which will promote proper stewardship of assets, deter waste dishonesty and extravagancy and promote effectiveness at reasonable costs.

3. To ensure efficient financial administration through the system of internal control and management information.

4. To determine the extent to which fraud misappropriation and embezzlement of public funds have persisted in public services.

5. To find out the delays in carrying out audit of account of government establishment.

1.10 RESEARCH QUESTION

The following research questions were formulated by the researcher for the conduct of this project.

1. What aspect of the accounts of government policies hinders effective and efficient auditing of the account of government establishment?

2. How can government establishment supervise the expenditure of government taking care that no payment were made which is not covered by proper authority?

3. To what extent do fraud affect economic development of the country?

4. What measures should be taken to ensure that objective of auditing are achieved in government establishment?

1.11 SIGNIFICANT OF THE STUDY

It is expected that the result of this study will help improve financial reporting by government establishment providing annual reports in accordance with the requirement of audit acts, 1990.

The significant of the study to society in general is to correct the wrong notion of the wealth of government which contrary to reality is usually regarded in position could cut his own share at will and get away with it.

The government is ensuing the standard that the ministry manual of responsibilities and procedure are maintained.

For the auditor to pin-point to them the risk that confronts the auditors in the excretes of his duties the legal action that could be taken against the auditor.

The study makes a provision for policy formulation on auditing guideline to government establishment.

Finally, it is expected that this study will serve as a work of reference to future researchers.

1.12 SCOPE OF THE STUDY

The study is a case study of federal pay office,Enugu.

1.13 LIMITATION OF THE STUDY

In this study the researcher only considered the ministerial accounting structure or accounting structure of selected government establishment on parastatals in the state because of the following limitations:

1. Time Constraints: The researcher as a student also engaged in other activities which limited the time used for the project. The research was deeply affected by the shortness of time as a result of the short semester being run by the school. The special time given for proper investigation is the constraints which left the researcher with little or no time to carry out this project.

2. Scope: Due to the vastness of the areas to be covered by the researcher, the researcher found it very difficult to obtain information from each of these areas. For instance there are many firms dealing with auditing and investigation and for the fact that it is very difficult for one to gather information or data from each of these firms, she was compelled to limit her study to federal pay office, Enugu.

3. Lack of Statistical Information: Facts were not easy to come about during the course of this project work. Even where the facts are available they were either out dated or the authorities concerned refused to bring it out or are subjected to necessary protocols at the expense of the limited time before they were made available.

4. Financial Constraints: The researcher lacked the necessary finance to carryout extensive research on this topic.

5. Non–Responses: Inadequate responses such as that of some ministries when interviewed were unable to help due to internal problem like staff or local government audit department of Enugu state.



Source: https://topics.com.ng/project-topics/540/the-role-of-auditing-in

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CENTRAL BANK OF NIGERIA AS A CATALYST TO NATIONAL ECONOMIC POLICY AND DEVELOPMENT IN NIGERIA


Abstract

This research work “The Central Bank of Nigeria as a Catalyst to National Economic Policy and Development” was an empirical study carried out to know the impact of the natural economic policy of the CBN on the economic development in Nigeria. The study was a descriptive research and the population covered the entire member of staff of Central Bank of Nigeria (CBN), Enugu zonal headquarters out of which sample sizes of 65 persons were selected randomly. The sources of data came both primary and secondary sources. Primary data were collected through the instrumentality of a well-structured questionnaire to tactfully elicit sincere and reliable responses from the respondents. Data were presented using tables and analysis of data. Findings revealed that the economic policies of the CBN are not effective on the development in Nigeria, the policy lag of the CBN has impacted negatively on the economy of Nigeria, the interference of the government in the policy formulation and implementation of the CBN has had negative effect etc. however, conclusion was made that the economic policy of the CBN has not made the desired impact that can lead to economic development as the findings revealed. Finally productive approach instead of reactive approach mostly adopted by the CBN should be stopped, to make the CBN more alive to the economic realities of the country. More latitude should be allowed the CBN to always come up with policies that are economically relevant, instead of those that address the needs of the political class; she has always been accusing of.

CHAPTER ONE

INTRODUCTION


1.1 Background of the Study

Economic policies are deliberate actions by the authority geared towards influencing total spending, output, income, cost of money, employment and other economic activities in an economy. Economic development on the other hand is defined as a process whereby the real precipitate income of a country increases over a period of time (I day 2005:52). Therefore, national economic policy and development is all about plans of action the central bank as regards structural changes that will reflect in the composition and evaluation of aggregate output or national income, the size of the national output on per-capital basis and the equitable distribution of the national output among the populace.

However, before the establishment of the Central Bank of Nigeria, the formation of the national economic policies was left entirely in the hand of the colonial government that promoted the interest mainly to the detriment of the Nigeria populace.

According to Nnanna in Oleka, (2006:186), he stated that conduct of monetary policy in Nigeria under the colonial government was largely dictated by the prevailing economic conditions in Britain. The instrument of monetary policy at that was the exchange rate, which was fixed between the Nigeria pound and the British pound. Moreover, since the inception of the Central Bank of Nigeria in 1958, the function of policy formulation has been the sole responsibility of CBN.

According to Oleka (2000:95) section 4 of the 1958 ordinance now section 3 of Central Bank of Nigeria Decree 24 of 1991 stipulate one of the main objective of the CBN to include: promotion of monetary stability and sound financial system in Nigeria.

However, to achieve this means coming up with a number of policies whose implantation will translate into economic development.

Ile, (1999:169) opined that to achieve these objectives of monetary stability and a sound financial system, CBN undertakes certain function, which include: variable discount rate, stabilization securities, special deposits etc.

In this contribution, Anyanwokoro (1999:168) stated that the Central Bank of Nigeria since its inception had various instrument of monetary control at its disposal.

Obasikene, (2006:22) noted that the type of monetary policy control used in Nigeria in 1986 was fired monetary policy control, but in 1986, the Nigeria government came up with an economic reform government (SAP), which was aimed at registering the economy in such a way that a lot of things should be attained by the interplay of the market forces. Hence, in line with the attainment of national economic objective, the CBN in 1986 introduced indirect monetary policy instruments in Nigeria.

From these periods, a good number of economic policies have been formulated in reaction to the economic exigencies of the period.

In 2002, the CBN adopted a medium term perspective monetary policy, frame work from January 2002 to December 2003. The two year monetary policy was aimed at saving the economy from the problem of time inconsistency and over-reaction owing to temporary shocks (Obasikene, 2006:127).

Finally, it is in this regard that analysis has been based on the impact of the economic policies of the CBN.



1.2 Statement of the Problem

Over the years, the Central Bank of Nigeria has been out different policies aimed at influencing economic activities in the country. It has been with the formulation of policies aimed at streamlining economic with the economic objectives of the government so that the desired economic development would be attained.

However, in its (CBN) frantic effort in pursuing these objectives through various economic policies, much has been left to be desired. The question has been effective with these policies on the economy of Nigeria, because it seems that much changes that usher in hall marks of economic development have not been seen. They are policies about some observed inconsistencies in the economy but the effect has remained negligible. The policy lags of the CBN, need to be reconsidered to see if there is need for readjustment so that the period of policy formulation and implementation with the urgency of the observed discrepancies it seeks to correct.

Furthermore, it has been observed that CBN is reactive rather than practice since it has 600 unit problems degenerated into unbearable proportions before applying measures to correct them, it appears that both the guidelines and the instrument of control now in operation are required to be reviewed to adopt them to the changing of financial environment and ensure that they are not kept in operation long after the situation calling for their use disappeared. Hence, the CBN was supposed to operate free of government interference but since its inception, the bank has often been accused of politician interference and imposing policies, which the political authorities may find expedient from a strictly non-economic perspective.

Therefore, the researchers want to investigate the role of CBN as a catalyst to national economic policy and development in Nigeria. (A case study of CBN Enugu)



1.3 Objectives of the Study

The main objective of the study is to carryout an empirical study of the impact of the national economic policy of the CBN on the economic development of Nigeria.

Other specific objectives include:

1. To examine the effectiveness of the economic policies of the CBN on the economic development in Nigeria.

2. To evaluate the suitability of the economic policies of the CBN to Nigerian economy.

3. To determine the policy lags of the CBN and its effects of the economic development in Nigeria.

4. To asses the responsiveness of the CBN policy changes in Nigerian economy.

5. To ascertain the extent of autonomy granted CBN in evolving economic policies and its effects on economic development in Nigeria



1.4 Significance of the Study

This study will be of immense benefit to the monitory authority (CBN) since it reveals various issues militating against successful translation of major economic policies into development and how those issues can be tackled to achieve meaningful economic development.

Through its analytical precision, various fact about nations economic policy formulations and implementation were brought to bare for possible readjustment.

Furthermore, the work is considered to be essential for the Federal Government, it reveals the negative impact of its interference in the economic policy formulation, which has been the most to the national economic objectives.

Finally, future researchers will find this work equally consequential as a source to their secondary data as it discusses extensively the issue of economic consequence, which affect virtually every aspect of national interests.

1.5 Research Questions

1) What institution is behind the economic policy development in Nigeria?

2) What roles does CBN play in the development of Economic policies in Nigeria?

3) Is there any impact made on the national economic policy by the CBN?

4) How does CBN act as a catalyst in Economic policy development in Nigeria?



Source: https://topics.com.ng/project-topics/539/central-bank-of-nigeria-as

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PROBLEMS OF PERSONAL INCOME TAX GENERATION AND ADMINISTRATION IN ENUGU (A CASE STUDY OF BOARD INTERNAL REVENUE ENUGU)

ABSTRACT

This project work is carried out on problem of personal income tax generation (a case study of Board Internal Revenue Enugu) taxation can simply be defined as a compulsory or mandatory contribution by individual and organization to a statutory authority the of taxation are numerous for instance, it could be used for re-distribution of income or for stabilizing the economy. In the this research work, primary and secondary data were used in which information was gotten through textbooks, newspapers and questionnaires. Through this research, it was discovered that some problems associated with the personnel internal revenue (Enugu North). Also simple percentage analysis was used to analyze the data collected. In chapter four the presentation and analysis of data gotten from the questionnaires returned.Also this research work enabled me to observe whether inhabitants of Enugu North Local Government Area indulge so much in tax avoidance and tax evasion because they have not been sufficiently enlightened on the important and merits of taxation. In chapter five is the summary of findings and recommendation to help curb the problems of taxation avoidance and evasion in Enugu North. This research help in knowing if the personnel need more training and techniques on how to carryout their duties. The limitation of this study is monetary problem and scarcity of accurate national statistic.


PROPOSAL

Taxation can be defined as a compulsory contribution by individuals and organizations to a statutory Authority. The merits of taxations are numerous for instance, it could be used for re-distribution of income or for stabilizing the economy.
In the recent past and till date, it has not been easy to fully realize the objectives of taxation due to the existence of inefficiency and ineffectiveness in the system of administration in Enugu State. This project problems of personal income tax generation and administration in Enugu-State (A case study of Internal Revenue Enugu-North) will highlight those problems militating against the attainment of the objectives of taxation.
In carrying out this research work, questionnaire will be used to collect data and simple percentage analysis will be used to analyse the data collected.
Also, in carrying out this research work, questionnaire will be used to collect data and simple percentage analysis will be used to analyze the data collected.

Lastly, it will help to know if there is enough personnel needed for effective tax collection and administration limitation are scarcity of time and accurate national statistic.


CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY

In all generation, the problems of personal income tax generation and administration continues to surface in one form or another in virtually every society, especially in this part of the world. It is important to point out that the federal government has taken adequate steps to wards effective tax administration.

The failure on the part of the federal government is responsible for poor financial positions of both the state and local government. Besides, this inadequate planning and absolute laws governing taxation, evaluation and collection is characterized by chaos.

This chaotic nature of the system can be appreciated by political influence or interferences in the process of taxation during the civilian administration in the country which gave rise to untrained and inexperienced personal being entrusted with the work of collection and administration of personal income tax.

The important of these issues to tax administration in the developing countries like Nigeria, can be seen from the following extract from tax administration in under developed countries. The tax administration funds itself working with a staff which is inefficient in experienced.



1.2 STATEMENT OF THE PROBLEMS

It is true that problems of tax is universal but the third world continues of which Nigeria is one, seem to be more plagued and inflicted both in weight and magnitude than the developed nations of the world. The research work primarily involves identifying the problems of the personal income tax generation and administration in Nigeria taking a case study of board of internal revenue, Enugu North Local Government Area. These problems include

Improper system of keeping account and records in the internal revenue offices which was seen to be quite mechanical and outdated. Lack of staff and inadequate training of the available tax collectors.

No enlightenment on the part of tax payers as regards the importance of taxation, these is another problem of tax generation and administration in Enugu North Local Government.

Also corrupt alliance of tax collector with tax payers to avoid tax for them (tax collectors) to make fast money. Another problem worth mentioning is the uninformed penalties on tax defaulters.

Since these problem have been identified the researcher consider it necessary to survive as much as possible to find solution preferred for solving the problem which will make for higher level of efficiency in the personal income tax generation and administration in Enugu North and Nigeria in particular.


1.3 OBJECTIVES OF THE STUDY

The value of an effective personnel income tax collection and administration cannot be over emphasized. There has been an increase in the demand for government service from the masses. Government is expected to satisfy collective want and regulate the economic and social policies of the nation.

Against this background, continuous increase trends in government responsibilities and expenditure in all level of government Nigeria have been facing fast dwindling finances for the past few years. The internally generated revenue have been inadequate to meet up the numerous demand and obligation.

1. Ascertain whether there are really problem in personal income tax collection and administration

2. Investigate and identify the factors that cause the problems

3. Finding out how these problems have affected the work of internal revenue

4. Determine the effectiveness and efficiency of personal income tax collection and administration in Nigeria with Enugu North Board of Internal Revenue as a case study

5. Recommend measures to overcome or minimize these problems of personal income tax generation and administration in Nigeria.



1.4 SCOPE OF THE STUDY

The board of internal revenue Enugu was established to administer income tax in Enugu state just as there are in other states of the federation. Income tax was first introduced in Nigeria in 1904 by late Lord Lugard. The introduction of Native Revenue ordinance of 1927 was most difficult in the Eastern areas of the country, due mainly to absence of recognized central Authority Resistance to this form of direct taxation in such that it leaf to riots notably in Calabar, Owerri and the Famous Aba women Riot of 1929 which was so severe that it attracted a probe. Beside, the Native Revenue ordinance were also Native direct taxation ordinance for the colony and the Native income tax ordinance.

These ordinance were late modified and incorporated into the direct taxation ordinance No 29 of 1940, cap 54 and the income tax ordinance No 29 of 1943 respectively. This ordinance were later modified and incorporated into direct taxation ordinance No 29 of 1940, cap, 54 and the income tax ordinance 1940 empowered native.

The direct taxation ordinance 1940 empowered native authorities to tax Africans in their areas of jurisdiction while the income tax ordinance 1943 was for the taxation of non-Africans in companies. The two ordinances were the foundation of our modern taxation which necessitated establishment of board of internal revenue in each of the state of the federation which Enugu Board of internal Revenue is on of them. The zonal tax authority which Enugu north board internal revenue belongs to the Enugu zonal authority. The highest authority in the area is the assessment authority.





























ADMINISTRATIVE STUCTURE OF THE BOARD OF INTERNAL REVENUE IN THE AREA
THE ASSESSMENT AUTHORITY

The assessment officer is the head of the board of internal Revenue in the area. He is appointed by the Board of internal Revenue, Enugu State. He is responsible for the assessment of tax and its collection and as well as accounting for it. He carries out the duty with the help of collection, assessment and administrative officers. He is directly in change of assessment and administration. He has the power to issue notice to tax payers to deliver statement of incomes or to finish further returns. Where there is suspected doubts as to genuineness of returns, he might ask the tax payer to produce before assessment Authority books and documents of the tax payer covered by pay as you earn (PAYE).

The Assessment Authority could ask an employer to prepare and deliver a return on his employees. After assessment and responsibility of collection of this assessed income rests on the tax collector. He makes use of tax agents, tax drivers or the workers of the board and other processes which may be applied from time to time to generate tax in the area.


1.5 SIGNIFICANCE OF THE STUDY

The structural administration of personal income tax is rested in the joint tax Board (JTB) under the income tax management Act 1961.

The board is made up the chairman who is appointed by federal Board of internal Revenue (FBIR) which is the federal body. The personal must be experienced in tax matters. Also, a secretary and a legal adviser are appointed, some of their functions are:

a. To exercise the powers or duties conferred upon them by any express provision of the Act, and any other power and duties arising under the Act which may be agreed by the board.

b. To exercise the powers and duties conferred on them by any enactment of the Federal Government imposing tax on the income or properties of companies or which may be agreed by the Federal Board of internal Revenue.
STATE INTERNAL REVENUE BOARD

The administration of the income tax in each state, its collection and administration is vested on the state board of internal revenue. It is headed by a chairman with the Director of Revenue as his Deputy Chairman and the chief executive of the board. Other members of the board include representative of specified ministries and from field economics, accountancy and legal professions. Their major function include to see the retrieval of the revenue collected by various tax officers in all local government head quarters and forward it to state government for disbursement.


INSPECTOR OF TAXES

Inspectors of taxes are controlled by the Board. They have variety of duties covering all aspects of taxation some of their duties are:

a. Receipt and examination of tax returns and other information from tax payers.

b. Preparing and issuance of assessment based on the returns on which tax is payable.

c. They also employ the best of judgment guesses, if returns were not received or there is evidence of false information.
TAX COLLECTORS
They are concerned with the service of

i. Returns of income forms

ii. Notice of assessment

iii. Summonses and affidavits and other sources of information.


1.5 HYPOTHESIS OF THE STUDY

HO1:Personal income tax generation and administration in Enugu North Board of Internal Revenue is not very effective.

H1: Personal income tax generation and administration in Enugu-North Board of internal Revenue is very effective.

The hypothesis above about personal income tax generation and administration in Enugu North Local Government area are based on generalization of the assumed relationship between personal income tax revenue like administrative costs, population, income of tax payers, free pay allowance etc.

In any case, the rejection of the null hypothesis HO, is sub-hypothesis which are reduced to testable firms.

1. HO:The system of keeping account and records in the Board of internal Revenue office in Enugu North Local Government area is rudimentary.

H1: The system of keeping account and records in the internal Revenue office in Enugu North is not rudimentary.

2. HO: The internal Revenue office in Enugu North Local government area is under staffed and ill-equipped

H1 The internal Revenue office in Enugu North local government area is not under staffed and ill-equipped

3. HO: The tax payers in Enugu North Board of internal Revenue are not enlightened enough to know the importance of taxation.

HI: The tax payers in Enugu North Board of internal Revenue are enlightened enough to know the importance of taxation.

Owing to flexibility of tax laws in Nigeria and attitude of government toward the local government level in the area of administration and collection of personal income tax. It is pertinent to make some assumption that will guide the work for an opinion to be expressed.

1. The local government shall remain one throughout the research period.

2. Problems identified and solutions preferred shall apply to all local government areas in Nigeria.

3. The revenue boards are those who encounter these problems.


1.6 LIMITATION OF THE STUDY

For many years, the generation and administration of personal income tax has been causing some problems especially on money generated from it. In a way to keep the work within manageable proportion and with the limited time and resources available, the researcher has confined the study to problem of personal income tax generation and administration in Nigeria using Enugu North Local government area as case study and is of the view that this will bear good results that will be proper for generalization.

Authority resistance to this form of direct taxation in such that it leaf to riot notably in Calaba, Owerri and the famous Aba women riot of 1929 which was also severe that it attracted to probe. Beside the native revenue ordinance were also native direct taxation ordinance for the colony and the native income tax ordinance.

These ordinance were late modified and incorporated into the direct taxation ordinance No 29 of 1940 cap 54 and the income tax ordinance No 29 of 1943 respectively. These ordinance were later modified and incorporated into the direct taxation ordinance No 29 of 1940, cap 54 and the income tax ordinance No 29 of 1943 respectively.

The direct taxation ordinance 1940 empowered native authorities to tax Africans in their area of jurisdiction while the income tax ordinance 1943 was for the taxation of non-Africans in companies. The two ordinance were the foundation of our modern taxation which necessitated the establishment of board of internal revenue in each of the state of the federation which Enugu board of internal revenue is on them.



Source: https://topics.com.ng/project-topics/538/problems-of-personal-income-tax

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THE EFFECT OF STRATEGIC COMMUNICATION AND PUBLIC RELATIONS IN MANAGEMENT OF HOTELS (A CASE STUDY OF WHITELEAF HOTEL ENUGU)



CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Communication may be defined as the activity aiming to constitute an arrangement to convey information as one of the fundamental pillars of social life and organizational structure as well as the activity of forming relationships between organizations and groups. A healthy communication is needed for people to know and understand each other better, to create better functioning organizations and to resolve problems easier (Ruck & Welch, 2012). If an adequate importance is not placed on communication problems in an organization, it may not be possible, for example, for people to have better relationships within that organization. Communication has various definitions and descriptions in the literature. Writers have suggested that communication is the activity of exchanging messages or thoughts through speaking, pointing or writing; on reciprocal terms, however, they define it as a message exchange process and they suggest that communication event happens when messages have been completely conveyed. Communication has also been defined as the process of conveying a message containing information from a source to a recipient and has been indicated to be a term expressing the exchange of feelings and thoughts between people (Okay & Okay, 2011).

Human factor comes forth as the most important factor for the organizations in tourism sector due to its labor-intensive quality. Communication is considered as an important factor in tourism establishments and especially in accommodation establishments where human factor is significantly important for the constancy and regularity of the activity of workers as well as sustainability and efficiency of organizations. An accommodation establishment which does not use communication channels properly may not be able to conduct operations regularly and correctly as well, since this specific sector provides services for human beings by human beings as a labor-intensive sector. Human beings who are positively or negatively affected by any behavior, spoken word and attitude make their decisions as a result of these interactions.

1.2 STATEMENT OF THE PROBLEM

Communication and public relations is one of the fundamental characteristics differentiating human beings from all other living creatures. Brownell (2010) has pointed out the importance of employees and the obligation of the management to communicate effectively with their employees in accommodation establishments and has indicated that the need for effective communication skills could increase even more due to the newly emerging international quality of labor in tourism sector and continuous changes in customer demand. He has also emphasized the quality of “racing against the clock” which is specific to accommodation establishments as well as the increased importance of timely and clear communication between employees in this specific sector.

Frontline employees play an important role in connecting with and providing service to customers, and forming long-term relationships with them (Kusluvan, 2013). Employees’ understanding and perception of the information related to the work to be done in accommodation establishments, and the clarity of employees’ roles within the organization, in other words clear expression of the expectation of the organization from the employees play very significant roles in the relationship between employees and customers. The employee who has all the information needed for the work to be done, would be able to increase the quality of service by managing relationships with customers more effectively due to increased self-confidence and would contribute to the positive perception of customers with regard to the service quality.

As one of the determinants of success in tourism establishments as in all kinds of other organizations, communication is the fundamental condition enabling the coordination of organizational functioning.

1.3 OBJECTIVES OF THE STUDY

Specific objectives are as follows;

1. To find out whether strategic communication and public relation is adopted in the management of the hotel

2. To examine the strategies used in communication and public relation in the management of the hotel

3. To investigate the effect of strategic communication and public relations in management of the hotel

4. To determine the benefits of strategic communication and public relations in management of hotels.

1.4 RESEARCH QUESTION

5. Is strategic communication and public relation adopted in the management of the hotel?

6. What are the strategies used in communication and public relation in the management of the hotel?

7. What are the effect of strategic communication and public relations in management of the hotel?

8. Does the effects of strategic communication and public relations in management of hotels benefit the hotel?

1.5 SIGNIFICANCE OF THE STUDY

The significance of the study cannot be overemphasized. This is because the Effective communication and public relation promotes:

* Positive Stakeholder Relations

* Good relations with Government and local authorities

* Support from local Communities

* Understanding from the Enforcement Agencies

* Appreciation from Non Government Organizations (NGO's)

* Employee satisfaction and loyalty



Source: https://topics.com.ng/project-topics/521/the-effect-of-strategic-communication

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THE CONTRIBUTION OF FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY


CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The ideal of establishing indigenous Financial Institution came into effect the end of the first world war (1914). The gave rise to the establishment of the National Bank of Nigeria ltd in [1933], African continental Bank ltd in (1947), 614 before the emergence of the indigenous banks, the standards Bank (now first Bank of Nigeria plc) has commenced banking operation in (1894).

In (1998) the central Bank ordnance was passed out and it commenced operation in July, 1st 1954. After the development banks, commercial Bank, Merchant Banks, Community Bank, Insurance company etc. indeed their emergence was largely informed by the need to contribute positively to the growth and development of Nigeria economy.

In Nigeria today, there are about one hundred and Sixty – eight (168) Bank and over ninety-four (94) insurance companies operating various business of larger scale dimensions.

As the economic environment stands at the moment, it is one that really poses a challenging task before all these Financial Institutions. Our financial resources need to be properly and judiciously utilized. Small scale industries as well as other industries in their stages of development need adequate funds to put them on solid footing. Farmers equally need sufficient credit facilities to enable them put more effort in agricultural investments. In the same vain, individuals as well as government need money to embark on valuable and profitable economic ventures. Against these for going background, it is evident that the Nigeria dreams of building a safe and sound that economic structure will come to nothing in the absence of reliable and well-concord financial Institutions. For better understanding of this research work, I have organized these work-ups into chapters.

Chapter 1-2 which includes this introduction, background of the study, definitions roles, Advantages, objective and problems facing financial institution in Nigeria e.t.c.

Chapter 3 looks at the problems confronting the financial institutions recommendation and conclusion.

1.2 PURPOSE OF THE STUDY

As already pointed our in the introductory it would be recalled here that the establishment of the central Bank in (1958) gave rise to the emergency of several others indigenous financial institution in subsequent years. The aim behind the establishment of such institution was to development by financial indigenous business in both industry and commerce.

Against the background therefore, this particular study tried to find out whether these financial institution measure up to the following exceptions for which they were established.

1.To join foreign skills and expenses and foreign private company with Nigeria skills and capital in the development of new industries and expansion of existing ones.

2. To create alternative opportunities for investment in Nigeria industries.

3. To work closely with the various government and state development cooperation.

4. To provide equity capital and funds via loans to indigenous firms and institution for wither short-term, medium-term or long-term investment in commerce and industries.

This study also tried to ascertain the authorized share capital of these institution as well as the method and capacity of funds disbursement to industrialists and other commercial entrepreneurs with a view to fostering economic development of Nigeria.

1.3 LIMITATION OF THE STUDY

This research work title “THE ROLE OF FINANCIAL INSTITUTION IN THE DEVELOPMENT OF NIGERIA ECONOMY” Covers a very vast area. Due to obvious financial constraints and of cause for purpose of management, I deemed if necessary to restrict my study to Financial Institution within Enugu Urban. Some of these selected financial institutions include the central Bank of Nigeria, Commercial Banks, Merchant Bank, Development Banks, Community Bank and Insurance companies e.g. Universal Insurance Company ltd.

In choosing these sample/representatives, financial institutions. In have limited my research in these are of operation of these institutions that enhance the nations economic development and influence drawn from them to apply to other financial institution faced with the sole responsibility of economic development in Nigeria, have the same aim and objectives to enhancing the economic development or growth and making her economic vibrant and comparable with other prevailing economic in the competitive international economic system.


1.4 SIGNIFICANT OF THE STUDY

The ideal of setting up to the various financial institution in Nigeria was that, they would in no small way speed up the economic growth and development of the nation.

The significant of this study can be achieved by giving loans and offering sound financial advice to the industrialists and entrepreneur their investment advice.

The study of the roles of financial institution in Nigeria economy will not only enhance the economy viability of the country, but will also improve the standard of living of the people. This is because Job opportunities will be opened up for the unemployed population. Again, these study is significant because of brought our great focus on the number of performed by these financial institutions geared towards meeting the economic and financial objectives of many Nigeria and consequently putting the nation into a sophisticated level of economic development. It is also highlighted that effort made by these institution to bridge the gap existing between the Nigeria economy and that of the economic of the highly industrialized countries.

Finally, this study is very important because having examined the various roles performed by these financial institution, it will enable any developing nation hoping to establish financial institutions to make clear cut decision in their drive to speed up economic growth and development.

1.5 DEFINITION OF THE STUDY

1. BANKS: A bank can be defined as any person or corporation that provides the minimum banking service and which in licensed as a bank by the federal Government of Nigeria as a banking institution.

2. CENTRAL BANK: The central bank is the central of a country’s financial system.

3. MERCHAT BANK: This is the type of bank that provide long and medium term loans and advance for trade and industries.

4. COMMERCIAL BANK: This is bank that specialized in keeping money and valuable safety.

5.CHEQUE: A cheque is a simple instruction to a bank to pay a certain sum of money to the person named on the cheque or the bear of the cheque.

6. LOAN: A loan can be defined as a sum of money been lend to customers for their day to day business.

7. INSURANCE: Insurance is a contract by which one party undertakes to indemnity another against loss, damage.

8. CAPITAL: This includes the contributions of shareholders and undistributed profits.

Source: https://topics.com.ng/project-topics/520/the-contribution-of-financial-institution

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APPLICATIONS OF STEPPER MOTORS.


CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND STUDY OF THE PROJECT

A stepper motor is a “digital” version of the electric motor. The rotor moves in discrete steps as commanded, rather than rotating continuously like a conventional motor. When stopped but energized, a stepper (short for stepper motor) holds its load steady with a holding torque. Wide spread acceptance of the stepper motor within the last two decades was driven by the ascendancy of digital electronics. Modern solid state driver electronics was a key to its success. And, microprocessors readily interface to stepper motor driver circuits (Acarneley, 2002).

Going down the memory lane since the inception of mankind, man is insatiable. They always yearn for a better comfort if not for the best. They are ever ready to risk even their lives to acquire a comfort and convenient zone. Therefore, the primary aim of any man is to actualize a comfortable, safe, convenient home. However, the scientist cum engineers are not left out in this trend, as they are always on top of their gears working towards enhancement of standard of living via science and technology.

In line with the aforementioned quest of man to improve on the quality of lives they live, Stepper motor came into pre-intimacy. Stepper motor is used to control the position and speed of devices such rechargeable fans, antenna, elevator and so on. Stepper motors with microcontrollers are used in numerous applications when there is need of controlling the motion. This is due to the robust structure of stepper motor, absence of brushes and better control capacity when they are used with microcontrollers. These motors have excellent response to starting, stopping with reversing.

The microcontroller is used for sending control pulses to the stepper motor drive. The microcontroller is used both to control the speed as well as position of stepper motor. The speed of stepper motor is directly proportional to the frequency of drive input pulses which is controllable with the help of microcontrollers and the rotation is proportional to the number of output pulses.

1.2 OBJECTIVE OF STUDY

The primary objective of this project is to present a study on applications of stepper motors.

1.3 SIGNIFICANCE OF THE STUDY

The application stepper motors in modern day control of electrical motors is an advantageous one with distinct function like providing a wide range of rotational speeds can be utilized, Precise open-loop positional control without any feedback mechanism, Possible very low speed rotation, the life of a stepper motor is determined by the life of the stepper motor bearing, very good at starting, stopping, and reversing direction, provides precise positioning and repeatability of movement, maintains full torque at standstill position when energized. These special features and functions made this project quite significant.

Also, the use of microcontrollers to be send control pulses to stepper motor with the programmable property may not be sufficient enough to drive the motor. Hence, stepper motor drives are implemented. This has good feature over semiconductor switches that requires a firing circuit which is not easy and losses are more as compared to the drivers.

Furthermore, the old electric motor cannot be used in some small electronic devices (such as Printers, Scanners, DVD player etc) that require smaller size of DC motor. Hence, the used of the advanced technology of stepper motors provides a means of achieving these functions.

1.4 LIMITATIONS OF THE STUDY

In achieving a task of this kind, you must find out that it quite challenging, time and money consuming. It was easy carrying out the project construction at the same time coping with other school learning and assessment as both of them were conflicting despite the short period we had.

Searching of relevant components to build the circuit was also quite challenging as some were not readily available in the market. We had to travel far and near in search of it.

Lastly, there were no enough funds necessary to achieving the project construction this also stood as a stumbling block considering the financial and economic meltdown we experience in our country today. The problem of packaging, coupled with stress and time factor also limited the success of the project.

1.5 ORGANISATION OF THESIS

The work carried out has been summarized in six chapters.

Chapter 1 highlights the brief introduction.

Chapter 2 highlights the brief introduction summary of work carried out by various researchers.

Chapter 3 highlights the methodology and design concepts. However, it illustrates the breakdown of the stages which the device constructed in this project undergoes in operation.

Chapter 4 highlights the major components used in the construction of this project.

Chapter 5 highlights the specifications and the components used.

Chapter 6 highlights he advantages, challenges and prospects for future students

Source: https://topics.com.ng/project-topics/519/applications-of-stepper-motors

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Good for him

EVALUATION OF THE RELATIONSHIP BETWEEN MARGINAL COST AND FINANCIAL PERFORMANCE OF BREWERY FIRMS IN NIGERIA


ABSTRACT

In this research work titled “The relationship between marginal cost and financial performance of brewery firms in Nigeria. The researcher evaluated the relationship between raw material cost and Return on Investment of Brewery firms in Nigeria. Examined the relationship between direct Overhead Cost and the Return on Investment of Brewery firms in Nigeria. identified the correlation between Direct Labour Cost and the Return on Investment of Brewery firms in Nigeria. the researcher made use of only secondary data from five years annual report and accounts of the two quoted brewery companies on the Nigeria stock exchange were collected and regression analysis was utilized in the data analysis. The researcher found out that There is relationship between raw material cost and Return on Investment of Brewery firms in Nigeria. It was also discovered that there is a significant relationship between direct Overhead Cost and the Return on Investment of Brewery firms in Nigeria. based on the findings the researcher recommends that The cost benefits analysis of selected breweries companies in Nigeria.



TABLE OF CONTENTS

Title page ii

Certification Page iii

Approval page iv

Dedication v

Acknowledgment vi

Abstract viii

Table of contents ix
CHAPTER ONE

INTRODUCTION

1.1 Background of study 1

1.2 Statement of problem 4

1.3 Objectives of study 6

1.4 Research Question 7

1.5 Research hypothesis 7

1.6 Significance of study 8

1.6 Scope and Limitation of the study 9

References 10



CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1 Definition of Marginal Cost 11

2.2 The Principles of Marginal Costing 13

2.3 The Marginal Cost Element 14

2.4 Marginal Costing and Decision Making 17

2.5 Financial Statements as Yardsticks for Measuring 19

2.6 Analysis of Financial Statements 25

2.7 Management accounting theory of variable cost 32

2.8 Theory of Productivity 35

2.9 Raw material and financial performance 41

2.10 Direct Overhead Cost and financial performance 44

2.11 Direct Labour cost and Financial Performance 49

References 57



CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY

3.1 Research Design 58

3.2 Area of Study 59

3.3 Population of Study 59

3.4 Sample Size 62

3.5 Sources of Data 63

3.6 Analytical Method/Technique 63

3.7 Model specification 64

3.8 Analytical Procedure 66

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF DATA

4.1 Analysis of Data 67

4.2 Granger Causality Tests 68

4.2.1Analysis of Description Statistics 71

4.3 Presentation of Analysis Result 73

CHAPTER FIVE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS

5.1 Summary of Findings 77

5.3 Conclusion 78

5.3 Recommendations 79

Bibliography 81



CHAPTER ONE

INTRODUCTION

1.1 Background Of The Study

Marginal costing is formally defined as the accounting system in which variable cost are changed to units and fixed cost of the period are written off in full against the aggregate contribution. Its special value is in decision making.

The term marginal cost is sometimes refers as the marginal cost per unit and sometimes to the total marginal cost of the department or batch or operation. The meaning is usually clear from the context. The marginal cost of a product “is its variable cost” this is normally taken to be direct materials, direct expenses and the variable part of overheads.

Walter (2002) sees marginal costing not as a system of cost ascertainment on the same lines as job, operating or process costing, but is rather a technique to deal with the effect on profits of changes in volume or type of output. He went further to explain that “fixed” in relation of time and in fact they tend to vary in relation to the length of the period covered.

Recently the common concern to every participant in a market economy is the magnitude at which price of goods are multiplied in recent time in Nigeria. This is in addition to the multiplier effects associated with the process of transacting business in Nigeria for instance as customers complain bitterly of exorbitant prices likewise Brewery firmsremain worried about how profitability returns in the face of ever increasing competition. Even low buying power of customer, low capacity utilization and international market that are characterized by differentiated products. As a result customers shift from one product to another in search of value that rarely comes despites their reaches to purchase. They are all confronted with higher price low quality adulteration and at times temporary scarcity in place of value for money objectives they pursue. The management of different companies also seeks for cover everywhere to justify low profitability return while trying to checkmate competition and its resultant effect on financial performance caused by product proliferation and limitations.

The reality of modern business management in a free enterprise economic system is the level of competition among all the enterprise, where only the filter enterprises survive. The motive for maximization of profit in business and quest for Wealth Creation being in vogue, management continues to remain under increasing obligation to improve its share of the market, its assets, its credit worthiness and its overall potential.

These in turn require an improvement in the quality of decision. Therefore in order to respond effectively to the challenges of time, management requires good factors in business decisions.

This research work is a real attempt to investigate into the marginal cost and financial performance of brewery firms in Nigeria.

1.2 Statement of the Problem

The problem with calculating the contribution of various products made by a company is that it may not be clear whether the contribution earned by each product in enough to cover fixed cost where as by charging fixed overhead to a product we can decide whether it is profitable or not.

This research is primarily carried out by marginal cost elements available to some Brewery firms in Nigeria more also it goes ahead to relate the financial performance of these Brewery firms to direct material direct labor and overhead respectively. Hence the research aims at evaluating financial performance of brewery firms using the marginal cost element as a yard stick.

Marginal costing is a techniques used in reporting costs and profit of a firm. There should be separation of cost into fixed and variable costs. In marginal costing product cost include variable production cost such has direct material, direct labor, direct production overhead expenses. It ignores fixed cost and semi-variable cost. The separation of cost into fixed and variable cost is difficult, in reality manufacturing can’t take place without plant facilities and equipment hence fixed manufacturing cost are part of the production and should not be excluded.

Marginal costing fail as to take into consideration that in the long run, fixed cost will be part of the total cost of production than of a unit of an item. It is therefore not an appropriate tool in making pricing decision of a firm.

In the preparation of profit and loss account, the use of marginal cost is limited to the internal parties of a firm such as the management. In computing profit for tax purpose, marginal costing is not accepted method, because it does not include all cost used in production process. Therefore in preparation of profit and loss account meant for external uses such as shareholder investors, government and the public, using marginal costing will not present true and fair view of the financial affairs of the firm.

1.3 Objectives of the Study

The aim of this project work is to evaluate the relationship between marginal cost and financial performance of brewery firms in Nigeria. The general objective of this research work includes the following;

1. To evaluate the relationship between raw material cost and Return on Investment of Brewery firms in Nigeria.

2. To examine the relationship between direct Overhead Cost and the Return on Investment of Brewery firms in Nigeria.

3. To identify the correlation between Direct Labour Cost and the Return on Investment of Brewery firms in Nigeria.

1.4 Research Questions

1. To what extent does raw material cost relate with Return on Investment of Brewery firms in Nigeria?

2. What is the extent of association between Direct Overhead Cost and the Return on Investment of Brewery firms in Nigeria?

3. To what extent does Direct Labour Cost relate with Return on Investment of Brewery firms in Nigeria?

1.5 Research Hypotheses

Ho: Raw material cost does not have significant relationship with Return on Investment of Brewery firms in Nigeria.

H1: Raw material cost has significant relationship with Return on Investment of Brewery firms in Nigeria.

Ho: Direct Overhead Cost does not have significant relationship with Return on Investment of Brewery firms in Nigeria.

H1: Direct Overhead Cost has significant relationship with Return on Investment of Brewery firms in Nigeria.

Ho: Direct Labour Cost does not have significant relationship with Return on Investment of Brewery firms in Nigeria.

H1: Direct Labour Cost has significant relationship with Return on Investment of Brewery firms in Nigeria.

1.6 Significant of the study

This research work on the relationship between marginal cost and financial performance of brewery firms in Nigeria will be of immense importance to students in accounting firms, as it will serve as an eye opener to them. The study will also be of great importance to brewery firms in Nigeria since this research work will investigate the relevance of marginal costing on raw material cost, Direct overhead and direct labour cost.

1.7 Scope And Limitation Of The Study

This research work is central on the effect of marginal cost element on the financial performance of Brewery firms specifically raw material cost, direct overhead cost and direct labour cost and will endeavor to show all relevant information that will enhance the actualization of the research objectives put into place. The researcher would have carried out research work into a big and well known company but for the constraints that confronted there she limited her research works to the nearest brewery firms specifically.

Source: https://topics.com.ng/project-topics/405/evaluation-of-the-relationship-between

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BUSINESS COMBINATION AND FINANCIAL PERFORMANCE OF BANKS IN NIGERIA BANKING INDUSTRY


ABSTRACT

In this research work titled “Business combinations and financial performance of banks in Nigeria banking industry” the researcher examined the relationship between total asset of Nigerian banks on the return on asset of the bank. The relationship between volume of shares of banks on the return on asset of the banks. The association between earning per share and return on asset of Nigerian banks. And also the relationship between total deposit and return on asset of the banks. The researcher made use of only secondary data from six years annual report and accounts of the two quoted bank (Access bank Plc and Zenith bank Plc) listed on the Nigeria stock exchange were collected and regression analysis was utilized in the data analysis. The researcher found out that there is significant relationship between total asset of Nigerian banks on the return on asset of the bank. there is significant relationship between volume of shares of banks on the return on asset of the banks. It was also discovered by the researcher that there is a significant relationship between earning per share and return on asset of Nigerian banks. This research work equally shows that there is relationship between total deposit and return on asset of the banks. Based on the findings the study affirms that for a bank to survive in the current dispensation it needs to maximize its comparative advantage (strength) by promoting its uniqueness in the areas where it performs best. The decisive factors for competition and profitability in the new era would be the optimization of resources by the emerging mega banks.



CHAPTER ONE

INTRODUCTION

1.1 Background of the Study

Firstly, the study of Business combination and financial performance of banks in Nigeria banking industry is introduce as the main thing which business merger and acquisition rely on a skill or knowledge brought together by the merger to accomplish business. However, Business are beginning to tell the full impact of the recession. To bring out development in companies joining together of merger and acquisition of the study.

Furthermore, techniques and growth is necessary to determine the performance and continual existence of any business organization without growth, a business hardly attract good management to itself. Hence the use of merger and acquisition as a techniques for growth and survival strategy in a depressed economy like it appears to be on the increase in recent time. This is not surprising nor considering large number of business failures and flop as a recent result or advise of micro and macro economic climate. It indicates that in a large or small scale, that merger and acquisition are necessary.

In the face of such hostile business climate, actually, some business organization that belongs to the ``wise group’’ started, thinking of how to pull their resource together by the way of the impact of business merger and acquisition as a techniques for growth survival strategy in a depressed economy. Meanwhile, Business merger and acquisition has played an important role in the growth and survival of many firms in Europe, United State of America, and Nigeria. But before venturing into such a gargantuan adventure, financial managers should view it as organization or employers.



1.2 Statement of the Problem

In the high of the confusion and tumults of the modern business environment globally, some firms have flooded up while other only managed to keep a float. It is but interesting to observe that in the midst of such unfavorable business environment, Some enterprises do not merely survive but post super profit. The logical question is what could account for the divergent fortunes of some firm of identical size and status in the some industry operating in the same economy. Hence not pretending to have all the answers. I make bold to state, that business merger and acquisition has become one of the fashionable surviving strategy for many companies.

It is therefore, the intension of the study to investigate the effect merger and acquisition on the performance of some selected companies in Nigeria.



1.3 Objective of the study

This research work titled “Business combination and financial performance of banks in Nigeria banking industry” is aimed at:

1. To examine the relationship between total asset of Nigerian banks on the return on asset of the bank.

2. To investigate the relationship between volume of shares of banks on the return on asset of the banks.

3. To ascertain the association between earning per share and return on asset of Nigerian banks.

4. To Examine the relationship between total deposit and return on asset of the banks.

1.4 Research Questions

Based on the above research objectives, the researcher developed the following research questions

1. What is the extent of relationship between total asset of Nigerian banks on the return on asset of the bank?

2. To what extent do volume of shares of banks relate with the return on asset of the banks?

3. What is the extent of the relationship between earning per share and return on asset of Nigerian banks?

4. To what extent does total deposit relate with return on asset of the banks?

1.5 Research Hypotheses

The following research hypotheses were developed by the researcher;

Ho: Total asset of Nigerian banks does not have any significant relationship with the return on asset of the banks.

H1: Total asset of Nigerian banks has significant effect on the return on asset of the banks.

Ho: Volume of shares of banks does not have any impact on the return on asset of the banks.

H1: Volume of shares of banks has so many impacts on the return on asset of the banks.



Ho: There is no relationship between earning per share and return on asset of Nigerian banks.

H1: There is significant relationship between earning per share and return on asset of Nigerian banks.

Ho: There is no relationship between bank deposit and return on asset of the banks.

H1: There is significant relationship between bank deposit and return on asset of the banks.

Source: https://topics.com.ng/project-topics/404/business-combination-and-financial-performance

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AN ASSESSMENT OF BUDGET AND BUDGETARY CONTROL IN NIGERIA COMMERCIAL BANKS (A CASE STUDY OF UNION BANK OF NIGERIA PLC, KADUNA)



ABSTRACT

The defectiveness of an organization depends on the effectiveness of the management body. An organization that wishes to develop and grow must be involved in budget preparation, so as to make long term plans. Whether or not the capacity of building made and prepared by management in their annual corners stone of this study. This project present some findings on the contributions of budgeting through interview, questionnaire and personal observation and analysis of the data shown in chapter four (4) despite that the budget system and budgetary control an effective towards decision making of management without forecasting, the business may suffer in future, deficiency of cash which may in turn resistant curtailment of their operation thereby forcing management to engage in borrowing at substantial interests rate with precise reference to the findings of the project work. The contribution of budgeting and budgetary control to management making budgeting and budgetary to other decision making techniques finally, a skillfully prepared budgeting program should be properly implemented to ensure effective budgeting via control.

CHAPTER ONE

1.0 Arrangement of the Study

This research work on the assessment of budget and budgetary control in Nigeria commercial banks with particular reference to Union bank of Nigeria Plc, Kaduna, the study is organized in five chapters, the first chapter deals on the arrangement of the study, Background of the study, statement of problem, purpose of the study, Research question, Research hypothesis, scope of the study, limitation of the study etc while related literature on the subject mater was reviewed in the second chapter. The third chapter of this project work deals on the research design and methodology, in this chapter data will be sourced through primary and secondary means. The data sourced was analyzed in chapter four and also the hypotheses formulated in chapter were also tested in this part of the research work. The findings, conclusion and recommendations were stated in chapter five.


1.1 Background of the study

The term budget refers to a plan quantified in monetary terms, prepared and approved by appropriate authorities prior to a defined period of time, usually showing planned income to be generated and or expenditure to be incurred during that period and the capital to be employed to attain a given objective.

Abogun (2012) defined a budget as a plan of dominant individuals in an organization expressed in monetary terms and subject to the constraints imposed by the participants and the environments, indicating how the available resource may be utilized to achieve whatever the dominant individuals agreed to be the organization priorities.

Pandey (2003) in his formal definition defines budget as “a qualitative statement for a defined period of time which may include planned revenue, expenses, asset, liabilities and cash flows”.

Institute of cost and management accountants (ICMA) (as cited by Eze 2001), defined budget as “ a financial and or qualitative statement prepared prior to a defined period of time, of policy to the pursued during that period for the purpose of attaining a given objective”.

Lucey (2003) in his recent definition of budget defines it as a qualitative expression of a plan of action prepared for the business as a whole for departments, for functions such as sales and production or for financial resource item such as cash, capital, expenditure, manpower purchase, e.t.c

Morgan (19970 opines that the budget had grown beyond a financial tool. It is above all managerial tool, in essence, it is the best tool for making sure that key resources, especially performance resources are assigned to priorities and to results. It is a tool that enables the manager to know when to review and revise plans, either because results are different from expectation or due to environment economics conditions, market conditions or technologies charge which no longer correspond to the assumption of the budget.

Welsh (2003) opines that budgeting is the only comprehensive approach to managing so far developed that, if utilized with sophistication and good judgment fully recognizes the dominant role of the manager and provide a framework for implementing side fundamental aspects of scientific management.

Budgeting at both management level and operation level looks at the future and lays down what has to be achieved, control checks whether the plans are being realized and put into corrective measures, where deviation or shortfall is occurring. According to Egam (1997) emphasized that without effective controls, an enterprise will be at the mercy of internal and external forces that can disrupt its efficiency and be unaware, when a budgeting and control system is in use, budgets are established which set out in financial terms, the responsibility of the managers in relation to the requirement of the overall policy of the company.

Financial, a budget provides a focus for the organization, aids the coordination activities and facilities control where as control is flexible budgets.


1.2 Statement of problem

Budgetary control problems as a result of poor budget preparation. These arise such that; Problems in budgetary control may reflect a poorly formulated budget for example lack of credibility/realism. And lack of a comprehensive budget may complicate implementation for example separate timetable and rules for capital budget, extra-budgetary funds. And, also, where spending ministries have not been fully involved in their budget formulation so that they understand and own their budget. Also implementation problems can be reflected in lack of correct prediction of economic, social and political scenario or circumstances and the outbreak of situations like war, famine, natural disaster etc can hamper budget implementation. In Nigeria, the emergence of the civil war in May, 1976 really hinders the effective implementation of that fiscal year budget.

Some of the problems includes:

Lack of civil society involvement in budgetary control process in Nigeria Preparation. Delayed publication of financial statements. Lack of transparency and accountability. Lack of expert inclusion in the budget preparation to effectively forecast economic variables. The importance of implementation underscore the basic functions of budgeting and implementation in Nigeria since, much time is spent by the Nigerian government (often with World Bank, IMF assistance or encouragement) preparing elaborate poverty reduction focused budgets. A budget guides the government on a developmental plan that most times needs to be consolidated to achieve a meaningful aim. Budgetary control is importance because it assesses government performance over time, that is, it measures government score card and effective comparison can be made. An effectively implemented budget improves and strengthens the various macro-economic various suck as poverty, unemployment, inflation, and the financial systems. In total, an efficient and implemented budget encourages fiscal discipline; Assurance that budget aggregates are sustainable over the medium-term and promote economic stability effective allocation; Assurance that public money is spent in accord with national priorities and on programs that are effective in achieving public objectives and effective distribution of wealth efficient public service; Assurance that public services are delivered in an efficient, fair and courteous manner, and are accessible to citizens.

1.1 Objective of the study

In this project, the researcher intends to identify and highlighting the effectiveness and some problem involved in the preparation and application of budgeting and budgetary control in the bank industry with special references to union bank of Nigeria plc. With a view to suggesting ways and means of improving the operations and effectiveness of the system.



There is strong belief that good operating of budgeting and budgetary control is of great value to money deposit bank planning and control are indispensible in the money deposit banking industry.



The objectives of the study are the following:

1. To know the type of budgets and budgetary control in operation

2. To ascertain the efficiency and effectiveness of the system of budgeting and budgetary control

3. To determine whether the system of budgeting and budgetary control has led to improvement in money deposit banking system

4. To determine it budget and budgetary control are worth while.

5. To highlight the problem of budgeting and budgetary control and ways of improving on them.

1.3 Research Questions

2 What are the types of budgets and budgetary control in operation in the institution?

3 What is the efficiency and effectiveness of the system of budgeting and budgetary control?

4 Does the system of budgeting and budgetary control contributed to improvement in money deposit banking system.

1.5 Research hypothesis

In order to realistically assess the contribution of budgeting and budgetary control to managerial decision making, some hypothesis have been postulated

H0: budgeting and budgetary control are useful established better financial control

HI: budgeting and budgetary control are not useful established better financial control



1.6 Significant of the study

The significance of this study is to enhancing proper budgeting and budgetary control in money deposit bank system.



Many companies or organization have folded up because of incompetency of the management body and also poor implementation of the policies of the organization. This is usually due to the fact that most organization find it reluctant to engage in proper budget planning this has led to lack of predictions and eventually unforeseen circumstance override the policies of the organization; this is why written up is provided.



When this write up is eventually complex. Many organization will realize that budgeting and budgetary control are priority for the successfully achievement of the organization objective.



1.7 Scope of the study

The union bank of Nigeria plc has been chosen as a case study for the purpose of this research.

A look at budgetary control shows that it encompasses the process of planning. The preparation of budgeting based on this plan, recording and comparing actual performance with that budgeting.

1.8 Limitation of the Study

In research of this nature, it is pertinent that one will be faced with certain slimming factors, thus, study the contribution of budgeting and budgetary control to management decision making which is restricted to a bank, union bank of Nigeria plc.

The first to mention is finance. Due to the present state of the economy, the researcher is faced with financial constraints. For travelling to some place like Kaduna which is the area office of the case study i.e. union bank of Nigeria plc to collect the data involve high transportation cost due to fuel scarcity and also disturbance in Kaduna at the time the research was conducted.

Another factor that needs to be mentioned is the academic work pressure n the researcher due to the academic program which limits the extends of the research study. The semester system required a lot of hard work on the part of the researcher and hence has some adverse effect.
However, these factors not withstanding, the research was conducted diligently and affectively in accordance with the desired objective of the study.



Source: https://topics.com.ng/project-topics/403/an-assessment-of-budget-and

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EFFECT OF INTERNAL CONTROL ON THE PROFIT MAKING OF NIGERIAN BREWERIES (A STUDY OF NIGERIAN BOTTLING COMPANY 9TH MILE ENUGU)

ABSTRACT

In this research work titled “effect of internal control on the profit making of Nigeria breweries with particular references to Nigeria Bottling company 9th mile Enugu" the study determine the impact of internal control to proper use of organizations funds and assets. The study equally ascertains whether perpetration of fraud and losses of Revenue in an organization are as a result of weakness in internal control system. In this study the various true of reflection of organizational activities are presented in financial statement where there is an active observation of internal control measures. Data for the study was sourced from two main sources Primary and Secondary. Primary data were sourced from the use of questionnaires and oral interviews. Secondary data were sourced from journals, and other relevant materials. Extensive literature review was carried out on the direct literature and indirect literature on books, journals and past works. The research instrument used in this study includes oral interview and questionnaire. The questionnaire is structural as to contain both close and open ended question. Simple tables and percentages were used in treatment of data. Z-table and regression co-efficient method was used for comparison between calculated values of significance of testing the hypothesis. At the end the researcher found out the adequate organizational controls and that each staff knows his duties and equally ensures effective segregation of duties. Based on this findings, the researcher find out that internal control measures ensure proper use of organizational fund and assets.


CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the Study

Internal control has been recognized in the most organizations as one of the most essential ingredients, necessary for the survival of the business enterprise and government agencies. Apart from the problem of scarce resources, organizations run a high risk of fraud, errors, misappropriation of funds, inefficient and ineffective operations. Step are required, therefore to minimize, if not eliminate completely, these risks, by establishing internal control system. For every organization, there are risks that the organizational goals and: objectives are not achieved. All efforts aimed at preventing or identifying and correcting such risks are viewed as internal control.

Anthony (2008:17) defined internal control as "the process by which managers assure that resources are obtained and used effectively and efficiently in the accomplishment of the organization objectives. Garrison Noreen 2000:378) suggested a different definition for internal control as follows: "those steps taken by management that attempt to increase the likelihood that the objectives set down at the planning stage are attained and to ensure that all parts of the organization function in a manner consistent with organizational policies”.

He further defined internal control as those sets of organizational activities which include: planning, co-ordination, communication, evaluation .and decision making as well as informal processes, aimed at enhancing the efficient and effective use of the organizational resources towards the achievement of the organizational objectives. We are treating internal control as a tool used by the management to facilitate those activities which corresponds to our area of study.

Anthony and Govindavajan (2004) identified several aspects or activities of management/internal control namely: planning, coordinating, 'communication, evaluation, decision-making and influencing. Planning what the organization should do to achieve proper accountability. Planning could be viewed as budget preparation. With planning the organization decides what to do and the responsibilities of its different members. Koontz and Donnel (2002:34)defined internal control as all the measures of a public or private organization that could be said to be strategies of owners and managers to monitor and control the activities within the organization. Arnold and Turley (2006:3162) classify organization plans as falling under the following headings:

i. Operating Plans: These are short-term plan which relates directly to the achievement of the organization objectives. Thus the annual accountability and met up government target plans as well as the plans to suppress smuggled goods would be examples of operating plans.

ii. Administrative Plans: These are tactical plans concerned with the creation of the organizational structured, under which accountability and performance levels can be determined for appropriate functions.

iii. Coordinating the activities of several parts of the organization to assure alignments goals.

iv. Communicating information such as strategy and specific performance objective. Communication could be done formally (by means of budgets and other official documents) and informal through conversations.

Evaluating actual performance related to the standard and making inference as to how well the employees have preformed. Deciding what, if any action should be taken. In 1999, in the United States of America, the general accounting office for standard defined "Internal Control as an integral component of an organization, management that provides reasonable assurance that the following objectives are being achieved: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations. They further state that internal control is a major part of managing an organization. It comprises the plans, methods, and procedures used to meet missions, goals and objectives and in doing so supports performance based management. Internal Control also serves as the first line of defence in safeguarding assets and preventing and detecting errors and fraud. In short, internal control, which is synonymous with management control, helps government program managers achieve desire results through effective stewardship of public resources.

Internal Control provides reasonable assurance that the objectives of the organization are being achieved in the following categories: effectiveness and efficiency of operations including the use of the entity's resources. Reliability of financial statement and other report for internal and external use, compliance with applicable laws and regulation. Internal control was designed to provide reasonable assurance regarding preventions of or prompt detection of unauthorized acquisition, use or disposition of organizations assets. Internal Control is not one event, but a. series of actions and activities that occur throughout an entity's operations and on an ongoing basis. Internal control was recognized as integral parts of each system that management uses to regulate and guide its operations rather than as a separate system within an organization.

In this sense, internal controls are management tools that are built into the entity as a part of its infrastructure to help manager run the entity and achieve their aims on an ongoing basis. Internal control is affected by people: people are what make internal control work. The responsibility for good internal control rests with all managers.

Management sets the objectives, put the control mechanisms and activities in place, and monitor and evaluates the control. However, all personnel in the organization play important roles in making accountability happen.

Internal control provides reasonable assurance, not absolute assurance; management design and implement internal control based on the related cost and benefits. No matter how well designed and operated, internal control cannot provide absolute assurance that all organizational objectives will be met. Factors outside the control or influence of management can affect the entity's ability to achieve all of its goals. For example, human mistakes, judgment errors, and acts of collusion to circumvent control can affect meeting organization's objectives.

Therefore, once in place, internal control provides reasonable but not absolute assurance of meeting organizational goals Isidore (2006:81) in his definition of internal control stated it is the whole system of controls, financial and otherwise, established by the management in order to carry on the business of the organization in an orderly and efficient manner, ensure adherence to management policies, safeguard the assets and secure as far as possible the completeness and accuracy of the records. The key concepts from the above definition can be summarized as follows:

a) To ensure that a structural framework exists for the efficient and effective channeling scare resources.

b) To ensure that policies decided on and adopted by management are consistently followed by those responsible for implementing them;

c) To ensure that expensive assets on which operations critically depend are properly secured and safeguarded to prevent misuse and misappropriation,

d) To ensure that important document which provides the information on which significant strategic and decision are based provide a. complete accurate and timely record of relevant events.

Eric (2004) in his paper title "Internal Controls and financial accountability 'stated that a primary responsibility of directors - is to ensure that organization is accountable for its programs and finances to its contributors, members, and the public and government regulators.

Accountability requires that the organization comply with all applicable laws and ethical standards, adhere to the organization's mission, create and adhere to conflict of interest, ethics, personnel and accounting policies, protect the rights of members, prepare and file its annual financial report with the internal revenue service and appropriate federal regulatory authorities and make the report available to all member of the board and any member of the public who requests it. Every organization both profit or non-profit organization has its objectives and goals in mind to achieve. For the non-profit making organization, their goal is to satisfy the social need of the citizens and in the effort to achieve these purposes supervision more often than not play a vital role.

The size and scope of these organizations have sometimes made it hard for the executors to exercise personal and first hand supervision of operation. It is in this light that internal control established by management is initiated. For an organization to carry out its business there must be some factors put in place for the smooth running of the organization like materials, machines, money and so on.

These need to be well co-ordinated in order for the success of the organization to be achieved. These factors are used by a group of persons known as management. Neither can management exist without an organization as both are inseparable.

The system of internal control provides assurance to management of the dependability of the accounting data used in the decision making of the organization.

Management use internal control as a tool to check it’s staff due to the fact that managers are not able to monitor the activities of the organization. It therefore adopts the internal control in such a way that the system checks itself and any irregularity within the system is been detected and corrected.

To ensure that the system checks itself, management could use devices such as segregations, supervision of work and acknowledgement of performance. The effective arrangement and implementation of this control system would ensure proper management.

According to United Nations University (2002), the brewing industry is one of the fastest growing branches of Nigerian manufacturing industries. It contributes about 28 per cent of MVA (Manufactured Value Added) and provides direct employment for over 30 000 persons. The indirect employment associated with the industry is close to 300 000 including the firms producing ancillary services.

Nigerian Breweries Plc, incorporated in 1946, is the pioneer and largest brewing company in Nigeria. Its first bottle of beer, STAR Lager, rolled off the bottling lines of its Lagos Brewery in June 1949. Other breweries were subsequently commissioned by the company, including Aba Brewery in 1957, Kaduna Brewery in 1963, and Ibadan Brewery in 1982. In September 1993, the company acquired its fifth brewery in Enugu state, and in October 2003, its sixth brewery, sited at Ama in Enugu. Ama Brewery is the largest brewery in Nigeria and one of the most modern worldwide.

Operations at Enugu brewery were discontinued in 2004, while the company acquired a malting Plant in Aba in 2008. In October 2011, Nigerian Breweries acquired majority equity interests in Sona Systems Associates Business Management Limited, (Sona Systems) and Life Breweries Limited from Heineken N.V. This followed Heineken's acquisition of controlling interests in five breweries in Nigeria from Sona Group in January 2011. Sona Systems two breweries in Ota and Kaduna, and Life Breweries in Onitsha have now become part of Nigerian Breweries Plc, together with the three brands: Goldberg lager, Malta Gold and Life Continental lager. Thus, from the humble beginning in 1946, Nigerian Breweries Plc now has eight operational breweries from which its high quality products are distributed to all parts of Nigeria, in addition to the ultra-modern malting plants in Aba and Kaduna.

1.2 Statement of Problem

We might not really understand the impact of internal control system in an organization until probably we run an organization void of internal control system. The absence of adequate internal control measures exposes the financial management of an organization to certain threats such as:

- Incorrect financial statement and/loss of the company's' assets.

- Stealing and Mis-management of organizational vital documents which may be done by an employee(s) to take undue advantage.

- Incorrect and unreliable financial records which may lead to loss of organizational integrity.

- Non implementation of accounting policies in consistent with the applicable legislation appropriate in presentation of financial statement.

1.3 Objective of the Study

The overall purpose of this research work is to evaluate and determine the effect of internal control on the profit making of Nigerian brewing industrial.

A well defined organizational structure helps management to run the business in an orderly manner. This enhance operational and efficiency, which is the important features of internal control.

Specifically, this research work stands to achieve the following objective.

1) To determine the effect of internal control to proper use of organizations funds and assets.

2) To ascertain whether perpetration of fraud and losses of Revenue in an organization are as a result of weakness in internal control system.

3) To ensure whether a true reflection of organizational activities are presented in financial statement where there is an active observation of internal control measures.

1.4 Research Questions

The following research questions will be used to form the research hypothesis and they are:

1. To what extent does the internal control measures effect on appropriation of organizational assets and funds?

2. To what extent does perpetration of fraud and losses of Revenue in an organization are as a result of weakness in the internal control system?

3. To what extent does internal control enhance a true reflection of organization activities as presented in the financial statement?

1.5 Hypothesis

This research is undertaken on the basis of the following hypothesis.

Hypothesis One (1)

Ho: internal control measure does not ensure proper use of organizations funds and assets.

Hi: Internal control measure ensures proper use of organization funds and assets.

Hypothesis Two (2)

Ho: Fraud perpetration and losses of revenue in an organization are not as a result of weakness in the internal control system.

Hi: Fraud perpetration and losses of Revenue in an organization are as a result of weakness in the internal control system.

Hypothesis Three (3)

Ho: internal control does not ensure, a true reflection of an organizational activities as presented in financial statement

Hi: Internal control ensures a true reflection of organizational activities as presented in financial statement.





1.6 Significance of the Study

There is no controversy that this research works have been conducted on internal control system, however much emphasis has been placed on the effect of a good internal control system on profit making of Nigerian Brewing Industries.

This research work will go a long way in helping an organization discover the effect of weakness in internal control and suggest measures in correcting them. It will also reveal the problems caused by bad internal control system and be useful to students, scholars, lecturers and other third parties as it shall open new area of further research work and at same time advance challenges to up-coming researchers.



Source: https://topics.com.ng/project-topics/402/effect-of-internal-control-on

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AN APPRAISAL OF THE MARKETING CONCEPT IN THE BANKING INDUSTRY


CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

As competition between businesses geared up, if becomes imperative to turn, attention to customers needs and wants which are naturally insatiable. The marketing concept arose to challenge all other previous concept. Orjih (1998) in his book “Seminar in Banking and finance.” Concluded that marketing concept holds the key to achieving organizational goals consists in determining the needs and wants of target markets and delivering the desired satisfaction more / effectively and efficiently than its competitions. The marketing concept is of frame of mind which the market focus, customer orientation coordinated marketing and profitability.

The marketing concepts starts with a well defined market, and the organization that determines who its markets will be, who he hopes to satisfy as concluded by Melver and Geoffrey (1980) in book “Marketing financial services.

By customer orientation, it implies that the customer’s need is defined from customer’s view point and not from the aspect of the company. The customers orientation seeks to crown the customers as “king” recognizing the fact that the customers is the life blood of an organization. A business man once said that “Our aim goes beyond satisfying the customers”. Coordinating marketing entails that all the various marketing function like, advertising, marketing research, sales forces and so on due properly integrated and must be well coordinated with other departments in the company. The companies are to make profit. A company will make more profit, if it satisfies its customer’s needs better than competitors. Therefore, in applying the marketing concept, companies would produce what the customers want, and by so doing, they maximize more profit.

Several authors have stated the need to adopt the marketing concept by the business entities. Kotler (1997) in his book “marketing management analysis, planning and control”.

Said that most companies do not really grasp or embrace the marketing concept until they are driven to it by circumstance like, sales dechine, slow growth, changing of buying patterns by the customers, increasing competition and increase in marketing expenditure. The emergence of banking industries and its services in Nigeria can be traced back to 100years ago. The activities of transactional corperation, the financial transactions of the colonial government the decline of the better system of trade and the increasing acceptance of British silver currency, all these required an institution in the form of a commercial banks for softy and transmission of funds, the importation and distribution of British silver coins and provision of credit to the government and trading companies who need the services of the banking industries. Banks were out to make profit interest gotten from the credits granted to these customers, without actually satisfying the customers. They never really thought of the customers as the life blood of the banking industries.

In the past, banks were operating in a seller’s market which made demarketing possible, but the environment is dynamic, such that if bank are taking place in industry and commerce, only banks that are efficient and effective can satisfy customer. This in scarce and abundant economics alike the problem is not production but marketing, if only we accept the truth that mass marketing is a pre-requisite for a successful mass production. Therefore, marketing consideration can only be the most critical factor in any business planning.

1.2 STATEMENT OF THE PROBLEMS

In banking industries, the quality of services rendered by the banks have been attracting critisms from people in all works of life. The government functionaries, businessmen, the media and the general public are all very critical of banking services. The complaint ranges from those of efficiency, favouritism, long delays in casting cheques or making withdrawals, tardiness in granting loans or credits, unfriendly attitude of bank workers. Even the government that own a sizeable proportion of shares in most banks is known to constant aceusation of banks for not identifying enough with nation’s aspiration. That is the reason why one time the general staff had a cause to appeal to banks to leave arm chair banking and adopt the marketing concept in carrying out banking activities. Most banks do not put their customers in the prime place as there are supposed to be. There is now keen competition and accurate competition means applying the marketing concepts. Now, are these critisms about banks justified, or are they just a mere rundown of banking industry because they are making profit in an era of economic slump?

1.3 OBJECTIVE OF THE STUDY

From all that have been written above, it is the aim of this study to take a segment of the banking industry and study the approach of the banks to their customer.

- To evaluate the application of the marketing concept by banks as a base for rendering services to their customers.

- To determine the various ways of marketing of banking services by the banks to their customers.

- To determine the effectiveness of marketing mix in the marketing of financial services.

- To identify the problems of marketing of banking services

- To proffer solutions to the problem of marketing of financial services.


Source: https://topics.com.ng/project-topics/3986/an-appraisal-of-the-marketing

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THE IMPACT OF INFORMATION TECHNOLOGY ON THE PERFORMANCE OF COMMERCIAL BANK IN NIGERIA (A CASE STUDY OF ENTERPRISE BANK)


ABSTRACT

This project work is on the impact of information technology in the banking industry. And Eco Bank is chosen as a case study. In carrying out this research project, both primary and secondary data were collected to solve the research problem. The population of the study comprises of the personals of Enterprise bank and the customers that patronize them. The research instruments used for data collection were questionnaire and oral interviews. Tables, frequencies and percentages were used in presenting and analyzing the data collected. The chi-square was used in testing the hypothesis. From the data analysis, the researcher came up with the following findings. That the customer are not satisfied with the level of information technology of the bank, that high cost of information is a major set back of the company that hinders the efficient rate of the banks information technology. Based on the finding the following recommendations were made: (i) the bank should improve the information technology to help them enhance efficiency of the services and satisfy their customers. (ii) That the bank should continue to source for information that would help them satisfy their customers (iii) the problem of fund and high cost of information should be taken care of by releasing fund which will be used to improve the quality of information in technology of the bank. And in conclusion that information technology Enterprise bank has a vital role to play in enhancing the efficiency of the services provided by the company.

Chapter One

INTRODUCTION

1.1 Background of the Study

The world is a global village. It is due to the global state of the world that bedsore became such an organic economic activity armed at producing goods and services.

In this light of this organic nature of business, it constantly changes with improvement in science and technology. Business men and women have seen the need to also change their mode of carrying out business activities in order to keep abreast with the current practice and to effectively face the constant and new challenges experienced on the business.

This growing expectation challenges prompt the business community into evolving means to smoothen the performance of business. There are number challenges of business. These challenges are characterized by the constant changes in trade of customer as well as the competition in the business circle by other competitors, all towards achieving or controlling the patronage of the majority of the customer in the entire industry.

Many banks in the part has strive to improve their counter services and reduce to the minimum the waiting time for such service by employing more staff to cope with increasing number of customers.

But his did not yield much result with the advert of information technology bank like all Enterprise bank had office has been able to automate some aspect, if not all their operation and this has resulted to lower cost in terms of paid salaries to staff and wasting of customers time. With the help of information technology in Enterprise bank, according to information systems, the decision making proves loans and credit evaluations and other banking services have been very efficient. The Enterprise bank head office, having realized the existence in the competitive economy depends on the level of information technology adopts it protectively. The range of information technology adopted by Enterprise bank must be determined by the peculiarity of its customer.

Thus, to compete favorable and effectively in the work of today’s complex business environment, the business has to keep itself abreast with the dynamic changes and also adopt new methods currently practiced all over the worlds, i.e., by most success and business. To this end this research world is set to study and research on “using management information system (MIS) to improve customer’s service and growth in the banking industry.

Information for the modern organization is a resources parelled in importance to land, labour and capital. It is very vital and priceless resources for centuries, man has tried to collate, store, process and retrieved information and most importantly distribute or communicate it by the available fastest mean. It follows, therefore that man has tried various ways and methods to record and disseminate information in his attempts to proffer solution to competing tasks over the centuries. Information therefore is data that have been processed into meaningful and usable form, and it contains knowledge that reduces uncertainly in particular situation. However, information technology (I.T) is a term, which generally covers the harnessing of electronic technology for the information needs of business at all levels. It is a computer based system as well as telecommunication technology for storage, processing and dissemination of information.

It is no longer news that we are now in information age that is characterized by an ever-changing information technology revolution and an information superhighway on which every corporate entity and profession must move, if it is to survive in the 21st century. What is news, it that many professionals in developing countries like Nigeria do not seem to be ready or prepared to embrace this information technology or revolution and join its superhighway as a means for survival and that many practitioners are among such luggards. This is quite unfortunate because the world of business and governance in the information age is further complicated by such concepts like democratization, competition, deregulation, privatization, commercialization, liberalization, globalization, internationalization and computerization.

1.2 Statement of the Problem

This work intends to investigate the impact of information technology on the Performance of commercial bank in Nigeria a case study of Enterprise bank.

Information technology is entrepreneurial activity that information as a corporate resources should be managed and it greatly increase the opportunities that are available.

The operation of most banks in Nigeria are done manually with the aid of a calculator and writing machine. The banks do not recognize computers in their operations. The data processing and execution of transactions as well as their entire system for the purpose of record keeping are all done manually.

The waiting time for bank services had led to frustration and dissatisfaction of quite a number of customers.

Another big problem facing the banking sector today is fraud, which has established the banking sector to the point of lack of confidence from the average customer.

Most banks do not put their customers in the prime place as they supposed to be. These is new keen completion and to compete means to apply the marketing the other ends created negative patronage from public saving and other transaction through the bank which resulted to loss of revenue. For the bank as well as how the implementation process should be to achieve an effective computation of the bank so as to achieve greater participation by customer for the overall interest of customer and their bank as a whole. This study is aimed at researching on the effect of information technology on the marketing of banking services.

1.3 Objective of the Study

Among the objective of the study are:

a) To explore the correlation between information technology and services delivery ability of banks.

b) To investigate the effect of information technology, investment on profitability of the Enterprise bank on customer loyalty.

c) To investigate the effect of information technology investment of banks on customer loyalty.

d) To relate the advent of information technology to effective services delivery of Enterprise bank.

e) To suggest how first, banks executive can direct and mange the linage investment information technology and maximize profit.

1.4 Research Question

1) States whether the information technology is in efficient operations of Enterprise bank services.

2) How can customers know the means of various bank services existence of the bank

3) Response to whether good information technology enhances efficient running of the bank services.

4) Response to the level of satisfaction with the current information technology on ground in Enterprise bank.


1.5 Hypothesis

Hypothesis I

Ho: Customer choice of banks is not a function of the level of information technology investment of the bank.

H1: Customer choice of banks is function of the level of information technology investment of the bank.

Hypothesis II

Ho: Customer loyalties do not depend on high information technology extent in bank.

H1: Customers loyalty depends on high information technology extent in bank.

Hypothesis III

Ho: Customer do not perceive Enterprise bank as high information technology bank.

H1: Customers do perceive Enterprise bank as high information technology bank.

1.6 Significance of the Study

Not only student of the nature in the world of competitive business and scarce resources, on completion of this study, the management of Enterprise bank will benefit much and know why it is necessary using the management information system instead of manual operation system.

Delays is a problem faced by the customers of the bank, a transition that was supposed to be executed in five to ten minute with the use of computer takes one hour or more to complete because of the manual application in the operation. But this is not so in using the computer.

Efficiency and effectiveness are two important terms as far as banking sector or any establishment is concern. While efficiency refers to resources productivity in the organization. The bank can not compete favourably with other well-known banks in the banking sector without having it operations computerized. This is because the success of these perturbing banks like on the computerized operation, this then a bound impetus in the customer services. Therefore, the bank to computerize its operation so as to join the ware of success experienced by other fast giving banks within the problem faced by the banks of which this write up will work into and find some cases of the problems and possible solution so as to advise the bank on the very forward to achieving success.


1.7 Scope

In carrying out a research work it is expected that a research of this nature, must have a boundary.

In evaluating the impact of information technology on the performance of commercial bank in Nigeria, emphases were based on information technology and the impact of such information technology on commercial bank in Nigeria.

1.8 Limitations of the Study

The researcher encountered many difficulties in the course of the research work which are as follows:

1. Time Constraint: The time available in carrying out this research is not much in other to meet up with the researcher’s school demand.

2. Insufficient Fund: The researcher lack enough fund in carrying out this research work the researcher would have visited more banks and their branches but could not do so due to the lack of sufficient fund.

3. The non-challant attitude on the part of the respondent as they view the researcher as intruder

1.8 Definition of Terms

Management Information System: Method of making available to management the accurate and timely, information necessary to facilitate this decision making process and enable the organization planning functions be carried out effectively.

Electric Data Processing: The department where data processing takes place for a few organization oral function usually accounting and billing this concept of computer based.

Computer Based Information System (CIBS): Information system which becomes better known as computer based (mis).



Source: https://topics.com.ng/project-topics/311/the-impact-of-information-technology

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SURVIVAL STRATEGIES FOR SMALL SCALE BAKERIES IN ENUGU


CHAPTER ONE

INTRODUCTION

1.1 THE PROBLEM AND ITS SETTING

Every industry operates within two sets of constraints. Internal constraints are those problems within the organization and over which the enterprise has reasonable amount of control. Personnel problem, capacity utilization and the techniques or process of production are some of such factors.

External factors could pose formidable problems to an enterprise. The problems are made more severe by the fact that these problems are caused by factors outside the competence of a given enterprise to control. Examples of such factors are government regulation, traditional or cultural values etc.

The bakery industry in Nigeria has been a victim of externally imposed constraint. Hitherto, bakers depended on local millers who produced their vital raw materials, flour from imported wheat. Government banned the importation of wheat and wheat product in 1986, thereby, sending shock waves to this very well established and expanding industry. Wheat products has started to consume an unacceptable amount of the nation’s foreign exchange as the table 1.1.1 below clearly demonstrates, as well as figure 1.1.1 in page 3.

Table 1.1.1 Foreign Exchange Spent on Wheat and Food Import 1981 – 1985

Import 1981 1982 1983 1984 1985

N,000 N,000 N,000 N,000 N,000

Total food 1,820,215 1,642,245 1,296,714 843,246 946,567

Wheat 159,422 79,629 255,717 243,067 327,870

C/o of total 9% 5% 20% 29% 35%`

Source: Federal Office of Statistics, Lagos

Given the above circumstances, there was a clear need for government action to check the outflow of the nation’s declining foreign exchange earnings through what important.

Besides, it can also be argued that there were suitable local substitutes of wheat flour for bread baking; rice, cassava, maize and sorghum have been mentioned as such suitable substitutes. To some people these substitutes were at least as good as wheat as it was suggested that local bakers rejecting them were doing so our of ignorance, or out of a slavish preference for imported products or whether one accepts the above arguments or not, what has become clear is that the effect of the ban on the importation of wheat was swift devastating on the bakery industry.

In Enugu Urban alone, some famous baking houses closed up. Nigerline bakery, St Georges Bakery, many bakeries and Mother’s Pride Bakery all shut down between the middle of 1986 and the end of 1987. As at the time of starting this project, not every Bakery has resumed operations.

A far more reaching effect on this ban on the industry as a whole is that it has quite clearly changes the eating habits of many Nigerians.

Ubiquitous bread on the breakfast table has vanished and the frequent sight of peoples snacking on bread in the afternoon has also disappeared.

The primary demand for bread products in this country has certainly contracted since then.



1.2 STATEMENT OF THE PROBLEM

Such is the background for this study. Most baking houses are small scale business who face the task of devising survival strategies to deal with major changes in government policy that threaten their very existence.

Our focus is on suitable survival strategies for the banking industry given their operating circumstances since 1986. We are interested in finding out how those who are still in business dealt with the new condition in which they found themselves. In particular, we will be looking at the organizational changes, financial management strategies, and other operating techniques that they had to adopt in order to survive.

As for the baking houses that closed down, we shall explore whether there were forces other that the ban on imported wheat that engendered their demise. The study will cover a broad section of the bakeries in Enugu urban. See Appendix A.


Source: https://topics.com.ng/project-topics/832/survival-strategies-for-small-scale

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TEACHERS’ AND STUDENTS’ PERCEPTIONS ON THE NEED FOR GUIDANCE COUNSELLORS IN SECONDARY SCHOOLS IN ENUGU SOUTH LOCAL GOVERNMENT AREA OF ENUGU STATE



CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

From time immemorial, man has always needed some form of guidance in order to properly manage life issues. In the days of old, young people received guidance concerning life issues and this was known as informal or traditional education. In Africa, this traditional type of guidance was administered by families, priests and church leaders.


According to Anagbogu (1988.1), traditional guidance was a means “to direct, lead, guide, pilot, show, inform, advise, help and instruct”. The people were guided or protected by “Ikoro”, Ekwe” or “Talking Drum” when a message need to be passed or danger was imminent; it was by this medium that they passed information across each village. Modern counselling originated from USA in 1909.

Guidance and Counselling is one of the developments in the field of education in Nigeria. It became popular in Nigeria with the introduction of the 6-3-3-4 educational system in 1982. It is generally accepted that in Nigeria, the organized formal guidance stated in 1959 at St. Theresa’s College, Oke Ado in Ibadan through certain reverend sisters, out of concern for the graduates of their school. They felt that there was need to offer vocational guidance to their outgoing final-year students because it would help them with their life outside school to become productive to themselves and the society.


As a result of these, the reverend sisters invited twenty educated people from Ibadan community from different professions to speak to the students. Since they were professionals, they knew more about the emerging world of work than the students and the reverend sisters. Fifty-four out of the sixty students benefited from the experts’ advice and were placed in various jobs. The innovation was highly accepted by the society because in later years, this group of people, though not trained counsellors, organized career talks, seminars, guidance workshops and lectures for the class five students. Later on, the vocational guidance services spread to other secondary schools outside Ibadan and across the entire federation.


The Ministry of Education officials became so interested in these organized services that the group of “Career Advisers” was invited to provide career workshops for teachers and career masters. Eventually, the term “Career Advisers” became a national issue. In an attempt to overhaul the old educational system and steer it towards the needs of the nation, the Nigeria Educational Research Council (NERC), now called the Nigeria Educational Research and Development Council (NERDC), organized a conference on curriculum development in September, 1969.

This curriculum conference was followed by a government- sponsored National Seminar in 1973, under the chairmanship of Chief S.O. Adebo to deliberate on all aspects of a National Policy on Education using the report of the 1969 curriculum conference as the working document. There was need for the curriculum to emphasis the aspect of students’ adequate preparation for life after school. The conference produced recommendation for a new National Policy on Education which the Federal Government accepted and published in 1977; it has been revised in 1981, 1989 and 2004 respectively.


With the highlighted changes in the nation’s educational system, the need for guidance and counselling services in Nigerian secondary schools become more glaring. Consequently, guidance and counselling services became an integral and essential component of the educational process for all students as they progress through the formal educational system.

In recognition of the need for guidance services in secondary schools, Iwuama (1999) stated, “we are conscious of the climaxed need for guidance services in the life of the child at the secondary stage which fairly corresponds with his pre-adolescent and adolescent stages of development”. The emphasis here is on the 3:3 educational systems, which implies three years in junior secondary school and three years in senior secondary school. The former is meant to be both pre-vocational and academic while the latter is more comprehensive, comprising the core curriculum designed to broaden student’s knowledge. Therefore, the services of guidance counsellor are needed for the achievement of the students’ goals as well as educational objectives. The goals and educational objective of the students are:

1. To develop a positive self-concept, attitudes, social values and self-awareness within a changing complex society such as Nigeria.

2. To gain knowledge of available educational facilities and learn how to study effectively to achieve academic aspirations.

In support of this, Unachukwu (1991) maintained that a close look at the aims of junior and secondary education will demonstrate the need for proper guiding of students’ interests, abilities and capabilities for any future choice of career and proper adjustment in life. It is well known that the present change in the educational system created a need for guidance counselling.

Prominent among the services rendered by guidance and counselling personnel in secondary schools are Information, Appraisal, Referral, Guidance, Planning and Follow-up for the proper guidance of studnets. These children need information about the changes of the new system; they need to be educated on the continuous assessment and they need to be exposed to available opportunities and social expectations if our society is not to be plagued by bored disgruntled, frustrated and unrealistic individuals (Durejaiye, 1976).

It has been observed that certain schools in Enugu South Local Government Area, in particular, have only one guidance counsellor rendering services to both students and staff alike yet students and teachers cannot say that they fully understand the roles and functions of the guidance counsellor and the activities they carryout in schools. Moreover, the importance of the guidance and counselling services in our secondary school becomes more evident because of the innovations in our educational system such as provision of DSTV room in education technology for teaching visual and audio-visual topics, on-line registration and study.

Iwuama (1999) stated that “Many individuals and government have recognized the need for guidance and counselling services in the national education system especially in view of recent socio-economic changes of the age”. Therefore, the broad aims of secondary education as contained in the National Policy on Education (2009) have to be achieved in order to identify the level of government involvement.

The National Policy on Education (2009) states, “Counselling facilities shall be made available to students from the elementary level onwards in order to constructively utilize their energy, to deal with any display of aggression amongst young students and to address any other psychological distress that a student may be in by suggesting a suitable remedy”. Based on this provision, educational guidance should be seen as assistance provided for children to achieve their goals. Against this background therefore, the focus of this research is to find out the perceptions of teachers and students on the need for guidance counsellors in secondary schools in Enugu South Local Government Area of Enugu State.


1.2 STATEMENT OF THE PROBLEM

The misconception about guidance and counselling services in schools has given much concern to the guidance counsellors seeing that there are several problems which the students are encountering but cannot find a solution to. These problems include: students’ unrest, constant changing of courses, delinquency, promiscuity, indiscipline, drug use and abuse, robbery and cultism. All these are as a result of lack of proper guidance while in secondary school.

It is likely that students do not avail themselves of the guidance and counselling services because they do not understand what is entailed and how valuable such service are. There is need to ask:

1. Do both students and teachers have misconceptions about the role of the guidance counsellors in the schools?

2. Do both students and teachers have misconceptions about the nature of school guidance and counselling services?

3. Do school guidance counsellors carry out their functions properly in the schools?


1.3 PURPOSE OF THE STUDY

The study investigates teachers’ and students’ perceptions of the need for guidance counsellors in secondary schools in Enugu South Local Government Area of Enugu State.

This study will specially focus on the following:

a) Finding out the perceptions of teachers and students of the need for guidance counsellors in secondary schools.

b) Finding out the functions of guidance counsellors in secondary schools as perceived by teachers and students.

c) Finding out how often teachers and students consult the guidance counsellors for solutions to their problems.


1.4 SIGNIFICANCE OF THE STUDY

Guidance counselling is the bedrock for achieving self-actualization. It is a process of helping individuals to understand themselves by discovering their own needs, interests and capabilities in order to formulate their own goals and make plans for realizing them. This study will help to highlight how guidance and counselling services are being implemented in secondary schools in Enugu South Local Government Area of Enugu State and the quality of guidance services received by secondary school students.


* It will help the guidance counsellors to be better accepted and enabled to function well in secondary schools.

* It will educate the students and teachers on the functions of the guidance counsellor.

* It will enable the government to know how to assign guidance counsellors to secondary schools.

* It will also enable the parents to see guidance counsellors as surrogate parents and caregivers who can assist their children in secondary school.

1.5 SCOPE OF THE STUDY

The study is delimited to teachers and students perceptions on the need for guidance counsellors in secondary schools in Enugu South Local Government Area of Enugu State.


1.6 RESEARCH QUESTIONS

The following research questions will guide the study:

a) What are the functions of guidance counsellors in secondary schools in Enugu South Local Government Area of Enugu State?

b) What are the perceptions of teachers and students on the need for guidance counsellors in Enugu South Local Government Area, Enugu State?

c) To what extent do the teachers and students consult the guidance counselors for solutions to their problems?


1.7 DEFINITION OF TERMS

The following are the terms that guided the study;

a). GUIDANCE: According to Oxford Dictionary 7th Edition guidance is a help or advise that is given to somebody, especially by somebody older or with more experience.

b) COUNSELLING: Osondu (2008) defined counselling as a process by which an individual is made to understand himself so that he can solve his own problems.

c) GUIDANCE AND COUNSELLING: Okonkwo and Ozurumba (1989) defined guidance and counselling as an indication of genuine concern for the welfare and good upbringing of the individuals.

d) PERCEPTION: According to Advanced Oxford Dictionary (2001), it means one’s view, idea or belief, opinion on an issue or the way one understands something.

e) COUNSELLOR: A person trained to counsel people and who is involved in helping individuals to understand themselves and their problems, according to the National Teacher’s Institute new module in guidance and counselling. Cycle 4.

f) GUIDANCE COUNSELLOR: According to NTI module on guidance and counselling, it is a professionally trained person who assists the clients in assessing and understanding their abilities, attitudes, interest and educational needs.

g) NEED: According to Advanced Learners’ Oxford Dictionary (2001), need is defined as (somebody or something) to do something in a situation when something is necessary or must be done.


Source: https://topics.com.ng/project-topics/689/teachers-rsquo-and-students-rsquo-perceptions-on

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