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The main objective of this study was to examine the usefulness of accounting information in management decision making of an organization. To identify how accounting information controls fraud and to determine how effective accounting information helps in management decision making. The research was conducted in Anchor Insurance Company Limited, Uyo. Total of 34 staff were administered questionnaire. The research design for this study was a descriptive design which is described as a method of collecting information by interviewing or administering of questionnaire to a sample of individuals. The data gathered were analyzed and summarized using simple percentages and descriptive statistics. The researcher adopted descriptive and narrative methods in reporting and presenting the research work. The results and findings were examined through the three research question and questionnaire development, and was ascertained that accounting information is relevant to the improvement of organization’s decision making. And the managerial decision to direct resources to the area of needs, the possible increase in productivity are best achieved when there is effective accounting information. In conclusion, accounting information is very crucial to the effective management decision making of the organization. The researcher recommends that accounting information should be enhanced by effective updating of account records. The periodic audit of the company account and the discovery of loopholes can aid the avenue of waste and corruption in the organization. And as a result, management should continually avail themselves with sound accounting information.
TABLE OF CONTENTS
Title Page - - - i
Declaration - - - ii
Certification - - - iii
Dedication - - - iv
Acknowledgements - - v
Abstract - - - - vii
Table of Contents - - viii
List of Tables - - xii
Chapter One: Introduction
1.1 Background of the Study - - - - - 1
1.2 Statement of the Problem - - - - - 3
1.3 Objectives of the Study - - - - - 4
1.4 Research Question - - - - - - 6
1.5 The Significance of the Study - - - - - 6
1.6 The Scope and Limitation of the Study - - - 7
1.7 Assumption - - - - - - - 7
1.8 Organisation of the Study - - - - - 8
1.9 Brief Historical Background of the Study Areas - - 8
1.10 Definition of Terms - - - - - - 9
Chapter Two: Review of Related Literature
2.1 Conceptual Framework - - - - - 12
2.1.1 Overview of Accounting - - - - - 12
2.1.2 Accounting Convention - - - - - 13
2.1.3 Accounting Principles - - - - - 16
2.1.4 Statutory Stipulation on Accounting Information - - 17
2.1.5 Users of Accounting Information - - - - 21
2.1.6 Nature of Accounting Information - - - - 26
2.2 Theoretical Framework - - - - - 31
2.2.1 Financial Distress Theory - - - - - 32
2.3 Empirical Review of Literature - - - - 33
Chapter Three: Research Methodology
3.1 Research Design - - - - - - 35
3.2 Population of the study - - - - - 35
3.3 Sample and Sampling Technique - - - - 36
3.4 Source of Data - - - - - - - 36
3.5 Research Instrument - - - - - - 36
3.5.1 Construct Validity - - - - - - 37
3.5.2 Internal Validity - - - - - - 37
3.5.3 External Validity - - - - - - 38
3.5.4 Reliability - - - - - - - 38
3.6 Method of Data Analysis - - - - - 38
3.7 Decision Rule - - - - - - - 38
Chapter Four: Data Presentation, Analysis and Findings
4.1 Presentation and Interpretation of Data - - - 40
4.2 Discussion of Findings - - - - - 45
Chapter Five: Summary, Conclusion and Recommendations
5.1 Summary - - - - - - - 47
5.2 Conclusion - - - - - - - 47
5.3 Recommendations - - - - - - 48
References - - - - - - - 49
Appendix - - - - - - - 52
LIST OF TABLES
Table 2.1: Cash format - - - - - - - 30
Table 2.2: Journal folio and two money column - - - - 31
Table 4.1: Percentage Distribution of Respondents by Sex (N=34) - 40
Table 4.2: Percentage Distribution of Respondent by Age (N = 34) - 41
Table 4.3: Percentage Distribution of Respondent by Marital Status
(N =34) - - - - - - - 41
Table 4.4: Percentage Distribution of Respondent by Academic
Qualification (N=34) - - - - - - 42
Table 4.5: Percentage Distribution of Respondent by Years of Service - 42
Table 4.6: Percentage Distribution of Respondent by Status in the
Organisation - - - - - - - 43
Table 4.7: Efficiency and Effective of Accounting Information in cost and
Budgetary Control - - - - - - 43
Table 4.8: Morale of Staff in the Scope of Business Expansion - - 44
Table 4.9: Measures to check fraud and compromise - - - 45
1.1 Background of the Study
Virtually every organisation requires information for effective management and planning. Information particularly accounting is indispensable to the growth and development of organisation because from planning to execution, resources required are guided by availability of accounting information, as it provide detail information of budget on the implementation of plan.
Accounting information accounting to Batty (1974) is the systematic presentation, analysis and evaluation of data regarding the financial position, or statement of account of an organisation for future planning. It involved a stream-lined financial data which must include assessment of stock-keeping, financial statement, transaction over period of time, financial report, evaluation of organizational financial strength, prospect and recommendation.
However, the fact that resources are relatively scarce and limited made managers to programme course of actions and choose options that are cost effective and yet yield the required result.
Therefore, taking the above variables in consideration accounting information aids in effective management and provide background for sound decision-making processes.
The variability of the information from account to goal oriented management team of any organisation made Akpan (2004) to categorically states that every decision-making process involving systematic planning, organisation of facts, adoption of programmes course of actions among the alternatives must as a matter of necessity take into consideration detail information (accounting) at the disposal.
With regards to this, Udo (2001) notes that in modern managerial practice, sound management decision-making requires every bit of accounting information in order to achieve efficiency and effectiveness in the attainment of goals. Basically from this notion, the global best practice in management made accounting information indispensable as this is vital to the appreciation of financial position of business which guided the management decisions regarding debts management, planned expansion of organisation, recruitment, acquisition policy, dividend to shareholders, and credit worthiness.
The important of the above, lead credence to the fact that, often times, reputation and the basics of accessing loan facility. That was why Adamu (2006) noted that banks and other financial institutions that are concerned with leading and risk management required the profit trend, the fixed assets and liabilities of business before loan is granted and all these can be studied from the available final account records and decision to make informed choice by management anchored on the accounting information.
Moreover, predicated on the gains of accounting information, organisation industrial relations are managed and harmonized by the well articulated design information reports. The employees and union members appreciate more when there are made to know the true position regarding asset and liability of the organisation.
Here the glamour for enhance remuneration, pension right and various fringe benefit are understandably negotiated given that fact that the organisation financial position are not hidden. All these and many others are predicated on the realm of efficient accounting information system, and it is on this note
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