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1.1. BACKGROUND OF THE STUDY
According to Reece, (1975), the accounting profession essentially involves the supply of information to decision makers. Hence, it is not surprise that accountants have always been involved in many information related problems. The need for this involvement is underscored by the avowed aim of accounting which according to the American association committee to prepare A statement of basic accounting theory (SOBAT, 1961).
SOBAT, (19610, described Accounting as the provision of relevant economic information to permit informed judgment and decision by users of the information.
The attainment of this objective, necessarily, requires both the identification as well as the disclosure of adequate amount of information considered relevant by the users.
Financial accounting covers those activities related to the preparation of certain reports which are known as financial statements. These statements report the financial status of the firm at a particular time the firms activities and resulting profits and losses during the most recent period, and the flow of resources occurring within the firm during the same period.
Information, according to Reece, (1975) is a fact, datum, observation, perception or any other thing that adds to knowledge.
According to Joan, (1978), information is the information is the life wire of any organization. He further said that the success of any organization whether profit or non-profit oriented depends particularly on how the information needs of the different levels of management are met.
Information can either be quantitative or non quantitative and out of many quantitative information, accounting is one. It is distinguished from other types of information because it is usually expressed in monetary terms, though non-monetary information are also often contained in accounting reports in order to enhance the understanding of the manager.
Joan, (1978) affirmed that accounting information serves various uses; these users have different decisions to make and consequently, their information often differ.
In order that accounting information may be most useful, it is adapted to the particular needs of users.
-Shareholders and investors whose main concern is with the value of the capital investment and expected dividend.
-Management whose planning, controlling and decision making functions would be highly ineffective without quality information. Financial reports are also an indication of management efficiency.
-Creditors and potential creditors such as bankers bondholders, suppliers of goods and services they deduce from accounting information, the profitability and financial soundness of the business to enable them decide whether to expand or decrease financial commitment in the business.
-Government, in order to calculate the company’s tax liabilities, regulates rules and evolve policies through the use of accounting information.
Employees who seek assurance of steady employer to ensure how frequently they would participate in company’s bonus, profit sharing and pension plans.
May, 1980, described that decision making is the process of choosing from among alternative courses of actions, conclusion and so forth, according to some criterion or criteria adopted by decision-making is the prime job of managers. And for as long as men have been striving together to accomplish tasks of making decisions about scare resources in uncertain situations, management has been practiced, and information has been necked.
Making sound decisions is clearly an extremely important management function since they provide a basis for policy formulation and effect both the short and long term effectiveness of an organization.
Typically, a wide range of possible solutions and decisions can be found, and one of the managers key roles is to weight up these alternative opportunities and select. This is as result of the fact that he often has to make decision within the frame-work of his resources, directives from his superiors and the time scale available. Therefore, to make sound decision depends, in the first place, on the manager having a clear picture of what he is trying to achieve or what the problem entails.
To emphasize the importance of accounting information to the business management has only been made possible by accounting information. Inevitably, business is financially oriented; it a process of using money to make money. No management can escape having to pay out money for materials and services so as to be able to collect money in due course from the sale of its own products or services. No management can avoid the necessity if it is to stay in business, for making a profit through an excess money income over money outgo. And no management can succeed in doing this without accounting information for use in planning and control.
Historically, Nigerian Breweries Plc which was established in 1946 at Lagos. It started production in 1949 producing star beer. As at then it was wholly owed by Holland. It was in 1973 that the indigenization decree made it possible for Nigeria to own 60% in the brewery. They are Lagos plant Head quarter, Ibadan, Kaduna, Aba and Nineth mile plant.
1.2 STATEMENT OF PROBLEMS
Accounting information is a necessity in today’s business if they are to survive and grow. Despite the importance of accounting information, some of the major problems of this study include the following:-
- How accounting information is applied in policy making of Nigerian Breweries, Ninth mile.
- How accounting information affect the level of performance in Nigerian Breweries.
- How accounting information determine resources allocation in Nigerian Breweries.
- What factors affect accounting information in Nigerian Breweries.
1.3 PURPOSE OF THE STUDY
The purpose of this study include the following
- to find out how management of Nigerian Breweries apply accounting information in policy making.
- to ascertain how accounting information in Nigerian Breweries affect the level of performance.
- to find out how accounting information help in allocation of resources.
- to find out what factors affect accounting information in Nigerian Breweries.
1.4. THE SCOPE OF THE STUDY
This research is limited to Nigerian Breweries, Nineth mile corner, Ngwo.
The main focus of study borders on policy-making, level of performance, resources allocations and factors affecting accounting information.
1.5. RESEARCH QUESTIONS
To guide the study, the following research questions were formulated as follows:-
- To what extent does management of Nigerian Breweries apply accounting information in policy making?
- to what extent has accounting information in Nigerian Breweries affect level of performance.
- To what extent has accounting information determine resources allocation?
- What are factors that affect effective accounting information in Nigeria Breweries?.
Four hypothesis have been formulated to further test the result of research questions follows:-
HO, There is no significant difference (PL:05) between the mean perception score of senior or junior staff of Nigerian Breweries on the extent of accounting information is applied in policy making.
HO2, There is no significant difference (Pl.05) between the mean perceptions. Scores of senior and junior staff of Nigerian Breweries on the accounting information affect level of performance.
Ho3 There is no significant difference (pL.05) between senior and junior staff of Nigerian Breweries mean perception scores on how accounting information affect resources allocation.
Ho4 There is no significant difference (PL.05) between junior and senior staff mean perception scores of Nigerian Breweries on factors affecting accounting information.
1.7. SIGNIFICANCE OF THE STUDY
This research will be useful:
- In further examination of the use of financial accounting as an information system.
- To the management of companies as a tool for evaluating their performance and knowing whether they really take note of financial accounting information.
- To management of the company under study as a standard for internal evaluation and control of actual performance.
- To other researchers or research scholars who may wish to carry out further research on the subject matter and other related topic.
- The most important contribution of this work is that it will provide insight on how business organization relies on financial accounting information for decision making.
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