Get the complete project »
- The Complete Research Material is averagely 77 pages long and it is in Ms Word Format, it has 1-5 Chapters.
- Major Attributes are Abstract, All Chapters, Figures, Appendix, References.
- Study Level: BTech, BSc, BEng, BA, HND, ND or NCE.
- Full Access Fee: ₦4,000
1.1 BACKGROUND OF THE STUDY
Each person like every business requires some measures of both financial position and financial performance in assessing his financial conditions. The financial position depicts one’s wealth at ascertain point in time while one’s financial performance describes once.
Financial statements according to Illoumezie (2006:33) are like compasses “which navigators use to locate their bearing and find direction”. People use them to gauge their financial positions at various points in their lives in order to judge their progress towards their financial goals.
Financial statements according to meigs and meigs (1981:28) refers to reports which summarize the financial position and operating results of a business (balance sheet and income statements). It referred to as genera purpose that satisfy the need of many groups generally called stakeholders. These groups are particularly concerned with the risk inherent in and returns provided by their investments, and who require accounting information to enable their assess the ability whether they should buy, hold and sell their investments.
According to Anayaogu (2002:14) financial accounting provides information to eternal decision makes such as shareholders government, creditors, employees etc, these are people with whom or from whom money is ultimately paid or received. Anayaogu (2002:20) also states that records of
financial accounting includes various ledges accounts, profits and loss accounts, balance sheet and other financial records. These records are intended to show the strength, progress, portability, management effectiveness and stewardship.
Financial statement are the means of communicating to interested partners information or the resource, obligation and performance of the reporting enterprise in a simple, clear and understandable form to all its user with such attributer of relevance to decision reliability, consistency and comparability materiality efficiency and understandability.
According to information provides continuity in history as quality in monetary terms of economic activities resources and obligations of a business enterprises as well as the various activity that cause a change in the level of these resources and obligation. It is also serves as parameter for evaluating the performance of a business enterprise and as a measuring tool to both the management and decision markers and possible sale of shares by shareholder when actual results deviate from the target objectives. The importance attached to accounting information cannot only be related to management and the government but it also cuts across the cars of the various categories of creditors, employee, and other water cooperate bodies and potentials investors as well.
The annual report and accounts are said to be published owing to the fact. It is being printed and dispatched to each shareholder and any other unfrosted where person on request. The annual reports and accounts are the primary means of communicating vital economic information in the cooperation’s
resources and obligation to absentee owners and could be investor by the management. The published financial statement serve as a means of conveying business information to the equity investor groups (shareholders), the loans creditors group, the employee groups, the business contract group, the government and its agencies as well as the general public. It gives a concise and genuine picture of an enterprise profitability trend and its financial position. The information contained in the published financial statement act as a basis for which shareholder maker investment decisions.
However, the account days of pre-colonial administration, the preparation and publication of financial reports used by owner managers for internal control and cost determination. This inter became. Inadequate role to increase completely of business organization. At the onset of industrial revolution, trade begins to increase and expand. This necessitated employing managers to manage the business on behalf of the shareholders. Managers positions now necessitated companies to prepare and publish a financial report that would reveal to the owners (shareholders) the operational state and financial position of the company and how the capital contributed by the shareholder had been utilized in the realization of the set out objectives of the company.
The company Act 1963 outline that every registered business organization should maintain and submit audited financial statements every year during the annual general meeting (agm) where. It is laid to the members. This is in consonance with the provision of schedule two of the companies and allied
matter decree of 1990 which states internally that the form and contents of published financial statements and with the accounting standard issued from time to time by the Nigeria Accounting Standard Board (NASB).
Meigs & Meigs (1981: 14) states that the preparation of financial statement is not the first step in the accounting financial statement is not the first step in accounting process. At the close of financial period, the stakeholders such as investors of a company naturally desires to ascertain the following:
(a) The result of the company’s operations for the period.
(b) The resources and hostilities of the company over the period in question.
(c) Wealth created by the company and how it has been distributed.
(d) Financial resources acquired and how they have been a expanded.
Thus, published financial statement prepared under companies and allied
matter decree (CAMA) 1990 supplies information about the above. As a matter of fact, shareholders of any corporation would require annual corporate report published about the entity and which must be relevant, sufficient and reliable.
The corporate report published in 1994 by a working paper setup by Accounting Standard Committee (ASC) to be reexamined the scope and aims of published financial reports identified seven user groups to include:
1) The equity – investors group
2) The analysis – advisory group
3) The employee group
4) The creditors
5) The business contact group
6) The government and its agential
7) The public
You either get what you want or your money back. T&C Apply
You can find more project topics easily, just search
SIMILAR ACCOUNTING FINAL YEAR PROJECT RESEARCH TOPICS
1. THE EFFECT OF GLOBALIZATION ON BANKING OPERATION IN NIGERIA. (A CASE STUDY OF FIRST BANK NIGERIA PLC.)» ABSTRACT The barking industry has witnessed landmark improvements in series delivery and the practice of banking due to globalization of banking opera...Continue Reading »
2. THE IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS IMPLEMENTATION ON THE COMPARABILITY OF FINANCIAL STATEMENTS (A CASE STUDY OF CHAMPIONS BREWE...» CHAPTER ONE INTRODUCTION 1.1Background of the Study In recent times, a number of Nigerian companies have raised capital from international capital mar...Continue Reading »
3. THE ROLE OF NIGERIAN STOCK EXCHANGE IN THE DEVELOPMENT OF THE NIGERIAN ECONOMY (A CASE STUDY OF FIRST BANK OKPARA AVENUE)» CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF THE STUDY The Nigerian stock exchange which started as the Lagos stock exchange Act of 1961, following ...Continue Reading »
4. THE IMPACT OF AUDITING ON ACCOUNTABILITY AND EFFICIENCY IN THE MANAGEMENT OF THE PUBLIC SECTOR (A STUDY OF AKWA IBOM STATE MINISTRY OF FINANCE)» ABSTRACT This study was to examine the impact of auditing on accountability and efficiency in public sector with a particular reference to Ministry of...Continue Reading »
» CHAPTER ONE INTRODUCTION 1.1 Background of the study Forensic accounting is the specialty area of the accountancy profession which describes engagemen...Continue Reading »
» ABSTRACT The study examined the influence of stigma consciousness (a belief or feeling that one will be negatively stereotyped by others) and coping s...Continue Reading »
» CHAPTER ONE: GENERAL INTRODUCTION 1.1 BACKGROUND TO THE STUDY Islamic Banking is interest free banking which makes it necessary for Islamic Banks to t...Continue Reading »
8. THE EFFECT OF INTERNAL AUDIT ON THE PERFORMANCE OF THE PRIVATE FIRM : A STUDY OF M. B ANAMCO LTD, EMENE ENUGU STATE» CHAPTER ONE INTRODUCTION 1.1. Background of the Study Internal audit is a management tool used in ensuring transparency in conduct ...Continue Reading »
9. IMPACT OF CORPORATE GOVERNANCE ON DEPOSIT MONEY BANK FINANCIAL PERFORMANCE(CASE STUDY OF UBA BANK)» CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY The issue of corporate governance has recently been given a great deal of attention in various na...Continue Reading »
10. PERSONAL INCOME TAX ADMINISTRATION: PROBLEMS AND PROSPECTS IN AKWA IBOM STATE (A STUDY OF BOARD OF INTERNAL REVENUE)» ABSTRACT Taxation is a fiscal measures used by government to control the economy as well as raise funds for infrastructural development, level up inco...Continue Reading »