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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
Accounting aims, as an information system, to provide various users with different forms of useful information to meet their various needs. Therefore, accounting seeks to take advantage of the surrounding circumstances in order to improve the quality and quantity of information and the delivery mechanism to users. The relationship between accounting and the computer began in the sixties of the last century. This relationship continued to evolve, and expanded in the eighties of the last century due to the development of the network and decision-support systems when it took a broader dimension and more flexible known as the computerization of accounting. Recently, as a result, several accounting software developed to be popular on the shelves (off the shelf) shops to become accessible to most interested in them at reasonable cost. (Mash’hour, 2002, p 9). On the other hand, although there are some organizations that prefer to develop their own programs, either by themselves or through professionals, multi business organizations recently adopted the use of comprehensive business systems contain several sub-systems including accounting system.
There may be good policy system accounting, but when it comes to implementation it is not really of which are some factors that are responsible for this. For the purpose of this study, accounting system that was evaluated will be includes in management of revenue and disbursement of the resources. The basic fact is that whatever the act of misappropriation or mismanagement, it will take either of these two ways. One of those focused is how the accounting system operates and it is in compliance with guiding principles of accounting profession. If so, are the principles in practices. In order to appreciate the magnitude of services required from the accountant and management staff, there are different types of account that are maintained, such accounts are: balance sheet, income and expenditure, statement of cash flow, fixed assets accounts, income from academic operation accounts, debtors and creditors account as well. The study in this regard wishes to examine improving the effectiveness of accounting system in education sector.
Financial accountability is ultimately about promoting and reporting public and performance. Public financial accountability requires that governments manage finance prudently; that they integrate their financial and non financial reporting, control, budgeting and performance; that they report comprehensively on what they achieved with their expenditure of funds, and that stakeholders behave ethically. Any organization (public or private) that manages and reports on its finance, mitigates the risk of malfeasance, builds good quality and openness into its financial and non-financial analyses, monitors the sustainability of benefits that accrue from its investments, and fulfils its performance reporting and fiduciary obligations to its constituents reflects sound financial accountability. Manifesting financial accountability is therefore much more than building and maintaining accounting and auditing systems. It represents more than just the technical capability of financial managers. Accountability is not complete until it encompasses the wide - ranging activities, attitudes and reporting between stakeholders.
Therefore, while the borrower’s fiduciary accountability to the Bank on the use of project funds is important, the country’s fiduciary relationship to its citizen to the use of all public resources (including donor fund) has greater significance. This public aspect of accountability is what differentiates the outlook of a commercial bank from that of a development bank.
Accountability is a concept in ethics and government with several meanings. It is often used synonymously with several meanings. It is often used synonymously with such concepts as responsibility, answerability, blame worthiness, liability and other terms associated with the expectation of account giving. As an aspect of governance, it has been central to discussions related to problems in the public sector, non-profit and private (corporate) worlds.
In leadership roles, accountability is the acknowledgement and assumption of responsibility for actions, products and policies including the administration, governance and the implementation within the role or employment position and encompassing the obligations to explain and answerable for the resulting consequences. Accountability in financial control on government enterprises is seen as a major drive to attaining economic development, but the reverse is the case in all government establishments in Nigeria because the managers of government businesses are not loyal, honest and trustworthy in the discharge of their various responsibilities.
Hence, this paper tries to highlight the various causes and solution to the replete nature of accountability in the socialist economy, where the government of Nigeria is a major stakeholder and the sole controller of her businesses.
With the steady growth of public enterprises in Nigeria, government activities have been increasing and more funds are being expended in pursuit of development. Greater autonomy in local government administration and trends at privatization in some sectors, the character, scope and dimensions of public accountability have now been extended over greater horizons with increased public consciousness, the demand for public accountability of persons and bodies managing public resources in ministries, agencies, parastatals and every department. There is greater use for ensuring that all employees of the government sectors in Nigeria be held liable, accountable, responsible and answerable to all actions, demands, challenges of the Nigerian citizens.
The public sectors in Nigeria were established to propel socio-economic development and to guide against the control of the economy from foreign denomination and exploitation. This accounts for why a larger proportion of the national budget has been voted for the creation and sustenance of public sectors. In spite of this, the performance of public enterprises has been replete with varying contradictions. Hence the internal control system and management strategies are being applied in operations of public enterprises of the Nigerian economy as integral parts of the structural Adjustment Program (SAP) in 1986. Hence, there is the need for the effective and efficient applications of both internal control mechanisms and management strategies in all government enterprises in Nigeria.
1.2 STATEMENT OF PROBLEM
Currently, the world and human life has been transformed from information age to a knowledge age (Curtis, 1995), and knowledge has been recognised as the most valuable asset. In fact, knowledge is not impersonal like money and does not reside in a book, a data bank or a software program (Choe, 1996). Choe believed that knowledge is always embodied in a person, taught and learned by a person, used or misused by a person. Accounting information is an unbiased tool for an effective administration. Poor accounting information jeopardizes administrative effectiveness, which makes managers malnourished administratively especially in Nigerian construction industry. The consequence of this has been the current distressed syndrome that Nigerian education sector are facing. Huber (1999) stressed that organization must learn to manage their intellectual assets (i.e. knowledge) in order to survive and compete in the ‘knowledge society’. Indeed, knowledge management is concerned with the exploitation and development of the knowledge assets (Chang, 2001). It is on these premises that the study wishes to examine the effectiveness of accounting system in the education sector.
1.3 AIMS AND OBJECTIVES OF STUDY
The main aim of the research work is to examine the ways of improving the effectiveness of accounting system in education sector. Other specific objectives of study include:
1. to examine the effect of accounting system on the allocation of resource in the education sector in Nigeria
2. to examine the role of effective accounting system in fraud detection and prevention in education sector in Nigeria
3. to examine the relationship between accounting system and the development of the educational sector of Nigeria
4. to investigate on the factors affecting effective accounting system in the educational sector of Nigeria
5. to proffer solution to the above stated problems
1.4 RESEARCH QUESTION
The study came up with research questions so as to ascertain the above stated objectives. The research questions for the study are stated below as follows:
1. What is the effect of accounting system on the allocation of resource in the education sector in Nigeria?
2. What is the role of effective accounting system in fraud detection and prevention in Auchi polytechnic?
3. What is the relationship between accounting system and the development of the educational sector of Nigeria?
4. What are the factors affecting effective accounting system in the educational sector of Nigeria?
1.5 STATEMENT OF RESEARCH HYPOTHESIS
HYPOTHESIS ONE
H0: Efficient and effective application of financial control systems in education sectors does not enhance accountability on the Nigerian economy
H1: Efficient and effective application of financial control systems in education sectors enhance
accountability on the Nigerian economy
HYPOTHESIS TWO
H0:There is no significance improvement in accountability due to the application of management strategies in government sectors in Nigeria
H1 There is a significance improvement in accountability due to the application of management strategies in government sectors in Nigeria
1.6 SIGNIFICANCE OF STUDY
The study on improving the effectiveness of accounting system in education sector is significant in that; it will discuss all the areas of accounting lapses in the educational sector of Nigeria, it will also proffer solution to the problem faced by the education sector in proper record keeping and resource location. Finally the study will be of great assistance to the existing literature and to other research students that wishes to carryout similar research on the above topic.
1.7 SCOPE OF STUDY
The study on improving the effectiveness of accounting system in education sector will be limited to Auchi polytechnic, Auchi. The research work will cover the areas of the use of accounting system and its role in proper record keeping in Auchi polytechnic, Auchi.
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