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1.1 Background of the Study
This chapter tends to explain the historical perspective of financial recording in an organisation. The basic purpose of financial record is providing financial information about a business enterprise or any other economic activity. Accounting and book-keeping sections are responsible for financial record of every business organisation. Accounting is concerned with the measurement and communicating information in decision making, while book keeping records the business transaction in a systematic way such that the financial position of the business can be readily ascertain.
According to Emmanuel (2004), financial report is very useful to management and outsiders such as government agencies, bankers, investors, etc. for decision making. An accounting system provide some account information such as:
a. Recording business event
b. Classification of the event into related groups.
c. Summarizing this information into accounting records.
d. Communicating the accounting information to in a form that will be meaningful to the user; hence accounting can be defined as the the measurement and communication of information that aid decision making.
Accounting has been defined as a measurement and communication system that make economic and social information available for decision making. The purpose of book –keeping and accounting is to provide information about business and non-business organisation which will help in making judgment about the organisation. The major purpose of book keeping in accounting is to keep accurate financial record.
According to Goddey (2000), financial accounting is an information system which had an effect on the management of any business whether the business is a company or sole proprietorship. Though financial accounting information plays an important role within the organisation, yet some businesses has personally carryout their business without the use of such information aid as a result many of them have ended having business failure. One would like to know the effect of this financial accounting report on the management of business entry. This is the focus problem of this research study.
1.2 Statement of the Problem
Financial report is to provide report to management, shareholders and the public. It reveals to the owners of the business the position of the entry as at that date.
It has been observed that most organisation and public sector do not prepare financial report to the shareholders and for the public to see. Hence, this research work is carried out in order to enlighten and educate the management and staff of both private and public organisation the need to always prepared their financial report. This will help all the parties involved to know the financial state of the business.
1.3 Objectives of the Study
The objective of this study includes:
i. To determine factors that may pose constraints towards the efficient use of financial report.
ii. To ascertain whether a company’s performance is related to effective and efficient use of financial report.
iii. To ascertain if there is any relationship between effective financial report and the decision making.
1.4 Research Questions
i. Does the preparation of the financial report have any effect on the management of the organisation?
ii. What are those benefits derived from financial reports?
iii. What are the constraints against effective use of financial report?
1.5 Significance of the Study
The study will be useful to provide insight of how business organisation would be operated and control at the beginning of the accounting year. It will also be useful to managers, shareholder, investors, bankers, civil servant and the public as a whole.
1.6 Scope of the Study
The scope of the study is Isoko North Local Government Area is located at latitude 50 and 60 30 north and longitude 50 and 60 45E. It is bounded in the East by River Niger and in the North West by Isoko South Local Government Area. Information needed for this study was obtained from the secretariat situated along Oruamudhu Quarter, Ozoro.
1.7 Limitation of the Study
The study was carried within the limit imposed by time and financial constraints. As a result of this, the study was limited to the effect of financial report on the management of a business.
A voluminous work would have resulted to the research included all aspect (branches) of accounting information, cost accounting, auditing, etc hence this would have caused a financial constraint on the researcher.
1.8 Definition of Terms
a. Accounting and Book-Keeping System:- The process of planning, keeping, analyzing and interpreting financial records.
b. Business Entity:- Any economic unit which enters into business transaction.
c. Management:- The act of getting things done through people.
d. Information:- Data processed in a form that is meaningful to the users.
e. Profit Organisation:- Making the highest amount of profit given the available resources.
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