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The study examined the Impact of non-keeping of accounting records in small scale Enterprises in Uyo Metropolis. A survey research method was adopted for the study, while population of the study comprised all the 294 owners of registered Small Scale Enterprises in Uyo Metropolis (Source: Small Scale Development Association of Nigeria, SMEDAN). 170 respondents constituted the study sample selected using the simple random sampling technique. Data were collected using “Non-keeping of Accounting Records and Impact Questionnaire (NARIQ)”. Four null hypotheses were formulated to guide the study. All the 4 null hypotheses were tested at 0.05 level of significance using Chi-square analysis. The results of the statistical analysis revealed that there was significant effect of non-keeping of accounting records on the difficulty in assessment of tax return by the relevant tax authority, planning and control measures by the small scale enterprises, obtaining financial assistance from the bank and finally, growth of small scale enterprises. It was recommended that owners of small scale enterprises should keep regular accounting records to ease tax return assessment; maintenance of proper accounting records to aid in effective business planning and control; daily keeping of accounting records to facilitate financial assistance from banks; and keeping of regular accounting records to promote growth of the business.
TABLE OF CONTENTS
Title Page - - - - - - - - i
Declaration - - - - - - - - - ii
Certification - - - - - - - - - - iii
Dedication - - - - - - - - - iv
Acknowledgements - - - - - - - - v
Abstract - - - - - - - - - vii
Table of Contents - - - - - - - - viii
List of Tables - - - - - - - - - xi
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 Questions - - - - - - - 4
1.5 Hypotheses - - - - - - - - 5
1.6 Significance of the Study - - - - - - 6
1.7 Scope of the Study - - - - - - 7
1.8 Limitations of the Study - - - - - - 7
1.9 Organisation of the Study - - - - - - 8
1.9 Definition of Terms - - - - - - - 9
CHAPTER TWO: LITERATURE REVIEW
2.1 Conceptual Review - - - - - - - 11
2.1.1 Accounting Record Keeping Concept - - - - - 11
2.1.2 Accounting Record Keeping Procedures - - - - 13
2.1.3 Accounting Record Storage and Retrieval - - - - 16
2.1.4 Concept of Small Scale Enterprises - - - - - 17
2.1.5 Non-Keeping of Accounting Records and Assessment of Tax Returns- 19
2.1.6 Non-Keeping of Accounting Records and Planning and Control
Measure by Small Scale Enterprises - - - - - 24
2.1.7 Non-Keeping of Accounting Records and Obtaining Financial
Assistance from Bank - - - - - - - 29
2.1.8 Non-Keeping of Accounting Records and Growth of Small
Scale Enterprise- - - - - - - - 34
2.2 Theoretical Framework - - - - - - 37
2.2.1 Fiduciary Capitalism Theory- Friedman - - - - 37
2.2.2 Decision-Making Theory-Simon’s - - - - - 39
2.3 Empirical Review - - - - - - - 42
2.4 Summary of Literature Review - - - - - 47
CHAPTER THREE: METHODOLOGY
3.1 Research Design - - - - - - - 49
3.2 Population of the Study - - - - - - 50
3.3 Sample Size and Sampling Technique - - - - 50
3.4 Methods of Data Collection and Data Sources - - - 52
3.5 Model Specification - - - - - - - 53
3.6 Estimation and Validation - - - - - - 55
3.7 Statistical Techniques - - - - - - - 56
CHAPTER FOUR: DATA ANALYSIS, RESULTS AND DISCUSSION OF FINDINGS
4.1 Data Analyses and Results - - - - - - 57
4.2 Discussion of the Findings - - - - - - 63
CHAPTER FIVE: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 Summary of the Study - - - - - - 66
5.2 Conclusions - - - - - - - - 68
5.3 Recommendations - - - - - - - 69
References - - - - - - - - 70
Appendix - - - - - - - - 78
LIST OF TABLES
Table Title Pages
4.1 Influence of Non-keeping of Accounting Records on tax return - 57
4.2 Influence of Non-keeping of Accounting Records on planning
and control measures - - - - - - - 58
4.3 Influence of Non-keeping of Accounting Records on
obtaining Financial Assistance from the bank - - - 59
4.4 Influence of the Effects of Non-keeping of Accounting Records
on the level of growth of Small Scale Enterprises - - - 59
4.5 Analysis of the Effect of Non-keeping of Accounting Records
on the difficulty in assessment - - - - - 60
4.6 Analysis of the Effect of Non-keeping of Accounting Records on
the level of planning and control measures by the small
scale enterprises - - - - - - - - 61
4.7 Chi-square Analysis of the Effect of Non-keeping of
Accounting Records on the extent of obtaining financial
assistance from the bank - - - - - - 62
4.8 Chi-square Analysis of the Effect of Non keeping of
Accounting Records on the growth of small scale enterprises - 63
1.1 Background of the Study
Nigeria is described by scholars and experts to operate a mixed economy where the private and public sectors co-exist. The public sector at various levels is expected to provide an enabling environment for business to thrive. In Nigeria and other countries of the world, government venture into business in order to participate in the profit of businesses. The operation of business is supposed to be the sole responsibility of the private sector which small and medium enterprises is the focus point. The absence of financial records in Small and medium Scale Enterprises (SMEs) is an indication of challenges that may arise sooner or later.
To solve these challenges, a proper system of financial recordkeeping has become an integral part of managing enterprise in today’s competitive and challenging business environment. Lack of proper recordkeeping system in the Small Scale Enterprises is affecting industrial statistic compilation for the country and this does not assist the government in planning for the sector. It does not also support business to access loans from financial institutions because track record reveals the viability and profitability, hence the ability for repayment of the loan granted to these SMEs.
In a developing economy like Nigeria, majority of the people are engaged in Small Scale Enterprise (SSE) operations such as wholesaling, retailing and small scale manufacturing. Others include weaving, hairdressing, catering service, carpentry and dressmaking. These small businesses play a very vital role in the socio-cultural and economic development of our country more especially in the rural areas. It is observed that many small scale businesses still collapse due to lack of proper financial recordkeeping among other problems (Dawuda and Azeko, 2015).
It was in the light of this that this research was conducted in order to unravel the impact of non-keeping of accounting records.
The research is specifically conducted in Uyo Metropolis to guarantee effective and thorough investigation, easy accessibility of information and curtailed financial involvements.
Its findings can deductively be applied in national economic planning and formulation of commercial strategies for the betterment of Small Scale Enterprise operators in the country.
1.2 Statement of the Problem
A number of Small Scale Enterprises have not given much attention to recordkeeping in relation to their business transactions despite its importance in the success of business. This could be lack of sound knowledge in bookkeeping practices by owner or respective managers. The importance of sound accounting and internal control system in any business, irrespective of its scale, cannot be overemphasized. A vast majority of small-scale business cannot afford the complexity of a detailed accounting system even if they would have. Hence, the existence of single entries in their books and in some cases incomplete records.
Audits of Small Scale Enterprises have proven to be among the most worrisome for professional accountants because of the inadequacy of the internal control. Except for statutory demands, Small and Medium Scale Enterprises hardly give serious thoughts to the process of sound accounting, yet the inadequacy and ineffectiveness of accounting process have been responsible for untimely collapse of a host of them. In view of these challenges faced by the Small Scale Enterprises and having recognized the fact that Small Scale Enterprises remain the bedrock of the nations economy, there is the need to do a thorough study to discover some of the impact of lack of proper or non- recordkeeping of accounting records in Uyo Metropolis in particular which will be of benefit to the country in general.
1.3 Objectives of the Study
The main objective of the study is to examine the impact of non-keeping of accounting records in Small Scale Enterprises in Uyo metropolis. The specific objectives are:
i. To examine the effect of non-keeping of accounting records on the difficulty in assessment of tax return by the relevant authority.
ii. To determine the impact of non-keeping of accounting records on planning and control in Small Scale Enterprise.
iii. To establish the effect of non-keeping of accounting records on obtaining financial assistance from the bank.
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