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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Accounting, unlike
the other natural sciences, is not based on fundamental laws or absolute
precepts. It has evolved over many years through trial and error, and
its continual improvement rests on a basis responsive to the
requirements of users of financial statements. The domain of financial
accounting is therefore visualized as requiring attention at four
levels: postulates are the antecedent conditions or essential
prerequisites to principles; the principles must meet the supported by
the principles. This framework of accounting standards and guidelines
defines the area accounting theory. Theories are generalizations, which
serve to organize otherwise masses of data, and which thereby establish
significant relationships in respect of such data.
Accounting theory
is therefore the logical reasoning in the form of a set of broad
principles that provide a general frame of reference by which accounting
practices can be evaluated, and which guide the development of new
practices and procedures. It thus provides a coherent set of systematic
principles that form the general structural framework for the
evaluation, and development of sound accounting practices. It presents
the value judgments upon which accounting principles, concepts and
polices are based. Theses policies regulate moderate and direct
practices and lead to reports which are used by decision makers. Without
a good knowledge of accounting theory, accounting becomes mechanistic,
routine and a repetitive drudgery. Osisioma (1986: 40) stated that;
…Accounting involves the collection compilation and systematic recording
of business transactions in terms of money, the preparation of
financial reports and the use of these reports as tools of management …
Management is heavily dependent on accounting operation facts.
Management is regarded as a process of converting information into
action and accounting is the source of most of the information.
Accounting is a system of principles and techniques that permits the
recording, classification, accumulation, presentation and interpretation
of financial information so that past performance, present condition
and future planning can be evaluated. The decision making process of
accounting normally involves planning and control. Accounting formalizes
plans be expressing them in the language of figures as budget and
control as performance reports which compare results with plans and
spotlight deviations or variances form plans.
The importance of
accounting information in management can be applied to any organization
without regards to its size. Willsmore (1971: 1)observed that;
…Even
in the very personal business management can only take place through
figures; results, reporting and the man who doesn’t understand that must
fail…
Managing a business is a matter of deciding what should be
done, seeing to it that the means are available and getting people
employed in the business to do it. At every step in this process,
management is faced with alternatives, and every decision, to do
something or to refrain from doing something involves a choice. In most
cases, the probability that a good decision will be made depends on the
extent and validity of the information that the manager has about the
alternatives and their consequences information which flows from the
accounting records or which are developed by special analysis of
accounting data constitutes the basis on which a wide variety of
business decisions are made. Accounting involves the process of
identifying, measuring and communicating economic information to permit
informed judgments and decisions by users of the information. The
success or failure of accounting as a management tool will depend upon
the philosophy on which it was established and the attitude of
management towards it as well a the skills involved.
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