+234 813 0686 500
+234 809 3423 853
info@grossarchive.com

IMPLICATION OF ACCOUNTING AS INTERNAL CONTROL MECHANISM IN THE GOVERNMENT MINISTRIES

  • Type:Project
  • Pages:26
  • Format:Microsoft Word
(Accounting Project Topics & Materials)
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
One problem of management is planning but planning is useless if it is not implemented. The success of any plan is based on adequate control and monitoring of the achieve the requirement objectives.
However, this is a research on the implication of accounting as an internal control mechanism in Enugu State Ministries.
Accounting is defined as the art of recording and giving result of business transaction to the client. It is a medium of communication, pricing and transmitting and receiving information. Accounting therefore must have its origin to the time when man began to entrust the man agreement of his state to another usually his servant long time age.
However, accounting in the sense we know it today certainly has its origin between 14th and 16th century. As commerce developed the number that participated in enterprises increased more significantly.
Those who provide financial backing for venture would often not want to be involved in day to day management of the enterprises.
Those who were not directly involved needed summaries of the transaction so that they would understand the enterprises position without the need for them to go through the books in detail.
Early Greek and Roman accounts were kept on the charge and discharge principles centered on the need to keep tract of assets and exercise control over those entrusted with property.
The period 1948 witnessed a meritorious event in the development of accounting and auditing. The joint stock act of the year, which made possible the separation of management and ownership of joint stock companies, created a new dimension in the requirement for periodic financial statement as shareholder and other investment. With the advert of colonial rule in Africa, the European system of accounting was introduced in West African countries such as Nigeria, Ghana, Gambia and so on.
The primary purpose of accounting is for stewardship. It should be largely correct them to say that the earliest form of accounting records revealed the preoccupation with internal control.
According to Osita Aguola (1998:36). An internal control is the whole system of controls, financial or otherwise established by management, in order to secure, as far as possible the accuracy and reliability of the records in the business in an orderly manner and safeguard the company’s asset, it’s objective being the prevention or early detection of fraud and error.
Accounting can be taken as the set of rules and method by which financial and economic data as collected processed and summarized into reports that can be used in making decision. Management accounting which is another accounting system is different from financial accounting which get it impetus form the industrial revolution. It is the application of accounting and statistical technique. For the specific purpose of providing and interpreting cost information designed to assist management in its function in promoting maximum efficiency. The most recent accounting method is social welfare or responsibility accounting and owes it’s birth to the social revolution which has been under way in the Western world in the last few years. It created social awareness that people started becoming interested in not just the amount of profit made but also on how the numerous social problems could be solved. Accounting records from the bedrock of management decision and continuity of the business concerned. The need for the establishment of internal control mechanism is necessarily to ensure the safety and ethnicity of accounting records from the points of collection of cash or material for final uses.
Internal control therefore means the whole system of controls financial and otherwise established by the management in order to carry on the efficient manner, ensure adherence to management policies, safeguard it’s assets and secure as far as possible the accuracy and reliability of it’s records.

TABLE OF CONTENT
Title page ii
Approval page iii
Dedication iv
Acknowledgement v
Preface vi
Table of content vii

CHAPTER ONE
Introduction 1
1.1 Background of the study 1
1.2 Statement of the study 4
1.3. Purpose of the study 5
1.4. Significance of the study 6
1.5 Scope of the study 7
1.6 Definition of terms 8

CHAPTER TWO
Review of related literature 10
2.1 Principles of financial internal control system 13
2.2 Sources of data 18

CHAPTER THREE
Summary of findings, recommendation 19
and conclusion
3.1 Summary of findings 19
3.2 Summary of recommendation 20
3.3 Conclusion 21
Bibliography 23

IMPLICATION OF ACCOUNTING AS INTERNAL CONTROL MECHANISM IN THE GOVERNMENT MINISTRIES

Share This

Details

Type Project
Department Accounting
Project ID ACC2595
Price ₦3,000 ($9)
No of Pages 26 Pages
Format Microsoft Word

500
Leave a comment...

    Details

    Type Project
    Department Accounting
    Project ID ACC2595
    Price ₦3,000 ($9)
    No of Pages 26 Pages
    Format Microsoft Word

    Related Works

    INTRODUCTION Traditionally, most of our constitution and institutions arrangement has been the management and accounting of public funds. As a result of this, various rules, regulations and instructions are instituted to guide public officers in the proper conduct of the finance entrusted in their care. The constitution generally sets out total... Continue Reading
    IMPACT OF INTERNAL CONTROL SYSTEM OF THE EFFECTIVE MANAGEMENT IN GOVERNMENT MINISTRIES CHAPTER ONE 1.0      INTRODUCTION 1.1     BACKGROUND OF THE STUDY Traditionally, most of our constitution and institutions arrangement has been the management and accounting of public funds. As a result of this, various rules, regulations and... Continue Reading
    CHAPTER ONE 1.0      INTRODUCTION 1.1      BACKGROUND OF THE STUDY Traditionally, most of our constitution and institutions arrangement has been the management and accounting of public funds. As a result of this, various rules, regulations and instructions are instituted to guide public officers in the proper conduct of the finance... Continue Reading
                       CHAPTER ONE INTRODUCTION 1.1    BACKGROUND TO THE STUDY In this chapter, the researcher intends to look and conduct research on the Impact of Internal Control Mechanism for successful operation in an organization particularly First Bank... Continue Reading
    CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY In this chapter, the researcher intends to look and conduct research on the Impact of Internal Control Mechanism for successful operation in an organization particularly First Bank of Nigeria, Kaduna South Branch. According to Weber (2010), define impact “as a powerful effort that management... Continue Reading
    ABSTRACT The study is aimed at the assessment of compliance with internal control mechanism by Microfinance Banks in the North Central States of Nigeria. Data were collected through the use of structured questionnaire which contained 45 items. Descriptive statistics, mean, standard deviation and t-test were used for data analysis. Simple random... Continue Reading
                                      ABSTRACT The study is aimed at the assessment of compliance with internal control mechanism by Microfinance Banks in the North Central States of Nigeria. Data were collected through the use of structured questionnaire which contained 45 items. Descriptive statistics, mean, standard deviation and... Continue Reading
    ABSTRACT In this study, the objectives of this research work is to ascertain the reason for assessing of evaluate the impact of internal audit function in state ministries and to find out the extent or scope to which government finance and properties are accounted for. The researcher’s motives or interest of carrying out this research work is to... Continue Reading
    ABSTRACT In this study, the objectives of this research work is to ascertain the reason for assessing of evaluate the impact of internal audit function in state ministries and to find out the extent or scope to which government finance and properties are accounted for. The researcher’s motives or interest of carrying out this research work is to... Continue Reading
    AN ASSESSMENT OF THE IMPACT OF INTERNAL AUDIT FUNCTION IN STATE MINISTRIES (A CASE STUDY OF ENUGU STATE MINISTRIES OF WORKS HOUSING AND EDUCATION) ABATRACT The aim of this research is to asses and evaluate the impact of internal Auditing in ministries and to ascertain the extent to which government finance and properties are accounted for. The... Continue Reading