MANAGEMENT BENEFITS OF ACCOUNTING PROFESSION TO BUSINESS ORGANIZATION
This research work management benefits of accounting profession to business organization is aimed at x – raging the various ways the profession has helped the management in their plans singe 1970 to ate .The researcher within the limitation of the stud will make a proper investigation on how the profession has contributed to the growth of our infant organization and how it has helped them in making a national decision in their day to day business operations . How it has also helped them in their surplus income in different investment portfolio in order to maximize their shareholders wealth. The researcher shall find one that this profession has helped the nation in mapping out her policies and in proper implementation of those polices mapped out. This study will show us how the profession helped the entrepreneurs in making use of the available resources to embark in different investment portfolio by exposing them in different alternative course of actions.
In the some vein, the study will x – ray the area where the profession has failed to better to economy of the organization. The study will suggested and recommended the possible ways to remedy the ugly situation if any.The researcher will equally present in a more comprehensive manner the findings and recommendation which should be useful to any researcher making a further study the topic.
TABLE OF CONTENTS
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective or purpose of the study
1.4 Scope of the study
1.5 Significance of the study.
2.0 Review of related literature
2.1 Definition of accounting
2.2 The origin of accounting
2.3 The benefits of accounting profession
for business organization.
2.4 Contribution of professional bodies to
management business organization.
3.0 Summary, conclusion and Recommendation
1.1 BACKGROUND OF THE STUDY
Purpose and nature of accounting the underlying purpose of accounting is to provide financial information about business enterprise. The financial information provided by an accounting system is needed by management decision makers to help them plan and control the activities of business organization financial information is also needed by outsiders owners creditors, potential investors the government and public who were supplied money to the business or who have other interest in business that will be served with information about the financial position and operating results. Inorder to provide useful financial information about a business enterprise, we need some means of keeping back of the daily business activities and the summarizing the results in accounting system meign, Walter B. et al (1962).
The first function of accounting system is to create a systematical record of the daily business activity , in the term of money for instance , goods and service s are purchase and sold credit in extended to customers, debts are incurred, and services and cash is received and paid out. These transactions are typical of business events which can be expressed in monetary terms and must be entire in accounting record. The more expression of an intent to buy goods or services in the future does not represent a transaction.
Transaction refers to a completed action rather than to an expected or possible future action. The recording of a transaction may be performed in many ways that is by writing will pen or pencil, by printing with mechanical
Or electronic equipment or by punching holes or making magnetic impressions on cards or tape. Not all business events can be measure and described in monetary terms. Therefore, it is not show in the accounting records the appointment of a new chief executive, the signing of a labour contract, or the appearance of a new competing business on the scene.
In addition to compiling a narrative record of events as they occur, transactions and events into related group or categories are classified. The classification enables us to report a mass of detail into compact and lesuable firm. For instance grouping all transactions in which cash is received or paid out a logical step in developing useful information about the cash position of a business enterprise.
To organize accounting information in a useful from the classified information is summarized into accounting reports designed to meek the information needs of decision makers. These three steps recording, classifying and summarizing are the means of crating accounting information. It also involves communication this information to interested parties and interpreting as it relates to specific business decisions.
1.2 STATEMENT OF THE PROBLEM
The statement of a research problem serves to decorates upon the information in the title of the study. This study is concerned with the examination of the management benefits of accounting profession to business organization.
The problem could be categorized as the concept of management business organization and the benefits financial accounting plays to this concept”.
A research project has two important parts, the question posed and answer to them
This research seeks to find out the extent financial accounting has helped management business organization by addressing them ith the following.
1. Do the business organization keep any financial records?
2. What type of records do they keep?
3. Do the organization account for their stewardship?
4. Do the management employ the services of accountants in their organization.
1.3 OBJECTIVES OF THE STUDY
The aim of this research project is to address the following:
a. To discuss the concept of management business organization.
b. To ascertain what services accountants are expected to perform and analyze in detail various ways they have contributed to the management.
c. To ascertain whether the accountants are living up to expectations, if not, suggest ways of making up the deficiencies for better performance in future.
d. To ascertain how for accounting profession has helped in business organization . The four objectives stated above are expected to enable the research take a proper records of the role played so far, by the accounting profession toward the management business organization which is the focus of this study.
1.4 SCOPE OF THE STUDY
This research project is concerned with the parts of this topic or problem that normally mighty be considered to be part of such. But which this because of limitation of time physical capacity or other reasons the researcher cannot include all. So the scope of the research is the management benefits of accounting profession to the business organization.
1.5 SIGNIFICANCE OF THE STUDY
This refers to the important of this research to the management. The main purpose is every research is to provide knowledge and information that will bring about a better understanding of the management benefits of accounting profession to business will be able to know the extent to which the accounting profession has helped the organization in their various activities. The researcher will also enable the organization to appraise the accounting technique in operation with a view to correcting any lapse which maybe evident during the investigation process when completed this researcher findings and recommendations will form a base to be relied upon by subsequent researchers who may wish to make further iniquities of into the system of the management benefits of accounting profession to business organization.
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