MANAGEMENT BENEFITS OF ACCOUNTING PROFESSION TO BUSINESS ORGANIZATION

(Accounting)

MANAGEMENT BENEFITS OF ACCOUNTING PROFESSION TO BUSINESS ORGANIZATION

            ABSTRACT

            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

CHAPTER ONE

1.0              Introduction                                                   

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.                  

CHAPTER THREE

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.               

CHAPTER THREE

3.0       Summary, conclusion and Recommendation                         

3.1              Summary                                                        

3.2              Conclusion                                                                 

3.3       Recommendation                                           

Bibliography.                                                             

 

                                                CHAPTER ONE

                                                INTRODUCTION

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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