EFFECTIVENESS OF BOOK KEEPING ACCOUNTS FOR NON-PROFIT MAKING ORGANIZATION

  • Chapters:5
  • Pages:50
  • Methodology:Chi Square
  • Reference:YES
  • Format:Microsoft Word
(Accounting)

EFFECTIVENESS OF BOOK KEEPING ACCOUNTS FOR NON-PROFIT MAKING ORGANIZATION


CHAPTER ONE
INTRODUCTION
1.1    BACKGROUND OF STUDY
    Accounting as defined by the American Accounting Association (AAA) is “the process of identifying, measuring and communicating economic information to permit informal judgment and decision by users of the information’s” this information is primarily financial and it is generally stated in monetary terms.
    In this study, accounting is a fundamental measurement and communication process used to represent the financial activities of the organization for non –profit making. This is referred to a body that carries on business, special and economic activities that are not with sole aim of making profit. They cover associations, town union’s foundation, national, local and international agencies, churches, hospital, charities, fraternities and social clubs working for the welfare of its member and to the public at large. The principal catalyst in the activities on these organizations is “MONEY”.  This money if not well raised, documented and properly accounted for, may raise dispute among participants or member of these organization.

1.2    STATEMENT OF THE PROBLEM

    The fact is that many non – profit making organization keep records of the activities in their organization. This brings about improper accounting records and some do not see its significance. In general therefore, these are some of the problem in this research topic but our main aim is on the following:
1.    Payments are made without the approval of the authorized body.
2.    Unqualified accounting officers and employee are use thereby bringing about improper accounting records.
3.    Proper accounting are not kept
4.    Financial statements are not externally audited.

1.3    PURPOSE OF THE STUDY  
    The purpose of this study is coined at providing possible solution to the statement of the records, that this;
i.    To review the accounting records expected to be kept in a proper standard
ii.    To determine who authorized payment and receipts and whether such are made according to the approval of the authorized person(s)   
iii.    To find out if financial statements are externally audited periodically
iv.    To find out whether usual voluntary or elected according officers qualified and component in financial knowledge.

1.4    SIGNIFICANCE OF THE STUDY
    This study will be of valuable assistance in many ways and these includes;
i.    It is helpful to the management in measuring the performance, planning and decision making
ii.    It enhances accounting officers to know the accounting records expected to be kept and the steps towards proper accounting records.
iii.    Accounting officers, member and interested outsiders will understand the significant of proper accounting records to the organization’s performance and also to the Nigeria economy.

1.5    RESEARCH HYPOTHESES
For the purpose of this study the following hypotheses are developed.
Ho1: accounting for non –profit making organization has no significant effect in the organization performance.
Hi1: accounting for non – profit making organization has significant effect in the organization performance
Ho2: payment made without the approval of the authorized person(s) does not result in defrauding the organization.
Hi2: payments made without the approval of the authorized person(s) results in defrauding the organization.

1.6    DEFINITION OF TERMS
i.    Receipt and payment account: - the receipt and payment accounting is a mere summary of the cash book over a given period, usually a year.
ii.    Income and expenditure account:- income and expenditure account is merely another name for profit or loss account. Such type of account (income and expenditure) is generally adopted by non trading concerns like, clubs, societies, hospitals and churches, e.t.c.
iii.    Balance sheet (statement of financial position):- a balance sheet is a financial statement that summarizes (show) a company’s asset liabilities and shareholders, equity at a specific point in time.
iv.    Accumulated funds:- this is the capital fund of a non  -profit organization; it is the difference between assets and liabilities of the organization.
v.    Bar trading account: - some time a non –profit organization would run bars, restaurants to generate income to support their main objective. They would want to make profit on these activities because they are different form the main purpose of the organization. Where an organization has a bar it will be necessary to prepare bar trading account to show the result of the bar’s operation during the year.
vi.    Accounting: this can be defined as the process of collecting, recording, summarizing, measuring, analyzing / interpreting financial information to the users of accounting information.

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Project Details

Department Accounting
Project ID ACC0636
Price ₦3,000 ($9)
Chapters 5 Chapters
No of Pages 50 Pages
Methodology Chi Square
Reference YES
Format Microsoft Word

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    Project Details

    Department Accounting
    Project ID ACC0636
    Price ₦3,000 ($9)
    Chapters 5 Chapters
    No of Pages 50 Pages
    Methodology Chi Square
    Reference YES
    Format Microsoft Word

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