INTERNAL CONTROL SYSTEM IN NIGERIA DEPOSIT MONEY BANKS PROSPECTS AND PROBLEM (A CASE STUDY OF UNION BANK PLC)

CHAPTER ONE

INTRODUCTION

1.0 BACKGROUND TO THE STUDY

Accounting is so persuasive, and the understanding of its usefulness is desirable. it has been called the “language of business”. The history of accounting is an internal one, the double entry book-keeping concept which is generally regarded as the genesis of accounting comes from the Italian city state of the fourteenth and fifteenth centuries; after Italian fashion it then migrated to Germany to assist. The merchant of the Tugged Era and the Assume leagues almost simultaneously. Some Duton business philosopher shamed ways of calculating period income and same Frenchmen also made use of the whole system to government planning and accountability.

Not long, the double entry accounting idea reached further attention and development; the British world economic position in the seventeenth. Their influence spread the flag of accounting to North America and the British. Common wealth as it existed then. Dutch thus, carried the brand of accounting that they had developed at home to Indonesia and other places. Yet is serving people and organization internationally.  

1.1      STATEMENT OF THE RESEARCH PROBLEM

An accounting information system is designed to be used recording the financial transaction. Information is entered, processed, stored and distributed through this system.

At the end of every accounting year, a stewardship  report is given to the shareholder inform of financial statement which shows the position of their investment; this many research work have been carried out on accounting information that can be used by the management to make decision in a banking industry.

Accounting information systems are usually computerized. Because of this, there is always a risk of losing information through power outage or system crasher when this happens there is a chare that all the information in the system could be lost.

1.2   OBJECTIVES OF THE STUDY 

This study represents an attempt to so those aspects of accounting information and job performance which subordinate perceives as operative with the Mainstreet bank management, the following are identified objective of the study.

i.        To enable improvement of accounting information performances.

ii.      To identify the type of accounting information styles that can lead to higher job performance.

iii.    To provide basis for improving on the job performance of accounting information.

1.3      RESEARCH HYPOTHESIS

Question: does the present accounting information in the banking industry improve the profitability determination?

H_o: The present accounting in banking industry here in improved the profitability determination.

1.4 SIGNIFICANCE OF THE STUDY

The project will identify the roles of accounting over the year; it will create awareness in mind of the user and enlighten them on the uses of  accounting information generated from financial transaction carried out in the banking industry for making various position as shareholder, potential investors customer etc.

1.5 SCOPE AND LIMITATION 

This study is limited to the year range of 2011; Mainstreet bank was issued license with year 2011. A case study of Mainstreet bank limited Ilorin Kwara state branch is going to be the centers focus.

1.6 PLAN OF THE STUDY

This project is divided into five (5) chapters

Chapter (1) deals with introduction background of the study, statement of the research problems, objective of study, significance of study, scope and limitation, plan of the study and definition of terms.

Chapter (2) will examine literature review, relevant and related book to be observed.

Chapter (3) deals with methodology, method of data collection method of data analysis and research design.

Chapter (4) includes data presentation and analysis

Chapter (5) which will be the last chapter deals with summary. Conclusion and recommendations.

1.7 DEFINITION OF TERMS

Financial statement: They are report that summarize the business transaction of a specific time or period usually a year its shows the financial position of the business

Assets: Are economic resources which are owned by a business and expected to benefit future operation

Balance sheet: It shows the financial position of the business at a particular date of a particular time i.e a statement of the asset, liabilities and capital of a business to payback at a given period.

Liabilities: They are debt or obligation which the business and is expected to payback at a given period.

Industries: An economy sector which is concerned with the processing of raw material and manufacture of goods to finish good for the consumption of the consumer.

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