Table of
contents
CHAPTER
ONE
GENERAL
INTRODUCTION
1.0
INTRODUCTION
1.1 BACKGROUND OF THE STUDY/STATEMENT OF
PROBLEM
1.2 SCOPE AND LIMITATION OF THE STUDY
1.4. PROJECT OF THE STUDY
1.5 SIGNIFICANCE
OF THE STUDY
1.6 RESEARCH
QUESTIONS FOR HYPOTHESIS
1.7 RESEARCH METHODOLOGY
1.8 DEFINITION
OF TRECHNICAL TERMS.
1.9 SUMMARY OF CHAPTERS
CHAPTER
TWO
REVIEW OF
LITERATURE
2.0
INTRODUCTION
2.1 CONCEPTUAL ISSUES
2.2 PLANNING AS A MANAGEMENT FUNCTION
2.3 IMPORTANCE OF ACCOUNTING INFORMATION IN
DECISION MAKING
2.4 ACCOUNTING AS AN AID TO PLANNING AND
DECISION MAKING
2.5 RELEVANCE OF INFORMATION TECHNOLOGY TO
ACCOUNTING
CHAPTER
THREE
3.1 INTRODUCTION
3.2 RESEARCH DESIGN
3.3
SAMPLE
SIZE
3.4 SAMPLING
TECHNIQUE
3.5 INSTRUMENTS
3.6 RELIABILITY OF INSTRUMENT
3.7 VALIDITY OF INSTRUMENT
3.8 METHOD OF DATA COLLECTION
3.9 DATA ANALYSIS
CHAPTER
FOUR
DATA
ANALYSIS INTERPRETATION AND EVALUATION
4.1 DATA PRESENTATION, ANALYSIS AND
INTERPRETATION
4.2 ANALYSIS AND INTERPRETATION OF FINANCIAL
STATEMENT
4.3 TEST OF HYPOTHESIS
CHAPTER
FIVE
SUMMARY,
CONCLUSION AND RECOMMENDATION
5.1 SUMMARY OF FINDINGS
5.2 RECOMMENDATIONS
5.5 CONCLUSION
REFERENCES
CHAPTER
ONE
GENERAL
INTRODUCTION
1.1 INTRODUCTION
Accounting is a body of knowledge which does not
have a gingle definition, vicarious and several actions have come up with
different definitions which reflects the period in the evolutionary stages of
accounting thoughts during which definitions were made.
There are several definitions of the concept as
the number of people that attempt to define it.
According to A. H. Mill Champ in his book,
Foundation Accounting (An instructional manual for Accounting Students)
submitted that “Accounting is the process of identifying, measuring and
communicating economic information to permit informed judgement and decisions
by the user of the information and also explained further to mean and in terms
of money transactions and events which aid, is part at least of a financial
character, and interpreting the results thereof.
A.
Soyede accorded that “Accounting is concerned with
providing information to decision making within an organization to enable
management to take decisions about the level of output, the most optimal choice
of reflecting competition and other changes in the economy.
Accounting system has become a major quantitative
information system in almost every organization just as a well designed
information system has become an integral part of organizational activities.
Information for economic decision making is the main product of accounting.
The origin of financial accounting dates back to
the 15th Century when a Franciscan MONK, Rev. father Luca Pacioli
wrote his famous book “Summa de Arithetica, Geometrica, proportion et
proportionality” in Venis in 1914. The first known book on book-keeping enunciated
most of the principles on which today’s book keeping is kept. The main emphasis
was on the stewardship function. The regular calculation of profit, and thus
the preparation of a profit and loss account, was not yet seen to be important
and profitable when calculated was usually at the end of particular
contribution. Father Pacioli accorded him the recognition of Father of
Accounting.
The whole purpose of ancient accounting was not to
measure the rate of profit or loss but to keep accurate records of acquisitions
and out goings in money and kind and expose any losses due to dissolute on
negligence. This seemingly laudable objective of engaging the services of
book-keeping to keep accurate records of their wealth, business concerns and
value possible expose frauds. However, the increase in the number of multiple
ownership, joint ventures, partnership etc.
The profit and loss account grew in importance the
extension of credit transaction and the requirement of tax collection systems
increased the need for the measurement of profit.
1.1 BACKGROUND OF THE STUDY/STATEMENT OF
PROBLEM
Haier Paterson Cussons Nigeria Plc is a joint
Venture between PZ Cussons Nigeria Plc over 120 years of commercial experience
in Nigeria has been the proud manufacturer of Thermocool brand for over 37
years. Over the time, THERMOCOOL has won the trust and loyalty of Nigerian
consumers.
Haier is the world’s fourth largest white goods
manufacturer and is the official home appliances sponsor of the Beijing 2008
Olympic Games. As of 2008, the Haier Group has established a total of trading
companies (19 located overseas) 29 manufacturing plant (24 overseas), 8 design
centres (5 overseas) and 16 Industries parks (4 overseas) consistent with
Haier’s position as a global brand, the company employs over 60,000 people
ground the world. In addition, Haier boasts a 58,800 story sales network which
last year accounted for a global turnover of 122.billion RMB (17.5 billion USD).
The Partnership between these two world famous
companies through Haier-Thermocool brand aims to deliver reliable quality in
all products that are manufactured. This is achieved by producing products that
are specifically designed to meet the needs of the Nigerian environment.
The elegant new designs and innovative
technologies all Haier Thermocool products are tropicalized (Nigerian used) to
deliver optimum value for cool. Haier Thermocool has a world-class after sales
services centres which dedicated customer care line: 01-7303333
Pan-Nigeria-Name.
The organization as related to Haier Paterson
Cussons Nigeria Plc is organized into six (6) sections, namely: production,
personnel, packaging, finance, sales and purchases and each of these sections
headed by a manager except finance which is headed by a Chief Accountant. All
these heads of the sections reported directly to the Chairman. The line of authority/responsibility
are depicted in the organization chart.
Every individual in HPY has an assigned
responsibility in which their performance is judged on how well they meet up
with these responsibilities. The sum of the responsibility structure is allocated
among people at several levels of management division of responsibility and
authority among several levels of management enables the enterprises strike
effectively in achieving their objectives.
1.2 SCOPE AND LIMITATION OF THE STUDY
The scope of this research will be restricted to
the accounting information provided by Haier Paterson Cussons Nigeria plc
manufacturing of refridgerators, chiller/freezer, air-conditioner, washing
machines etc.
The study would also embrace all the accounting
concepts and their application in operation and preparation of the financial
statement of the company.
The study would automatically be limited to the
uses and effect of the Accounting information, concepts and application for
planning and decision making in an organization.
TIME CONSTRAINT: The time available for the
conduct of this research work has to be shared between the institution academic
programme, family contentment and the project research, office work and thereby
given little time for the researcher to visit most of the available library and
the case study as it would have done.
FINANCIAL CONSTRAINTS: During all these, there is
much cost involved and in view of economic dispensation there is inadequacy of
money thereby limiting the work to have been done. The cost of embarking on
this research is expensive thereby could not lay my hands on the available data
which are supposed to be used for this research work.
DATA COLLECTION: The workers in this organization could not
release some data needed for this research work and some answers to the
questions I asked about the organization were not answered likewise some
questionnaires given to them were not returned as expected.
ACCOUNTING: the organization does not use all the
appropriate books of accounts the use of required accounting principles,
concepts and convension provided by the National Accounting Standard Board and
Company and allied Act 2004 is also not appropriately used or embibe on.
SUPERVISORS: The supervisor of this
project is another great problem encountered due to the fact that before the
researcher could see the supervisors for appropriate connection and
supervision, it takes a lot of time and when seen, several connection demand
for more information, proper presentation and demand thereby lot of energy and
time were consumed at the end of this project writing.
1.3 OBJECTIVES OF THE STUDY
A wide range of users of users
accounting information rely on periodic financial state to assist them in
making a variety of economic decision. The quality of accounting information
before them, therefore directors are constantly concern with assessing the quality of their management and
to effectively do this they have again to rely heavily on accounting
information and statement.
Accounting information affect the way the society
allocate resources and also how it distributes income. The aggregate economic
development of a society has become a function of the quality of accounting
information available to it. In the light of the above mentioned this research
will try to:
1.To
examine the weakness of the accounting information and the result and effect of
this on the other sector of the economy.
2.To
examine the concept of accounting information as indispensable economic factor.
3.To show
in clean terms the need for accounting information as well as the contributions
to meeting societal requirements.
4.To mention
the extent to which accounting information has been able to adapt to the ever
changing societal requirement.
5.To
comprehensively highlight the role of accounting as a societal function,
societal fund and accounting information as well as social issue in accounting.
6.To take
on current method of and suggest further improvement of financial reporting.
1.4 SIGNIFICANCE OF THE STUDY
Due to the global economic depression
in general and the Ngeria depressed economic climate in particular, only the
astute business manager will try. However for a business manager to be successful,
he/she needs accurate and timely information to perform his/ her managerial
function. Every individual business company or entity, engaging in economic
activity is faced with several questions e.g what are the available assets or
resources, what is the return or expected return of the funds invested
elsewhere, etc? the answers to all these questions involves the rise of
accounting information and therefore it’s
relevance can not be over-emphasized.
1.5 RESEARCH QUESTIONS FOR HYPOTHESIS
1.
H0: That the rapid progress of the organization
could not be attributed to the level of decision made by the management staff.
H1: That
the rapid progress of the organization could be attributable to the level of
decision made by the top management staff.
2.
H0: that the accounting report is not an essential
instrument in planning.
H1: That
the accounting report is an essential instrument in planning.
3.
H0: That instrument of the accounting personnel
could affect the accounting report of the organization.
1.6 RESEARCH METHODOLOGY
This as stated above is the techniques and
strategy which the researcher concluded on to use in order to be able to carry
out an objective investigation in an organized and efficient manner to help in
decision making.
In this case, I had intention in my own study, to
rather information through oral interviewing and questionnaire which shall be
directed to the following classes of people with Haier Paterson Cussons Nigeria
Plc.
i.
the management staff
ii.
the technology staff
iii.
shareholders
I also
conducted relevant textbooks, magazines, write-ups, seminar papers etc.
1.7 DEFINITION OF TECHNICAL TERMS.
The following terms shall be used in
the context of the research and the teacher could make little explanation as
follows:
TAX: This is
a compulsory levy imposed by government on the income of individuals,
companies, co-operate individuals and or value of purchases, which is also paid
to the same government for public purposes.
WORK IN PROGRESS:
This is the value of job that is currently witnessing further production i.e
value of yes to the completed job, it can also be referred to as value of
uncertified job.
TURN OVER:
This is the net value of goods and/or services sold within a
particular a particular year. It is
calculated as total sale less return.
PRODUCTION: This is
the action of manufacturing, grnizawing, extracting things, especially in large
quantities such as oil, garri, egg, energy production. Goods that transform our
wants are produced by organization and individual entrepreneur. These transform
inputs (raw materials, money, machine, labour, information into goods and
services. This is the process of transforming input into output (goods and
services) using production system.
ORGANISATION: this is a structure
for the enterprise to conry out its activities in a systematic manner.
Organization provides a frame work while dukes are identified, definite task a
allocated to suitable person and inter relations between jobs made clear. The
joint effort made by different persons sources more productive, effective and
economical. If a well knit organizations is provided by the management.
EFFICIENCY: this means
improvements in energy efficiency of the factory, organizations or individual.
This is the ability to work well or without wasting time or resources competent such as efficient managers,
secretary e.t.c. it is the ability of tools, machinese of time, system e.t.c
producing a satisfactory result without wasting time and resource such as
official database, software or heating equipment.
TECHNOLOGY: the scientific study
and use of applied sciences e.g engineering. The application of this to
pratical task in industry such as recent advance in technology and new computer technology.
DEPRECIATION: This is the
permanent decrease in value of the asset through wear and tear in use or
passage of time.
ACCOUNTING CONVENTION: This is
general custom, tradition practice in which an account based on the preparation
of financial statement.
ACCOUNTING PRINCIPLE: This is the
basic truth on general rule guiding the preparation of financial statement.
ACCOUNTING CONCEPT: This is the
accounting practice found in certain bases of assumption.
STOCK: This can be refered to
stock of goods available for sales, distribution, or use, especially goods kept
by a trader or shop keeper. This can be stock of materials available for production
of goods.
TURNOVER: This is the net value of goods and
/or services sold within a particular year. It is calculated as total sales
less return.
RESOURCES: This is the wealth,
supplier of goods, raw materials which an organization has or can use which
helps in or that can be turned to for support in production.
DEFERRED TAXATION: This is the
taxation on the timing difference between the treatment of certain items for
accounting purpose and their treatment for taxation is only provided in respect
of liabilities which are expected to become payable in the forseable future.
FOREIGN CURRENCIES: This is the
currency of the foreign countries. Transaction arising in foreign currencies
are converted into Naira at the current rates of exchange as at the time they
arise.
1.9 SUMMARY OF CHAPTERS
Chapter one of this research work will centre on
the general introduction while chapter two review the relevant literature which
is the importance of Accounting information, concepts, principles of
Accounting. The chapter three will focus on the methods used in this research
work while chapter four will have to analyze and present the data accordingly.
The chapter five of this research work will summarize, recommend and conclude
the whole project then finally give you the references of the project research.
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