ACCOUNTING SYSTEM IN GOVERNMENT ESTABLISHMENT
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TITLE PAGE
BY
---
--/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
APPROVAL PAGE
This is to certify that the research work,"accounting system in government establishment" by ---, Reg. No. --/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
--- . ---
Supervisor Head of Department.
Signature………………. Signature……………….
……………………………….
---
External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
My appreciation goes to some of my lecturers among whom are Mr. ---, and Dr. ---. I also recognize the support of some of the staff of --- among whom are: The General Manager, Deputy General manager, the internal Auditor Mr. --- and the ---. Finally, my appreciation goes to my elder sister ---, my lovely friends mercy ---, ---, --- and many others who were quite helpful.
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TABLE OF CONTENTS
TITLE PAGE I
CERTIFICATION II
DEDICATION III
AKNOWLEDGEMENT IV
CHAPTER ONE
- INTRODUCTION 1
- STATEMENT OF THE PROBLEM 2
- SOURCES OF FUNDS 3
- AIM AND OBJECTIVE 4
- SCOPE AND LIMITATION OF THE STUDY 4
- SIGNIUFICANCE OF THE STUDY 5
CHAPTER TWO
- REVIEW OF LITERATURE 6
- HISTORICAL PERSPECTIVE OF THE INTERNATIONAL STANDARD 6
- PUBLISHED ACCOUNTING STANDARD TO DATA 8
- DISCLOSURE SUMMARY 10
CHAPTER THREE
- RESEARCH METHODOLOGY 16
- THE POPULATION 16
- DATA COLLECTION 16
- QUESTIONNAIRE METHOD 18
- POPULATION SIZE AND SAMPLE 19
- DATA PRESENTATION ANALYSIS AND INTERPRETATION 21
- LIMITATION OF THE STUDY 23
CHAPTER FOUR
- HISTORY OF SMITH-WINE BEECHAM PLC AND ITS ORGANIZATIONAL STRUCTURE 24
- ACCOUNTING POLICIES 26
- DEPRECIATION ACCOUNTING 29
- ISSUE OF REVENUE 30
- ANNUAL REPORT AND ACCOUNT PROBLEM 32
CHAPTER FIVE
- SUMMARY OF CONCLUSION 54
- RECOMMENDATION 57
BIBLIOGRAPHY 61
CHAPTER ONE
- INTRODUCTION
The government has to live and perform its duties to the native as a result there must be a means of live hood called money.
Therefore, the simple meaning of accounting is an act of recording, classifying, summarizing and interpreting of financial records. It has always been said that money is the life wire of any state. That is accounting is prominent to the survivor of any Native, the government system is to enable power or delegate the power to the rule from rule and three is a three arms of government i.e the legislature, judiciary and executive of a government system and whereas we have three types of government in any nation i.e federal government which is president, vice president and all ministers and secretary to the federal government, state government in this we have the executive governor of the state, the vice governor, the secretary to the state governor and all commissioners we still have local government chairman, vice chairman and secretary.
- STATEMENT OF THE PROBLEM
It is obvious that inadequate revenue has been one of the problems of the government in discharging its function smoothly. It is justifiable that most of the government have not proved to be quite successful in discharging their function effectively and efficiently.
Also, the poor attitude toward the payment of tax which is one of the large sources of revenue from the payers also contributed negatively to the government generates revenue.
The government establishment also affected the revenue of generated either directly or indirectly recently.
How does government establishment or accounting system affect the revenue generation?
What role the government plays on accounting system.
- SOURCES OF FINDINGS
- Statutory allocation from the federation account (i.e. 245 of federation account)
- personnel income tax
- Other state taxes
- License and fines
- Fees
- earning and sales
- Rent on government properties
- Interest and repayment
- reimbursement. These are refund for services rendered to local government, public corporation and other statutory bodies by state officers.
1.3 SOURCES OF FUND THE THEORY OF REVENUE
This deal with various sources through which government generate funds to finance its activities.
It also deals with the comparative advantages of each of the sources revenue.
- AIMS AND OBJECTIVE
Ordinarily, the purpose of accounting system is to provide fund to government at all level for effective governance.
However, the aims and objectives of the study is to educate people on how accounting system being establishment, actually kwara state ministry of finance is the ministerial department in charge of the public finding accounting system in kwara state.
- SCOPE AND LIMITATION OF THE STUDY
The scope of the study is trying to partial how revenue is been generated by the government establishment and that effect of accounting system.
The research work may be restricted to its case study only. i.e. kwara State Military of Finance and not to any other government agency.
However, its limitation include inadequate time to thoroughly carry out a very lengthy research work, financial constraints are the assumption that all information given from the said organization are true. The unwillingness as they are being targeted as very confidential.
- SIGNIFICANCE OF THE STUDY
“The findings from the study will enable both laymen and potential users the government accounting to know the sources of accounting system and the effect of recent of the government establishment”. This is particularly through the account of ministry of finance.
The sources of revenue shall be constraint in order that it might conform to the scope of this research work, the state ministry of finance kwara state in particular.
CHAPTER FIVE
- SUMMARY, CONCLUSION AND
RECOMMENDATION
This project traced the history, development, enforcement, problems and recommendation of the international accounting standards and their applications to the manufacturing industries in Nigeria. Though the number of the standards in operations to data is about thirty one (31) it is impossible to deal with all for the purpose of this project.
The six chosen are including.
- IAS I – Disclosure of accounting policies
- IAS II– Valuation and presentation of inventories in the content of historical cost system
- IAS IV – Depreciation accounting
- IAS XVI – Accounting for property, plant and equipment
- IAS XVIII – Revenue recognition
- IAS XXI - Accounting for the effect of change in foreign exchange rates.
The above standard were taken up with the company and on interesting discover was made.
The discovery is that the company is a public quoted company, the needs to justify meaningful evaluation of their investment potential of the company’s shares and the need for other users requirements like creditors and lender tax officer and government, the company in testify effort in following the stipulations of standard.
The company Act 1968 require that all companies must show a true and fair view of the state of their affairs as at the balance sheet date and of the profit and loss for the accounting period.
Any legal dispute as to whether the financial statement shows a true and fair view of compliance with the Act and CAMP 1990 can only be resolved by a judge in a court of law in making such decision the court will look for guidance on this question to the ordinary practice of professional account.
The court therefore looks upon relevant accountancy standards as strong and professional evidence of good accounting practice Departure from the standard without disclosure may be interpreted by the court as not showing a true and fair view and constituting a breach of duty on the part of the accountant.
Therefore, to prepare valid practical work, prepares of financial statement should try to adhere to relevant accounting standards except institutions where strict adherence would not show at the true and fair view of the financial statement. The users accept financial statements without much doubt and rely on them for their intents and purpose goes to the credit of the standards.
Though the improvement are still necessary, ovation should be given to brain behind the standards and credence given to the standards.
- RECOMMENDATIONS
In view of the above problem, it is necessary to make the following recommendations.
- the accounting bodies in each country can persuade the users of standard to comply, legislative enactment to the view will add credence to compliance. The company Act of 1968 tried to identify areas of disclosure but it is not enough as exist loopholes which users can easily exploit. Information which the statute does not oblige disclosure, if found disc losable by auditor during their audit should be qualified as an long way to give valuable information to users of such information.
- To reconcile the difference in materially where local standards are applied as approved by international standards. Such fact of deviations should be disclosed to justify the use of local standard. The members of accounting professional are expected to prepare accounts which will satisfy the use and relevant criteria in both local and global context.
- The auditors and accountants have been given some degree of freedom of not following the standards to the letter, that is a true and fair view of the financial situation should as much as possible be shown at all times.
Other areas of recommendation to add credibility to this work and enhance performance in the industries are:
- Publication of standards in the institute of chartered accountants of Nigeria journal “The Accountant” periodically and seeking view from both members all and non-members on areas of divergences thereby affecting early corrections necessary from diverse contributions areas of enforcement problems are identified and early efforts taken to resolve conflicts in these areas would surely enhance the effectiveness and application of the standard.
- Whenever the companies act is reviewed such opportunity should be used to back the accounting standards and equally illustrate appendices inserted for the purpose of general guidance.
In fact, some of these have been taking into consideration in the Companies and Allied Matters Decree 1990 (CAMD)
- The international accounting standards should be made supreme over local standards in operation. This is to reserve conflicts in favour of international accounting standards in operation. The local standards should concentrate on areas if local needs to be covered by the international standards
- Where local standards operate in some companies (mostly private companies) it is observed that international accounting standards operate in some others. These differences should be harmonizing.
CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of"accounting system in government establishment"is also available. Order full work to download. Chapter two of"accounting system in government establishment"consists of the literature review. In this chapter all the related work on"design and construction of an arduino based public address system"was reviewed.
CHAPTER THREE: The complete chapter three of"accounting system in government establishment"is available. Order full work to download. Chapter three of"accounting system in government establishment"consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of"accounting system in government establishment"is available. Order full work to download. Chapter four of"accounting system in government establishment"consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of"accounting system in government establishment"is available. Order full work to download. Chapter five of"accounting system in government establishment"consist of conclusion, recommendation and references.
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