FINANCIAL ACCOUNTING: A PANACEA ON THE CORPORATE PERFORMANCE OF BUSINESS ORGANIZATIONS: A case study of Nigerian Breweries plc.

FINANCIAL ACCOUNTING: A PANACEA ON THE CORPORATE PERFORMANCE OF BUSINESS ORGANIZATIONS: A case study of Nigerian Breweries plc.       CHAPTER ONE INTRODUCTION 1.1     BACKGROUND OF THE STUDY

The impact of financial reporting on the corporate performance of a business organization is becoming more apparent to user groups of financial statement.

Accounting is a not an exact science neither are business operations without some subjective and judgmental errors when it comes to reporting them. A financial report therefore is statement which informs the various interest groups of a business on the operations and performance of their business in a period under review, its present state of affairs as well as its anticipated future, in accordance with the statutes. If a financial report is to serve its purpose it ought to be characterized by the following.

a. Relevance

b. Understandability

c. Reliability

d. Completeness

e. Objectivity

f. Timeliness

If accounting process of an organization is to provide the information required to prepare a financial report which shall have the above characteristics then the transaction during the period must be recorded promptly and accurately and interpreted in conformity with the Generally Accepted Accounting Principles (GAAP), Statements of Accounting Standards (SAS), International Financial Reporting Standards and the companies and Allied Matters Act (CAMA)

Financial Accounting becomes necessary with the obvious need for managers to render accounts of stewardship to owners of the business.   Financial reporting is a duty of stewardship assigned to the directors of a company by section 334 of the company and Allied Matters Act Cap L20 LFN, equally the mandatory responsibility of companies to keep accounting records derives its strength from section 331 and 382 of the same act. These sections explicitly defined the necessary content and manner in which financial records should be kept.

1.2     STATEMENT OF THE PROBLEM

The study “financial accounting; a panacea on the corporate performance of business organisation” aims at investigating the financial reports of selected companies with a view to determining the following;

a. The extent to which a standard financial report contributes to the growth of a business organization.

b. The extent to which the financial reports of corporate business organization comply with statutory provisions.

Therefore, based on the above statements, the researcher shall investigate the financial reporting standards and every regulation that bears on the financial statement and the extent of compliance of the selected companies to relevant statutes.

1.3     OBJECTIVES OF THE STUDY

The master or general objectives of this study is to critically examine the financial reports of the selected companies and to probe into the fundamentals for their preparation as well as its presentation. The specific objectives of the study however are:

a. To determine the extent to which a standard financial report contributes to growth of a business organization.

b. To determine the extent to which the financial reports of corporate business organization comply with statutory provisions.

1.4 RESEARCH QUESTIONS

In order to determine the impact of financial reporting on the corporate performance ofbusiness organizations, it is pertinent to ask the following questions;

a. To what extent does a standard financial report contributes to the growth of a business organization?

b. To what extent does a financial report of corporate business organization comply with statutory provisions?

1.5RESEARCH HYPOTHESES

The following null and alternative hypothesis has been tested in this research work:

H01: There is no significant relationship between standard financial reports and business growth.

H11: There is a significant relationship between standard financial reports and business growth

 H02:  financial report of corporate business organizations does not comply with statutory provisions.

H11: financial reports of corporate business organizations comply with statutory provisions.

1.6     SIGNIFICANCE OF THE STUDY

This study is very important and most significant at this period when companies with impressive income statement and statement of financial position are still faced with continuity issues. Financial report is“prima facie” evidence on the state of affairs of companies as well as its performance and could be relied upon as a certificate because it has the auditors’ certification.

This study offers solutions to the above questions  raised,  it is the believe of the researcher that the result of these finding will go a long way to helping other researchers in this area of study, it will also enhance the understanding of the structure of published reports and accounts by the users.

The various user groups of published financial statements will benefit from this study as follows:

1. The Potential Investors:These are groups who are interested in committing their financial resources to the purchase of a company’s shares. The result of this study will arm them with the necessary tools with which to evaluate the financial report of a corporate organization as it affects them.

2. The General Public:This group shall benefit from this report by the knowledge that the business organization exists for them and not against them and as such has to live up to its full responsibilities. project topics   final year project topics and research materials 

3.The Regulators of Financial Accounting Report:This group includes the Financial Reporting Council of Nigeria (FRCN), The companies and Allied Matters Act (CAMA), Banking and Other Financial Institutions Act of 1991 (BOFIA), prudential guidelines for licensed Banks, the Insurance Act 2003. The study will help them to standardize and harmonize their operations.

4.The Employee Group: existing, Potential and past employees.                                                         

5.The Government Including Tax Authorities, Department who have Interest in the Financial Reports of Companies: The result of this work shall be of immense assistance to each to these user groups in the advancement of their interest.                         

1.7    SCOPE OF THE STUDY

This study could have covered the impact of financial reporting on corporate performance of all the sectors of the Nigerian economy but due to the challenges of such a task especially the financial resources with which to execute it, it is limited to braving industry. The study used selected company in Nigeria.

1.8   LIMITATIONS OF THE STUDY.

The limitations encountered by the researcher of this work are given as follows:

a. The confidential nature of financial accounting information in the business organization posed a problem to this study.

b. The researcher was unable to reach all the members of the sample as a result of their frequent travels and busy schedule.

c. The sample used in the research though representative but is relatively small compared to the population, as a result of lack of finance with which to carry out the research on a greater sample.

1.9 OPERATIONAL DEFINITION OF TERMS

 AUDITOR: a person who is qualified to examine the accounts of an organization to see that they are in order.

STATEMENT OF FINANCIAL POSITION: formerly called balance sheet. a statement that shows the state of affairs of a company by depicting its assets, liabilities as well as its equity.

Bank: a financial institution whose responsibilities among others is to keep deposits for its clients and customers.

Government: an institution of the state whose responsibility is to maintain law and order in the society.

Prima facie: sufficient to establish something legally until disproved later.

Researcher: an enquirerbasically concerned with search knowledge.

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How To Write Chapter Three Of Your Research Project (Research Methodology)

  • Methodology In Research Paper


    Chapter three of the research project or the research methodology is another significant part of the research project writing. In developing the chapter three of the research project, you state the purpose of research, research method you wish to adopt, the instruments to be used, where you will collect your data, types of data collection, and how you collected it.

    This chapter explains the different methods to be used in the research project. Here you mention the procedures and strategies you will employ in the study such as research design, study design in research, research area (area of the study), the population of the study, etc. You also tell the reader your research design methods, why you chose a particular method, method of analysis, how you planned to analyze your data.

    Your methodology should be written in a simple language such that other researchers can follow the method and arrive at the same conclusion or findings.

    You can choose a survey design when you want to survey a particular location or behavior by administering instruments such as structured questionnaires, interviews, or experimental; if you intend manipulating some variables.

    The purpose of chapter three (research methodology) is to give an experienced investigator enough information to replicate the study. Some supervisors do not understand this and require students to write what is in effect, a textbook.

    A research design is used to structure the research and to show how all of the major parts of the research project, including the sample, measures, and methods of assignment, work together to address the central research questions in the study. The chapter three should begin with a paragraph reiterating the purpose of research. It is very important that before choosing design methods try and ask yourself the following questions: Will I generate enough information that will help me to solve the research problem by adopting this method?

    Method vs Methodology

    I think the most appropriate in methods versus methodology is to think in terms of their inter-connectedness and relationship between both. You should not beging thinking so much about research methods without thinking of developing a research methodology.

    Metodologia or methodology is the consideration of your research objectives and the most effective method and approach to meet those objectives. That is to say that methodology in research paper is the first step in planning a research project work.

    Design Methodology: Methodological Approach

    Example of methodology in research paper, you are attempting to identify the influence of personality on a road accident, you may wish to look at different personality types, you may also look at accident records from the FRSC, you may also wish to look at the personality of drivers that are accident victims, once you adopt this method, you are already doing a survey, and that becomes your metodologia or methodology.

    Your methodology should aim to provide you with the information to allow you to come to some conclusions about the personalities that are susceptible to a road accident or those personality types that are likely to have a road accident.

    The following subjects may or may not be in the order required by a particular institution of higher education, but all of the subjects constitute a defensible in metodologia or methodology chapter.

    Click here to complete this article - How To Write Chapter Three Of Your Research Project (Research Methodology)

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