ACCOUNTING SYSTEM IN GOVERNMENT ESTABLISHMENT (A CASE STUDY OF KWARA STATE MINISTRY OF FINANCE)
TABLE OF CONTENTS
TITLE PAGE I
1.1 INTRODUCTION 1
1.2 STATEMENT OF THE PROBLEM 2
1.3 SOURCES OF FUNDS 3
1.4 AIM AND OBJECTIVE 4
1.5 SCOPE AND LIMITATION OF THE STUDY 4
1.6 SIGNIUFICANCE OF THE STUDY 5
2.0 REVIEW OF LITERATURE 6
2.1 HISTORICAL PERSPECTIVE OF THE INTERNATIONAL STANDARD 6
2.2 PUBLISHED ACCOUNTING STANDARD TO DATA 8
2.3 DISCLOSURE SUMMARY 10
3.0 RESEARCH METHODOLOGY 16
3.1 THE POPULATION 16
3.2 DATA COLLECTION 16
3.3 QUESTIONNAIRE METHOD 18
3.4 POPULATION SIZE AND SAMPLE 19
3.5 DATA PRESENTATION ANALYSIS AND INTERPRETATION 21
3.6 LIMITATION OF THE STUDY 23
4.1 HISTORY OF SMITH-WINE BEECHAM PLC AND ITS ORGANIZATIONAL STRUCTURE 24
4.2 ACCOUNTING POLICIES 26
4.3 DEPRECIATION ACCOUNTING 29
4.4 ISSUE OF REVENUE 30
4.5 ANNUAL REPORT AND ACCOUNT PROBLEM 32
5.1 SUMMARY OF CONCLUSION 54
5.2 RECOMMENDATION 57
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.
1.2 STATEMENT OF THE PROBLEM
It is obvious that inadequate revenue has been one of the problem 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 source of revenue from the payers also contributed negatively to the government generate 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.
1.3 SOURCES OF FINDINGS
1. Statutory allocation from the federation account (i.e 245 of federation account)
2. personnel income tax
3. Other state taxes
4. License and fines
6. earning and sales
7. Rent on government properties
8. Interest and repayment
9. reimbursement. These are refund for services rendered to local government, public corporation and other statutory bodies by state officers.
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.
1.4 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 off finance is the ministerial department in charge of the public finding accounting system in kwara state.
1.5 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.
1.6 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.
2.0 REVIEW OF LITERATURE
International accounting standard always being adopted in the absence of domestic standard it is recognized by professional bodies such as ICAN SAS (statement of accounting standards) NBEA (Nigerian Bankers Employers Association) the accounting committee has the objective of reducing the number of way in which similar transaction may be treated for accounting purpose.
2.1 HISTORICAL BACKGROUND OF INTERNATIONAL ACCOUNTING STANDARDS
The review of literature showed that call for uniform accounting methods world wide can be traced to Trayenlof A. (1960) and Benson (1966) concrete moves to realize their calls were not successful until the formulation of international accounting standard committee (IASC) in June 19 since then accounting finance experts and analysis have been expressing their minds on the desirability or otherwise of accounting standard.
While some accounting practitioner support the standards. Others are opposed to it. The intention of this study is not pick tent with comps although away out of the problem would be suggested at the end.
Ogunde (1983) argued that in view the benefits derivable from compliance with accounting standard and Nigeria being a significant economic force among the countries of the third word in general. It should be ranked among those countries that have been spending their resources in the direction of standardization and harmonization the accounting policies this view was supported by Oke (1983)..