THE IMPORTANCE OF ACCOUNTING RECORDS IN PROFIT MAKING ORGANIZATION A CASE STUDY OF ESCO SUPERMARKET, WARRI, DELTA STATE

TABLE OF CONTENTS
Title Page i
Approval page ii
Dedication iii
Acknowledgement iv
Table of contents v
Abstract viii
CHAPTER ONE – Introduction
Background of the study 1
Statement of the study 2
Purpose of study 3
Research question 3
Significance of study 4
Scope of study 4
Limitation of study 4
Operational definition of terms 5
CHAPTER TWO – Review of Related Literature
Introduction 8
Profit Making 9
Types of Account 12
Accounting 13
Financial Accounting 15
Cost Accounting 16
Management Accounting 16
The Nature and purpose of Accounting 18
Grouping of Accounting Books 18
Reasons for Subsidiary Books 19
Ledgers or Principle Book of Account 23
Final Account 24
Statement 24
Trial Balance 24
Balance Sheet 25
The Importance of Book-Keeping and Accounting 25
Importance of Bookkeeping and Accounting to Business
Organisation 27
An Illustration which Demonstrate Double Entry
Record of Bookkeeping 28
CHAPTER THREE – Research methodology
Introduction 29
Research design 29
Area of the study 29
Sampling size and Sampling procedures 30
Research instrument 30
Validation of the Instrument 30
Reliability of the Instrument 30
Data collection Method 31
Method of data analysis 32
CHAPTER FOUR – Presentation and data analysis
Introduction 33
Data presentation 33
Findings 36
Summary of the Analysis 38
CHAPTER FIVE – Summary, Conclusion and Recommendations
Summary of findings 39
Conclusion 39
Recommendations 40
References 42
Appendix 42
Questionnaire 44

CHAPTER ONE

INTRODUCTION

Background of the Study

In turbulent time, an organisation has to be managed properly in order to withstand the changes in the environment and to protect itself from unexpected events such as business failure and eventual winding up. In every profit seeking organisation, financial management is very necessary for proper accounting record and investment decision. Therefore, the success or failure of the enterprise solely depends on the financial management. Most enterprises have had some outstanding success while others have been dismal failures.
An organization in this context is more than a group. It is something more than a casual human assemblage such as a social part or a class of accounting students.
According to Drucker, an organization is defined as a concrete social process with more definable boundaries through which interaction must take place and by striving towards goals requiring mutual effort”. Organisation can also be defined as a system of coordinate activities by two or more participant in order to actualize common goals.
The need for account record in our economy becomes obvious in Nigeria during the Nigeria enterprises promotion decree of 2003, when the problem of inadequate manpower to replace the foreigners became evident. This therefore called for training of more accountants from our universities and other higher institutions, such as polytechnic and colleges of education. Needs for organisation to keep financial accounting record is to know how much profit they make from trade and what their financial position is at a giving time.