THE IMPACT OF ACCOUNTING STANDARD ON THE DEVELOPMENT OF SMALL SCALE BUSINESS IN AKWA IBOM STATE

THE IMPACT OF ACCOUNTING STANDARD ON THE DEVELOPMENT OF SMALL SCALE BUSINESS IN AKWA IBOM STATE

TABLE OF CONTENTS

Contents                                                                                                                    

Cover Page

Title Page

Certificate

Dedication

Acknowledgment

Abstract

Table of contents

CHAPTER ONE: INTRODUCTION

1.1 Background of the Study –           –           –           –           –           –

1.2 Statement of the Problem –           –           –           –           –           –

1.3 Objectives of the Study    –           –           –           –           –           –

1.4 Research Questions           –           –           –           –           –           –           –

1.5 Research Hypothesis         –           –           –           –           –           –           –

1.6 Significance of the Study –           –           –           –           –           –

1.7 Scope of the Study           –           –           –           –           –           –           –

1.8 Limitation of the Study    –           –           –           –           –           –

1.9 Definition of Terms and Acronyms          –           –           –           –

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1 Introduction          –           –           –           –           –           –           –           –

2.2 Meaning of Small Scale Business             –           –           –           –

2.3 Characteristic of Small Scale Business     –           –           –

2.4 Stating problem and Failure Signs of Small

Scale Business       –           –           –           –           –           –           –           –

2.5 Budget-Objectives and Benefit    –           –           –           –           –

2.6 Basic Accounting Problems of Small Scale Business       –

2.7 Records Keeping and the Law                 –           –           –           –

2.8 Accounting Books Needed By Small Scale Business      –

2.9 Interpretation of Account –           –           –           –           –           –

2.10 Analysis of Financial Statement             –           –           –           –

CHAPTER THREE: METHODOLOGY AND RESEARCHER DESIGN

3.1 Introduction                      –           –           –           –           –           –           –

3.2 Area of Study       –           –           –           –           –           –           –           –

3.3 Population of the Study    –           –           –           –           –           –

3.4 Sample Determination and Sampling Techniques –

3.5 Method of Data Collection           –           –           –           –           –           –

3.6 Source of Data      –           –           –           –           –           –           –           –

3.7 Data Presentation and Analysis    –           –           –           –           –

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.1 Introduction          –           –           –           –           –           –           –           –

4.2 Data Analysis and Result –           –           –           –           –           –

4.3 Test of Hypothesis            –           –           –           –           –           –           –

4.4 Discussion of Findings     —          –                       –           –           –

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Introduction          –           –           –           –           –           –           –           –

5.2 Summary   –           –           –           –           –           –           –           –           –

5.3 Conclusion            –           –           –           –           –           –           –           –

5.4 Recommendation –           –           –           –           –           –           –

Reference

Appendices

CHAPTER ONE

INTRODUCTION

1.1       Background of the study

There is no body that strikes for self-actualization where there is no need for it; it has been applied to business. A small scale business is a privately owned and operated business, characterized by a small number of employees. Small scale businesses are the back bone of our economy creating jobs and adding new and innovative product to the market.

The future reliefs on the small scale business operator or promoters in the economic development of the nation. This can be enhanced by complying with the accounting standard set to guide business operations, other wise know as General Accepted Accounting principle (GAAP). GAAP refers to the standard frame work of guideline for financial accounting used in any given jurisdiction. These include the standards, convention and rules that accountant follows in recording and summarizing and in the preparation of financial statement. Many countries use or are conveying on the international financial reporting standard (IFRS). It was established and is maintained by the international accounting standard board. IFRS are designed as a common global language for business affairs so that companies are understandable and comparable across international boundaries in some countries, local accounting principle are applied for regular companies but listed or large companies much conform to IFRS, so statutory reporting is comparable internationally across jurisdictions.

However, in the development of small scale business, adherence to accounting standard would go a long way. Therefore this research is carried out mainly tog mark small scale business be ware of ways of resolving their business accounting problem which liquidate their business or financial transaction.

1.2       STATEMENT OF THE PROBLEM

As institution, firm and government have certain specified rules and regulations governing them, so do business have rules that guide or give standard to which transactions are recorded, summarized and prepared for financial statement in a given jurisdiction. These set of guideline in accounting is known as accounting standard, otherwise referred to as general accepted accounting principles (GAAP).

The cause of these problems such as the issue of misapplication of accounting policies, electrical mistake in accounting date, omission of transactions, records or document, is what has prompted the researcher to carryout a study on it which will spread venture result in preferring suggestion that will lead to solution to them with reference to Usman Table Water Company, Mbak Itam.

Most business does not abide by these rules especially the small scale business, which has led to their down fall (or folding up), large scale business also have begun to fold up as a result of not adhering to these standards. If they are not folded up completely, they resort tog small scale business. Now the question arise “if they were unable to follow the accounting standard when large how much more then will they be able to follow these standard while small in nature”.

1.3       OBJECTIVES OF THE STUDY

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