CHAPTER ONE
1.0 INTRODUCTION
The factors that leads to students poor performance in principle of accounts in post primary institutions in Enugu South local government area of Enugu State. The principles of financial accounting is set up to propane students generally for the study of financial accounting in particular. It is hoped that the selected definitions that follow will create the awareness needed for students and as well awaken their interest in the study of accounting. The American institute of certified public accountants defines accounting “as the act of recording, classifying and summarizing in a significant manner and in terms of money transactions and events which are part (at least) of a financial character, and interpreting the results thereof”. Also, Accounting can been defined as the process of identifying, measuring and communicating economic information to permit informed judgement and decision by users of the information However, this definition by the American accounting association appears to dwell more on investment decisions made based on accounting information.
Investment decision, whether by investors buying shares in a company or a company investing the funds at its disposal, involves identifying investment opportunities assessing or analyzing the various alternatives based on sound economic principles. The association of national accountants of Nigeria defines accounting. “as the analysis, classification and recording of financial transactions and ascertainment of how such transaction affect the performance and financial position of a business. This involves knowing the day-to-day dealings with money and money. Consequently, the practice of accounting stated since organised life evolved. The early man lived in caves from where he developed into living in communities. That is, each person went about doing those activities of life for which he was most gifted. This gave rise to individuals producing certain goods in quantifies in excess of what they needed which there were other goods which they needed court they did not produced themselves. The result was exchange. The first system of exchange was by barter. Later money evolved and replaced banter. During the stage of barter, recordings exchange were recorded. A stroke on the wall or a pebble thrown into a pot could represent a receipt of 10 cowries. When a payment of a similar amount is made, then a pebble would be removed from the pot a stroke cleaned o from the wall. At any point in time, the number of pebbles, sticks or strokes remaining would signify the amount of money or commodity le, owned or owed by the “recorder” In Nigeria, Accounting or book-keeping originate from the missionaries and private commercial schools in 1900. These missionaries came along with their cousines men and introduced bookkeeping as apprenticeship programmes when the apprenticeship agencies failed to meet the needs of book-keepers and clerical workers, pre-service education programmes for training these workers were organized in academics and proprietary schools. The rapid expansion of business in the early years of the 19th century and need for larger number of bookkeeping and stenographers, clerical worker brought about an increased interest in business courses.
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