IMPROVING EFFECTIVENESS IN ACCOUNTING SYSTEM IN THE NIGERIA EDUCATIONAL SECTOR (CASE STUDY OF AUCHI POLYTECHNIC). A RESEARCH PROJECT MATERIAL ON BUSINESS ADMINISTRATION
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
Accounting aims, as an information system, to provide various users with different forms of useful information to meet their various needs. Therefore, accounting seeks to take advantage of the surrounding circumstances in order to improve the quality and quantity of information and the delivery mechanism to users. The relationship between accounting and the computer began in the sixties of the last century. This relationship continued to evolve, and expanded in the eighties of the last century due to the development of the network and decision-support systems when it took a broader dimension and more flexible known as the computerization of accounting. Recently, as a result, several accounting software developed to be popular on the shelves (off the shelf) shops to become accessible to most interested in them at reasonable cost. (Mash’hour, 2002, p 9). On the other hand, although there are some organizations that prefer to develop their own programs, either by themselves or through professionals, multi business organizations recently adopted the use of comprehensive business systems contain several sub-systems including accounting system.
There may be good policy system accounting, but when it comes to implementation it is not really of which are some factors that are responsible for this. For the purpose of this study, accounting system that was evaluated will be includes in management of revenue and disbursement of the resources. The basic fact is that whatever the act of misappropriation or mismanagement, it will take either of these two ways. One of those focused is how the accounting system operates and it is in compliance with guiding principles of accounting profession. If so, are the principles in practices. In order to appreciate the magnitude of services required from the accountant and management staff, there are different types of account that are maintained, such accounts are: balance sheet, income and expenditure, statement of cash flow, fixed assets accounts, income from academic operation accounts, debtors and creditors account as well. The study in this regard wishes to examine improving the effectiveness of accounting system in education sector.
Financial accountability is ultimately about promoting and reporting public and performance. Public financial accountability requires that governments manage finance prudently; that they integrate their financial and non financial reporting, control, budgeting and performance; that they report comprehensively on what they achieved with their expenditure of funds, and that stakeholders behave ethically. Any organization (public or private) that manages and reports on its finance, mitigates the risk of malfeasance, builds good quality and openness into its financial and non-financial analyses, monitors the sustainability of benefits that accrue from its investments, and fulfils its performance reporting and fiduciary obligations to its constituents reflects sound financial accountability. Manifesting financial accountability is therefore much more than building and maintaining accounting and auditing systems. It represents more than just the technical capability of financial managers. Accountability is not complete until it encompasses the wide – ranging activities, attitudes and reporting between stakeholders.
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