THE NATURE OF PUBLIC SECTOR ACCOUNTING (A CASE STUDY OF ENUGU NORTH LOCAL GOVERNMENT ACCOUNT). A RESEARCH PROJECT MATERIAL ON ACCOUNTING
This study is in partial fulfillment of the requirement for the award of Higher National Diploma in Accountancy (H.N.D) in Institute of Management and Technology Enugu.The topic is the Nature of Public Sector Accounting in (A case study of Enugu North Local Government Accounts).The purpose of the study is to established areas of importance of the account of local government currently being neglected by the treasury department of the various local government which will assist in reducing or minimizing enormous fund that are lost annually from misappropriation, negligence and errors of commission. It is also intended to evaluate and highlight some of the various constraints inhibiting efficient financial management in local government. In view of this, this researcher work is discussed under five chapters, with chapter one focusing on the general introduction and historical background of the topic under review. Chapter two deals with review of the related literatures as well as accounting procedures and books of the account. The source of the revenue and expenditure of the council and the financial control of local government were all treated under this. Chapter three is on the research design and methodology which analysis of the material for the study was obtained through the relevant literature. Chapter four deals with the analysis of data interpretation and evaluation of the major findings. Chapter five focused on the summary of findings and conclusion, recommendation. It is hoped that the contribution of this study will be useful to student studying under financial studies, treasury departments of various local government.
One of the things that were handed over to Nigeria by her colonial master is public sector. This is because during colonial era, investment activities were largely in the hands of the government. However, public sector can be defined as publicly owned companies or industries.
According to Mr. Ani .W. Uchenna in his textbook titled. “Government and Public Sectors Accounting” as that sector of the economy established and operated by government and its agencies, this distinguishes public sector from the private sector and it is organized on behalf of the citizen. They are expected to make minimum profit from their operations. The Nigerian public sectors consist of three separate levels of government whose stations, powers and relationship are defined by the constitution of the Federal Republic of Nigeria.