CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
According to Ajasa (2007), many business organizations in Nigeria have experienced liquidity problem largely because of the effects of the high inflationary rate. This has been necessitated by the various economic measure introduced in the country ranging from auxsterity measure introduced in 1982 to the structural adjustment program and the deregulation of the economy. As a result of these, it then becomes more necessary than ever to get money promptly from trade debtors for the day-to-day operations, because of uncertainty in the fluctuations of prices. He further suggests that if all trade transactions were to be made on cash basis the companies in Nigeria would hardly do well in terms of sales turnover. This results form the fact that at the time of consumption, the liquidity position of the consumers may be such as not to allow the availability of enough cash to make on- the – spot payments in cash for such goods and services to be consume now and to pay at a later date, resulting in accounts receivable. According to Bass (2006) accounts receivables represent claims usually stated in terms of a fixed amount arising from the sale of goods, the performance of service, the lending of fund or some type of transactions which establish relationship whereby one party is indebted to another. These claims result from the sale of goods or services and are sometimes neither supported by a written note or secured by specific collaterals. In that case, creditors have no right to lay hands on specific assets.
1.2 STATEMENT OF THE PROBLEM
Despite the indispensability of water to mankind and the amount of investment by state governments, water in urban and some rural areas has been a very scarce commodity yet its consumption rate has not abated. The issue of water has become a very strong slogan for politicians and they use same in building the political manifestoes. The electorate on the other hand are always respectable to mere promises of better water facilities, there is still an unwillingness to pay bills. Water managers accuse both the consumers and government of deliberate refusal to co-operate in making their dream a reality. Government parastatals most of the time end up with a large amount of debts. This research therefore looks into the perennial problem of water in Enugu State, with particular reference to Enugu Urban, to find out the effect of accounts receivables make on the performance of the Enugu State water corporation.
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