CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Accounting is grouped under the management science; it fully deals with issues of financial bookkeeping and records for the purpose of planning.
Accounting as a discipline is important to most individuals and group who are interested in it products because of its utility and economic impact, it has various users practice as a vent able factors entity or going concern. In every organization, whether profit oriented or not profit oriented organization, need the knowledge of accounting principle. It is essential for business people and quite useful information about an organization to people who need such information.
In fact many reports on business events and economic condition are difficult to understand for these with no knowledge of accounting, and for people who do not understand accounting language.
As a matter of fact, the success and continues service of a firm depend on the quality, effectiveness and efficiency of its management, these is no substitute for the proper management of recourses management function of planning, organizing, directing, leading and controlling play a prominent role in resources management organisation or ministry in the present economic to content with a lot of economic variable.
Furthermore, the competitive nature of the business environment and would overall, calls for the judicious use of resources by any business entity and especially managers in whose hand resources are entrusted for use on behalf of some other persons. Therefore, there is the need for a means of determining the entities manager’s operation performance and this record give rise to the concept of accounting information.
Adma (2000:210) views accounting as a set of theories concept or ideals and techniques by which financial information reporting, planning, controlling, classifying, reporting and interpreting the financial data of an organisation or ministry of management and other interested users.
Information is the life of any organisation, it is the general meaning that is assigned to data means of the conversion used in their representation.
This information also provide the yardsticks for measuring the performance of a business organisation arid also the instrument, which the management uses to compared actual results, with established standard.
These information provided in financial statement are quantitative or resources management. Therefore, financial statement is to be clearly understood by all the users.
According to statement of accounting standard No. 2 by the Nigeria Accounting Standard Board, accounting information refers to the data that are found in financial statement provide a continuing history quantified in monetary terms of economic resources and obligation of an organisation and economic activities that changes these resources and obligation
And there is need for Ministry of Education to get the right performance needed to make the right decision regarding the management of resources to produce good education for students, this will therefore give room for Ministry of Education in the state (nation) to maximum revenue or fund given to them by the government to produce infrastructure, good library, teaching as needed in school, for school in the state to produce the right kind of student needed by the state as the kind of graduate, and this can stand the test of time, knowing that education promote the economic standard ant state.