CHAPTER ONE
This project is aimed at looking into the accounting profession in details and examining its role in societal development.
A study of the evolution of accounting suggests that accounting processes are reactive because they have developed primarily in response to business needs. Also the development of accounting process has been related to economic progress and societal development of a country.
History shows that the higher the level of Civilization or development, this more elaborate and wider the accounting method becomes.
Since Picoli’s days to this present day, accounting has recorded a lot of tremendous changes and growth all over the universe. For instance during the first sixty years of the twentieth century, a major economic and societal force had thrown the accounting profession into new frontiers and responsibilities. The factors contributing to this growth are the increase in the population of large corporate business in the affairs of business by way of taxation and business regulations, technological advancement especially in the area of computerization – which has rapidly changed the process of data procession. These factors, to a great extent, have deeply contributed tot he development of the accounting profession over the years.
The role of computer in the accounting profession has facilitated the traditional functions such as payroll, cost accounting and general bookkeeping.
It is also being used for analytical purposes such as forecasting, cost benefit, analysis, etc.
As professionals, accountants are expected to demonstrate a responsibility tot he public services above their commitment to personal economic gains. Accountants recognize that the special esteem. They enjoy obligates them to work for the improvement of society. Complimenting their obligation to society, accountants have analytical and evaluative skills needed in the solution of the over-growing problems of the universe. The special abilities of accountants as well as their independence and ethical standards, permit them to make significant and unique contribution in such areas as protecting the public interest, preserving environment interest and controlling and improving public programmes.
In recent times, the work of accountants increased in scope.
The reward as added to the accounting profession include installation of accounting system, auditing and investigation management of social activities and host of others.
It is also of importance to note that the increase in the scope of accounting give rise to complex problems, which accountants must encounter. This is why competent accountants are needed in the various areas (i.e. to ease the accounting problems facing the management of companies and the society in general).
Apart from providing accounting information, the accountant also gives his opinion on a wide range of representations such as sales statistics, lease agreement, etc. or the fact that, accounting is not only for the good of the individual accountants have to be conscious of the society’s benefit. This is because social responsibility and service tot he public is the major objective of the accounting profession.
Thus, there is the need for the accountants to develop a social attitude towards their profession. Recall that the accountant is duty bound to exercise his duties with reasonable care, skill and diligence. He must offer his integrity and reputation to the public, which relies on his judgment and pinion.
OBJECTIVE OF STUDY
In view of the purpose of accounting and how it affects the society generally, this study is designed to achieve the following objectives.
It is hoped that this study when completed will
The accountancy profession is faced with ‘teething’ problems, some of which include:
The computer; till data, is still out of the reach of may organization (especially the small scale business) due to its exorbitant each outlay. If this were to be made available to interested buyers at subsisted amounts, the headache associated with the manual system of operation will be reduced to the barest minimum.
These are the problems (among many others) that the researcher can mention. These and other similar problems cannot be solved without a research of this kind. Hence in study, the researcher would advance solution to the problems and t the same time make very useful recommendations that will both alleviate these problems and enhance the prospects of the role of accounting in the development of the Nigerian society.
With regard to the problems identified above as well as the objective of the study, the researcher has these propositions to make:
HYPOTHESIS ONE
Ho: Accounting information is not important to its users.
Hi: Accounting information is important to its users
HYPOTHESIS TWO
Ho: Nigerian accountants have not been participating in social development.
Hi: Nigerian accountants have been participating in societal development.
HYPOTHESIS THREE
Ho: Accounting information is insignificant to societal development.
Hi: Accounting information is significant to societal development.
HYPOTHESIS FOUR
Ho: Adequate internal control system is not necessary in the provision of accounting information.
Hi: Adequate internal control system is necessary for reliable accounting information.
The study will cover the externalist trade of accounting, the purpose of accounting, the users of accounting information, the problems facing accountants in the present day Nigeria and the role of accounting in societal development (in Nigeria).
This researcher work was constrained by academic workload, inadequate finance, time and other ancillary problems. The data required for this work was not easy to get because the respondents, though co-operative, were not always available when their assistance was needed.
Nevertheless, it is hoped that the study will represent the role played by the accounting profession in societal development. The conclusive drawn from the researcher is hoped to be of empirical relevance to the people of Nigeria.
BANK DISTRESS:
This is a state of being in difficulty by a bank as a result of lack of money.
BUDGET
A plan expressed in financial terms, which covers a period, usually one year and contains the income and expenditure of an organization within the period as well as policy to be pursued during the period for the attainment of the set standard.
CLIENT:
A company or individual to which an accountant owes a profession duty to render special service which is under a contract term for a period.
COMPUTER:
An electronic data processing device used to facilitate data processing and its storage for use when needed.
INTERNAL CONTROL:
The whole system of control, financial and otherwise, established by management to carry on the business of the enterprise, in an efficient and orderly manner, to ensure adherence to management policies, safeguard the asset and secure as far as possible the completeness and accuracy of the records.
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