ABSTRACT
This project on the Accounting
system in local government is an evaluation of accounting as a tool to keep the
local government concerned learn how to keep proper accounting statements in
local government.
The main objective of the project
are to enable the business organization appreciate the standard requirement for
making financial statement at large to have full understanding of accounting
standard in local government.
To achieve these objective, the
project was divided into five chapter and preliminary pages and for
clarification.
Chapter one dealt with the
introduction, establishing the objectives of the study, short historical
background of the study. It also looked at statement of problem and significant
of the study. Internal control and definition of terms.
Chapter two dealt with literature
review. It is divided into section for clarity. It consist of extract from
textbook, journals and other periodicals.
Chapter three discussed the steps
by the researcher in the other in which they were carried out, highlighting the
basic research design, sources of data and data collected were analyzed and
quantitative techniques used.
Chapter four dealt with summary of findings and discussion
of finding. Chapter five including the recommendation and conclusion.
TABLE OF CONTENT
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGMENT
TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY
1.2 STATEMENT
OF PROBLEM
1.3 PURPOSE
OF THE STUDY
1.4 SIGNIFICANCE
OF THE STUDY
1.5 DEFINITION
OF TERMS
CHAPTER TWO
2.1 DEFINITION
2.2 ACCOUNTING PRINCIPLE
2.3 WORKING PAPER
2.4 PREPARATION OF VOUCHERS
2.5 ORGANIZATIONAL STRUCTURE OF
TREASURY DEPT
2.6 TREASURY FINAL ACCOUNT
2.7 THE RECONCILIATION UNIT
2.8 HISTORY OF GOVERNMENT A/C IN NIGERIA
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 SOURCES OF DATA
3.2 LOCATION OF DATA
3.3 METHODS OF DATA COLLECTION
CHAPTER FOUR
4.1 SUMMARY OF FINDINGS
4.2 DISCUSSION OF FINDINGS.
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND
OF THE STUDY.
Accounting is defined as the art
and science of recording business transaction in a systematic manner so as to
show the true state of affairs of a business during a specific period usually
called accounting period.
Financial accounting is concerned
with the qualification of economic events or it is aimed at measuring economic
activities with a view to provide information for policy making.
Accounting is a discipline, which
based on accounting principle concepts and conversion and legal requirements
1.2 STATEMENT
OF THE PROBLEM
This study entitled ACCOUNTING
SYSTEM IN LOCAL GOVERNMENT attempts to determine the problem involved in
establishing and applying standard accounting system in local government with
practical application to Uzo- Uwani local government.
1.3 PURPOSE
OF THE STUDY
The purpose of this study are:
1. Identify the problem inherent
in accounting of the local government.
2. Enable business organizations
appreciate the standard requirement for making financial statements.
3. Keep the local government
concerned learn how to keep proper accounting statements.
1.4 SIGNIFICANCE
OF THE STUDY
There are three categories of
people that are going to benefit from this study. They are:
1. The chief accounting officer
2. Financial officers
3. Auditor general
During this study, it indicate
that majority of local governments in Enugu, Onitsha particularly and some
other places in Nigeria are not aware of the legal requirements for recording,
processing and presenting information about the transaction carried on in the
business they are managing. Some do not keep proper account of their business
therefore, statutory requirement for financial accounting system are carefully
set out in this study.
Having a well-defined system of
recording processing and presentation of financial transaction that took place
in any business will enable the owner to take appropriate decision for the
development and assurance of continuous existence of their business.
The finance also requires
complete and accurate accounting and other records to assist in controlling the
business, safe-guarding the assets of the government, preparing financial
statement, and complying with legal requirements. Managers should also note
that a good accounting system help in assembling accounting information and
appropriate analysis to enable the financial statement to be prepared so that
all transaction which should be incorporated have infact been recorded, and
also ensure that errors are being rectified.
Also accounting students and
banking and finance students need a well defined systematic approach in order
to recollect the chain involve in presentation of accounting information and it
will also serve as a future reference to some students for research purposes.
The government need the final
account or financial statement of a company for income tax purposes that is by
showing the tax collectors or tax board the financial statement for them to
assess him based on his income.
1.5 DEFINITION
OF TERMS
The following definitions are
given for reference purposes:
ACCOUNTING: This is
the act and science of recording business transaction in a systematic manner so
as to show the financial position of the business any time needed.
ACCOUNTING STANDARD:
These are standard issued by professional accounting bodies in Nigeria to
regulate the practice of accountancy profession such as statement of Accounting
standard (S.A.S)
FINANCIAL STATEMENT:
These are trading, profit and loss account, sources and application of funds
statement, value Added statement and balance sheet.
FINANCIAL ACCOUNTING SYSTEM:
This is the whole system of recording and processing transactions and assets
its adequate as a basis for the preparation of financial statement.
LEGAL REQUIREMENT:
These are legal requirement as provided by the company and Allied matters
Decree 1090 (CAMD 1990) statement of accounting standard and other guidelines
issued by the professional bodies.
THE CASH BASIS: It
is the basis of accounting under which revenues are recorded only when cash is
received, and expenditures recorded only when cash is paid, irrespective of the
accounting period in which the service was rendered or the benefit received.
This is the basis upon which the preparation of government accounts in most
countries including Nigeria
lies.
ACCRUAL BASIS:
These is where revenue are recorded when earned and expenditure are recorded as
the result in liabilities are known or when benefit are received not with
standing the fact that the receipt or payment of cash, could take place wholly
or partly in another period.
COMMITMENT BASIS:
This is the basis that records an anticipated expenditure evidenced by a
contract or by a purchase order or determined by administration.
Get the Complete Project Material Now!!!
