CHAPTER ONE

1.1

Background of the study. The basic economic rob!em that confronts an under de"e!o ed or a de"e!o ing country and es ecia!!y the ne# inde endent ones is ho# to attain #ithin a re!ati"e!y short eriod$ a notab!e increase in the rate of economic gro#th #hich is en"isaged #i!! bring it to the !e"e! of er etua! rea! income com arab!e to those of more admired economics of the #or!d. %n order to attain this o"a!$ the country #ou!d ha"e to & 1. ro"ide those basic go"ernment ser"ices es ecia!!y in education$ ub!ic hea!th and trans ort. These ser"ices #i!! ser"e as ferti!e soi! to ad"ancing the nation's economy.

(timu!ate a higher rate of ca ita! formation in roduction faci!ities either in go"ernment or ri"ate sectors. The first accom !ishment re)uires trans ortation on needed factors or resources to the go"ernmenta! &sector of the economy for the roduction of those ser"ices or faci!ities re)uired by the entire o u!ace.. The second

accom !ishment re)uired transfer of resources to ca ita! formation either strict!y in the ri"ate sector or through the go"ernmenta! sector.

These resources may come from a. b. c. outside the contro! resent use for consum tion resent use in roduction of ca ita! of or ty es regarded as not contributing to economit gro#th. d. %d!e or artia!!y id!e resources rimari!y man o#er. The abo"e four sources off "arying o ortunity gro#th and it

actua!!y does it on!y by transfer e*isting resources to the a ro riate )uarter and rofitab!e a !ication of these to

roduction attains #ithin that re!ati"e!y short eriod a !e"e! of standard of !i"ing com arab!e to those of other more ad"anced countries of the #or!d.

Accounting come in as the too! that measures the rofitabi!ity+"iabi!ity a ro,ect #ith an economic system. -!an!ier .1/012 defines accounting as the systematic co!!ection$ summari3ation$ and ana!ysis and re orting of data in a form suitab!e and under stab!e to ros ecti"e users. -enera!!y$ it in"o!"es some other re!ated disci !ine as budgetary contro! ta*ation$ cost and management accounting$ financia! management$ auditing and )uantitati"e techni)ues. (ince de"e!o ment ro,ect entai!s ro,ection into the future$ it is essentia! that ub!ic officers &and em !oyees in the ri"ate sector a reciat the need a transaction and necessary statistics as to

enab!e the ro er &e"a!uation of ast. Records #ith #hat obtains resent!y in order to reasonab!y ro,ect into the future. (ome of the ractica! #ays in #hich accounting can be and is kno#n to ha"e been used not on!y for a decision making but a!so im ortant!y to achie"e desired resu!ts inc!ude. 1. Ecnomic !anning

4. 5. 6. 7.

Ca ita!formation Accountabi!ity Ta*ation Accounting for socia! ur oses.

Accounting records ro"ide information that may be used #ithin the business and #hich may be re!ied on by businessmen #hi!e making in"estment decision. The rob!em #ith most otentia! in"estors in the de"e!o ment nations is they are most!y i!!iterates and therefore re)uired the ser"ices of any accountant and financia! ana!yst to he! access ossib!e areas of in"estment. Budget im !ementation is another "ita! area #here accounting kno#!edge is essentia!. 8ost budgets are stated in accounting formu!a and their im !ementation #i!! re)uire that kno#!edge that #i!! enab!e officia!s read the budget as it affects their sector and e"en ref!ect on ho# other sectora! out!ay may affect them. %t is due to the erennia! !ags in our ci"i! ser"ice that the researcher decided to carry out an in"estigation

into #hat are !ike!y !ags in the #hee! rogram or gro#th of the ci"i! ser"ice and thereby the nation. The ri"ate sector em !oyees are a!so caught in this !a ses but ho#e"er$ there seems to be more commitment on their art due to ob"ious reasons of o#nershi and direct su er"ision by entre reneurs. The ro er functioning of financia! system of a com any determines to a good e*tent the "iabi!ity of her economic structure. That is #hy the researcher decided to sho# sets of accounts "i3 . rofit and !oss acco/unt and "a!ue added statement2 from un etro! Nigeria P9C Annua! Re ort and Account 1///. This financia! statements he! users of such statements ascertain the "iabi!ity of the com any and it is re ared by chartered Accountant.

1.2

Purpose of the study

The ur ose of this ro,ect is aimed at identifying. :The ro!e of an accountant in !anning : The ro!e of an accountant in go"ernment accounting. : : The ro!e of an accountant in contro!!ing ub!ic e* enditure.

: : The duties of an accountant in management and contro! of ub!ic concerns.

1.3

Significance of the study

The study #hich is an attem t to diagnose the accounting system in a de"e!o ing economy is of immense im ortance to& ;uture Researchers+The Researcher&< This #i!! ser"e as a secondary data to future researchers #ho intends to carry on research on accounting ro!e in Nation =e"e!o ment. %t #i!! a!so he! students in the schoo! of financia! studies in ha"ing an in: de th kno#!edge of contro! accounting. %t #i!! enab!e the researcher kno# more about the ro!e of an accountant in go"ernment accounting and #here there are !a sed or breakdo#n in management and contro! of ub!ic concerns$ a ro riate suggestions are made to the management.

1.6

(tatement of the rob!em. The rob!em of this research as contained in the introduction is #hether the accountant has ma,or ro!e to !ay in nationa! de"e!o ment.

1.7

Hy othesis formu!ation . ;or the ur ose of direction and charity of issues raised in this study$ the hy othesis formu!ated are&

a. Accountant has a ma,or ro!e to !ay in nationa! de"e!o ment b. Accountant has no ma,or ro!e to !ay in nationa! de"e!o ment.

1.1

(co e and 9imitations of the study. This ro,ect #i!! co"er some "ita! as ect of an accountant's ro!e in go"ernment accounting and contro! of ub!ic e* enditure ana!ysis and inter retations of financia! statements$ budgetary contro!$ management and contro! of ub!ic concerns in de"e!o ing economy. %t #i!! a!so sho# a com any's financia! statement re ared by an accountant. %n

carrying out this research$ some ob"ious !imiting factors are encountered. There are re"ie#ed be!o#.

:Time fact& The time a"ai!ab!e to carry out this research and com !ing of its re ort is rather "ery short. %nfoact$ one has to attend !ectures as #e!! as face the research #ork thereby$ the attention re)uired for this #ork had to be im aired. : Attitude of the eo !e& The uncoo erati"e attitude of the eo !e inter"ie#ed #as "ery demora!i3ing. : :8ost of the eo !e #ere un#i!!ing to gi"e out necessary ans#ers for effecti"e com !etion of this #ork because of fear of "ictimi3ation.

1.0

=efinition of terms. Accounting & American accounting association committee define accounting as > The rocess of identifying$ measuring and communicating economic

information to ermit informed ,udgment and decision by users of the information. PR%?ATE CO8PNA@& A. C. Odike in manageria! economics for Nigerian Po!ytechnics %%.44BB2 is a !imited !iabi!ity com any o#ned by the minimum of 4 shareho!ders and re"ious!y a ma*imum of 7B ersons but no# in Nigeria$ a ma*imum of 1BB. %abi!ities of shareho!ders are !imited to ,ust their shares in the com any . aid u and un aid2 if the business goes bankru t. BC=-ET& A budget according to chartered institute of accountants is > a !an )uantified in monetary term$ re ared and a ro"ed rior to a

defined eriod of time$ usua!!y sho#ing !anned inform to be generated and or e* enditure to be incurred during that eriod and the ca ita! to be em !oyed to attain a gi"en ob,ecti"e' %NTERNA9 CONTRO9& According to Horngren .1/D42 %NTERNA9 contro! is the set of accounting and administrati"e contro!s and ractices that he! s ensure that a made in an organi3ation. ro"ed and a ro riate decisions are

PCB9%C CO8PAN@ A. C. O=%EE in manageria! economics for Nigerian o!ytechnics %% .4BB2 is a !imited !iabi!ity cor orate body #ith re"ious minimum of shareho!ders but no# in Nigeria a minimum of 4 since the 1//B com anies and A!!ied matters =ecree .CA8=2 there is no minimum of shareho!ders. BC=-ETAR@ CONTRO9& According to Ha er .1/062 budgetary contro! can defined as the estab!ishment of budget re!ating the res onsibi!ities of e*ecuti"es to the re)uirements of a o!icy$ and continuous com arison of actua! #ith budgeted.

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