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CHAPTER ONE
INTRODUCTION
In this day of trade and commerce,
many enterprises are springing up. For instance. Sale proprietorship
Partnership Corporative, limited liability company Being established for the
purpose of achieving objective as it related to their businesses. These
businesses have one thing in common and that is they all employ the factors of
production land, capital, labour and entrepreneurship for the achievement of
their various objectives. These objectives could be effectively and efficiently
achieved if these very important tools are properly managed. A good and
efficient business done not end with the profit made but ought to be sustained
to ensure a more regular flow of income and subsequent profit. The
sustainability of a good business depends on a number of factors the location
of the business (which includes the land) environment, proximity to the
required raw material and the targeted end users, and more importantly, funds.
A good business can only thrive if the effective human resources are employed.
Therefore it is necessary to ensure that a proper qualified workforce is
employed to enhance productivity.
Another factor that will enhance the
productivity and profitability of a good business out fit is proper accounting.
If proper accounting procedures is employed in a business, waste of funds. Time
and materials will be minimized. Although it is the duty of every employee in a
business outfit to imbibe the culture of maintenance and accountability, the
accountant has a greater put to play in this aspect of the business.
Proper accounting is the hallmark of
any business and it cuts across every segment of the business from the security
gate to the office of the Chief executive. In modern day business proper
accounting is very beneficial and rewarding. It appraises, revaluates and
checks the amount of capital invested, as well as revenue and expenditure that
occur during the business financial year. With this profit and loss account is
brought also into consideration, where proper accounting has not been
introduced in a business, there is bound to be some irregularities. The income
and expenditures would not be accurately recorded thereby making it difficult
for the actual profit to be ascertained.
The importance of proper accounting in
modern day business cannot be overemphasized because it definitely has a
positive effect of the workforce. The work force will be more careful, cost
conscious and committed to the business, profit will increase and waste
minimized.
1.1 BACKGROUND OF THE STUDY
Business is the exchange of goods,
services and money on an arm’s length basis, that result in mutual benefit or
profit for both parties involved. An individual engages in business because he
or she believes that the rewards or possible benefit of business are greater
than the risks or possible future sacrifices of business.
Accounting is often said to be the
language of business it is used in the business world to described the
transaction entered into by all kind of organization. The actual record making
phase of accounting is usually called bookkeeping and he use to which these
record are pt, their analysis and interpretation. An accountant should be
interested in relationship between the financial results and the events which
have created them.
The owners of a business would want to
know Whether or not the firm operating at a profit Where or not the business
will be able to meet its commitment as they fall due, or have to close down
owing to lack of funds Whether documentary evidence of the company business
activities can be maintained. The tool for a successful proper accounting
report called financial statement that describes the financial position of a
business and the result of its recent operation.
A complete set of financial statement
for a business include fair related accounting report:A balance sheet. This is
the statement that shows the financial position of the business at a specific
date by describing its financial resources and obligations.
TOPIC: THE IMPORTANCE OF PROPER ACCOUNTING IN MODERN DAY BUSINESS
Chapters: 1 - 5
Delivery: Email
Delivery: Email
Number of Pages: 65
Price: 3000 NGN
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