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FINANCIAL
ACCOUNTING INFORMATION AS AN AID TO MANAGEMENT DECISION MAKING
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The
attainment of this objective necessarily requires both the identification as
well as the disclosure of an adequate amount of information considered relevant
by the users.
Financial accounting information
therefore, is the information derived from the financial accounting report. The
essence of this information is for management and other users to make
decisions. Therefore, the accuracy of decision making depends on the effective
and efficient design of management information system.
The accounting concerned prepares the
financial accounting information in such a way that will enable users to derive
maximum information for their use.
Decision making itself can be described
as the art or science of choosing among possible managerial actions. The art or
science of decision making enable management of a business to choose from among
a range of already analysed and evaluated alternative.
Two classes of decision makers can be
identified in respect of the use of financial accounting information. These are
the external users and the internal users. Management represents and the
internal users include creditiors, shareholders, government agencies, trade
unions e.t.c. Managers are the major users of financial accounting information
need this information to plan.
The impact of financial accounting
information on the management of any business cannot be overlooked, though the extent
of such..
1.2 STATEMENT OF THE PROBLEM
Managers of
certain businesses do not have sound accounting systems to enable them monitor
operating expenses and revenues. They do not need the warings communicated by
financial accounting information. This ignorance or lack of financial
accounting information, may lead to the non-effective and inefficient
accomplishment of the firm’s objectives.
It is only
through accounting information that managers and external users get a picture
of the organization as a total entity. Managers who fail to realize this do not
appreciate an accountants analysis in respect of financial accounting
information generated. This may lead to poor decisions being taken and it may
affect the profitability and performance of the organization.
Some
organizations, due to low financial layout or lack of adequate planning or
ignorance may not employ expert hands needed and this causes the effect and
importance of financial accounting information on decisions taken not to be noticed
or gained by the organization.
The
researchers in this study will seek to show the information management can
derive from financial accounting and their usefulness for decision making in
business.
1.3 OBJECTIVE OF THE STUDY
The objectives
of study are as follows:
To ascertain
of there is any relationship between effective use of financial accounting
information and the decisions made in an organization.
To ascertain
whether company performance is related to efficient and effective use of
financial accounting information.
To determine
factors that may constrain or promote the effective use of financial accounting
information.
To make
recommendations which may enhance the employment of information provided by
accounting system.
Impact may not
be the same for every business. This study will seek to inquire into how
monetary and financial information arranged in a professional accounting manner
will influence managerial decision.
1.4 SIGNIFICANCE OF THE STUDY
This work
would be of immense benefit to the following groups.
Financial
analysts.
Economic
researchers and students
Investors
and shareholders
Creditors
Labour
unions and the general public.
The major
contributions of this work are:
To the
management of companies as a tool for evaluating their performance and knowing
whether they really take note of financial accounting information.
To further
examination of the use of financial accounting as an information system.
To other
researchers or research scholars who may wish to carryout further research on
the subject matter or other related topics.
It will
provide insight on how business organizations rely on financial accounting
information for decision making.
1.5
SCOPE OF THE STUDY
This work
tends to cover the use of financial accounting information indecision making
since it will be voluminous to research into financial accounting information
alone.
Such decision making shall be to
enhance profitability of the firm.
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