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THE
RELEVANCE OF ACCOUNT IN THE GROWTH AND SURVIVAL OF SMEs IN NIGERIA
CHAPTER ONE
1.1
BACKGROUND OF STUDY
The small
and medium scale industry has experience significance changes in terms of
growth and survival in recent times as new business ideas and good accounting
records are introduced into the sector although most of the small scale
business (SSBs) are not registered as corporate bodies rather as a sole
proprietorship, this made it easy for such business to get registered with
stress than other form of business registration. It is evident that SMEs has
grown in number more than other forms of business and could be found anywhere
in Nigeria.
According to
Boachie-Mensah and Marfo-Yiadom 2005) stated that in spite of their numbers,
about 60% of the SSBs fail within the first five years of operation. Most SMEs
fail because of their inability access finance from most of the financial
institutions since they lack proper financial records as requirement according
to (William, 2008).
It has been
attributed that the inability of most small scale business to survive beyond
the first few month of establishment and operation was due to lack adequate
financing.
According to
(Amoako, 2013) stated that to become successful and be able to contribute
meaningfully to the economy of Nigeria, SMEs must be able to attract and secure
finance by themselves.
Recent
studies shows that larger firms will be able bring to themselves economic and
certain sophisticated quantitative management techniques that may not
practicable for small and medium scale enterprises. Small scale business may be
able to maintain closer client relation and better customer relation than the
bigger companies.
According to
(Abdulrasheed, Khadijat and Oyebola, 2012) stated that the differences in
operation techniques may influence the deficit in accounting method employed in
generating financial information. Most firms can employ different principles
such as different inventory techniques, depreciation method, method of
accounting for income taxes and revenue recognition procedures etc.
In recent
times most business unit become complex and broader on scope, accounting
evolved in response to the increased planning and control responsibilities of
management.
According to
(Abdulrasheed, Khadijat and Oyebola, 2012) stated that as government grows in
size and become more centralized in nature, accounting was developed to meet
the increased accountability; business decision need to be supported by good
and quality financial information which need to be relevant, user friendly and
available in timely manner.
1.2
STATEMENT OF PROBLEM
The study
came about due to the poor accounting method among the small scale business;
poor accounting practice has limited the performance of SSBs in recent times,
some the major problem faced by small business due to poor accounting or
irrelevant accounting method includes their inability to access fund and other
financial benefits such as loans from most of the financial institutions due to
poor account records. The pivot behind the survival of small business (SSBs) is
availability of capital, when most of the small business can no longer access
finance then their operation becomes ineffective.
1.3 AIM AND
OBJECTIVE OF STUDY
The main of
the study is to examine the relevance of account in the growth and survival of
SMEs in Nigeria. Other specific objectives of the study are stated below as
follows:
To examine
the relationship between accounting records and the survival of SMEs in Nigeria
To examine
the effect of relevance of account on the performance of SMEs in Nigeria
To
investigate on other factors affecting the growth of SMEs in Nigeria
To examine
the role of accounting in the growth and survival of small scale business
To proffer
solution to the above stated problems
1.4 RESEARCH
QUESTIONS
The study
came up with the following research questions in order to ascertain the aim and
objectives of the study. The research questions are:
Is there any
relationship between accounting records and the survival of SMEs in Nigeria?
What is the
effect of relevance of account on the performance of SMEs in Nigeria?
What are the
factors affecting the growth of SMEs in Nigeria?
What are the
roles of accounting in the growth and survival of small scale business?
1.5 RESEARCH
HYPOTHESIS
H0: There is
no significant relationship between accounting records and the survival of SMEs
in Nigeria
H1: There is
significant relationship between accounting records and the survival of SMEs in
Nigeria
1.6
SIGNIFICANCE OF STUDY
The study
will be of immense benefit to the small business owners in Nigeria, the state
and the federal government of Nigeria, the study will also benefit the
financial institutions in Nigeria and other researchers that wishes to carryout
research similar to the above topic as it will discuss the relevance of account
in the growth and survival of SMEs in Nigeria
1.7 SCOPE OF
STUDY
The study
the relevance of account in the growth and survival of SMEs in Nigeria is
limited the small scale enterprises, the financial institutions in Nigeria
1.8 LIMITATION
OF STUDY
Financial
constraints: financial constraints tend to impede the speed of the researcher
in getting all the relevant materials needed for the research work; however the
researcher was able to get meaningful information from the available materials
for the purpose of the research work
Time
constraints: the researcher being a student will be involved in other
departmental activities like attending lectures, submission of assignment and
presentation of seminars; the research student however was able to meet up with
the research work before the deadline of the project defense
1.9
DEFINITION OF TERMS
RELEVANCE:
is simply the noun form of the adjective "relevant," which means
"important to the matter at hand
REFERENCES
Amoako Gi.
K. (2013) Accounting Practices of SMEs: A Case Study of Kumasi Metropolis in
Ghana. International Journal of Business and Management; Vol. 8, No. 24; 2013
ISSN 1833-3850 E-ISSN 1833-8119 Published by Canadian Center of Science and
Education Anyigbo C. I. (1999). “Cost and Managerial Accounting Decision
Emphasis”.Enugu: Itugo2 Publication Limited. Aryeetey, E., Baah-Nuakoh, A.,
Duggleby, T., Hettige, H., & Steel, W. F. (1994). Supply and Demand for
Finance of Small-Scale Enterprises in Ghana. World Bank Discussion Paper No.
251. Washington, D.C.: The World Bank. http://dx.doi.org/10.1596/0-8213-2964-2.
Ademola, G. O., Samuel O. J.& Ifedolapo O. (2012),The Roles of Record
Keeping In the Survival and Growth of Small Scale Enterprises in Ijumu Local
Government Area of Kogi State. Global Journal of Management and Business
Research Volume 12 Issue 13 Version 1.0 Year 2012.
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