ABSTRACT
This research examines the role of accounting in the control of public expenditures in Nigeria, a case study of control bank of Nigeria, Enugu State. The researcher adopted descriptive survey design. The population of the study is the combination of internal audit department staff and accounting department staff making it a total of 41. The research used both primary and secondary source of data. In view of this, three research questions were formulated to generate expected answers. Literal works were reviewed for proper understanding and guidance. Questionnaires, personal interview and observation were used for collect of primary data. Secondary source of data were collect from text books, periodical, articles and journals. Tables and simple percentage were used for data analysis, hypothesis were tested using chi-square statistics. Based on the findings, the researcher found out that few of the staff were not following due accounting principles thereby causing inadequate and improper pursuit of the accounting records Omission of certain book-keeping records, improper audit. The staff and management of central bank of Nigeria has now adopted accounting standard, and the balance of power on NASC, financial analyst government agencies and others. Finally the researcher proffered among other use of accounting principle and standard in the company.TABLE OF CONTENTSTitle page iApproval page iiDedication iiiAcknowledgement IVProposal VITable of content viiCHAPTER ONEINTRODUCTION1.1 Background of the study 11.2 Statement of problem 51.3 Purpose of study 51.4 Significance of the study 61.5 Research questions 71.6 Research hypothesis 71.7 Scope and limitation of the study 81.8 Definitions of terms 9References 10CHAPTER TWO2.1 Review of related literature 112.2 Historical development of CBN(A public company) 142.2.1 Ownership and control of CBN 172.2.2 Organization 192.3 Nature of accounting principles 232.4 Types of accounting principles 242.4.1 Factors affecting accounting principles 292.5 Budgeting and budgetary control 302.6 Standard costing of a tool of control 322.7 Role of accounting in public expenditure 372.8 Summary 38References 39CHAPTER THREE3.1 Research methodology 403.2 Research design 403.3 Determination of sample size 403.4 Area of study 413.5 Population of study 413.6 Sample of study 413.7 Method of investigation 423.8 Method of data analysis 423.8.1sources of primary data 423.8.2 Source of secondary data 433.9 Development of research instrument 43CHAPTER FOUR4.1 Introductions 444.2 Presentations of data 444.3 Test of hypothesis and interpretation of result 544.3.1 Testing the first hypothesis 55CHAPTER FIVE5.1 Summary of findings 605.2 Conclusion 615.3 Recommendation 62
5.4 Recommendation for further 63Appendix 1 64Questionnaire 65Bibliography 68CHAPTER ONEINTRODUCTION1.1 BACKGROUND OF THE STUDYIn most developing countries including Nigerian government participation in economic activity is usually significant. One of the ways through which government has intervened in Nigerian economy is through the establishment of public enterprises and statutory bodies operating service of an economic or social character on behalf of the government.Since the colonial era, especially after independence 1960, Nigerian public enterprises have witnessed a steady growth unit recently. Its Olisa (1988-133) pet it. Beginning as a trickle in the period between this era of the second world war and Nigeria risen to flood level since independence the establishment of public enterprise in Nigeria are many add to available rational capital for the support of development and welfare programme, making to be controlled by a few individual, it possible for important profitable enterprise to be controlled by a few individual or group organization certain critical activities national survival and economic stability and providing employment opportunities (Ademolukun 1983). However, after a longperiod of growing starts intervention in the Nigeria economy through public enterprises, the 1980’s onwards had witnessed a reversed which has sometimes been dramatic in public opinion therefore public policy.This has been brought by the persistent losses which state enterprises that trivet been running over fears. Consequently, there has been a willingness to look at alternative policy strategies for the achievement of economic development. At the forefront of these strategies is the minimization privatization of public enterprises.
In Nigeria, public enterprises are engaged in a while spectrum of economic activities including agriculture, mining, construction, manufacturing, commerce and services. The classification of public enterprises in Nigeria has been made according to varieties of criteria by different authorities. The public service review commission (1975:101) classified public sector int.Public utilitiesRegulatory of service bodyFinancial institutions
Commercial and industrial enterprisesBeing a mixed economy, individuals also own and operate private enterprises. A firm classified as private enterprises when it is founded and managed by an individual and or a group of individual. These firmsare expected to be registered in the local government within which they operate.The rational for the establishment of private enterprises are numerous just like establishment of public enterprises. They include amongst others; provision of employment opportunities generating income for the owner of the enterprises government interest in profit growth of the enterprises which performance of the public sector through competition. Moreover, the general public is concerned with contribution which makes towards social enlistment which is exhibit to the environment in which the business is loaded and its willingness to contribute to the development of the environment.The activities of the public enterprises have been on the increase in recent times which necessitated the introduction of the accounting practice to check and monitor the financial activities of these enterprises. In this book, titled principles of accounting, by Bimage (1985) Accounting is defined as a process by which data relating to the economic activities of an organization are measured recorded and communicated to interested parties for analysis and interpretation. The earliest methods of accounting records were kept in physical quantities. These records came from the Eastern (early) civilizationwhich involved in the countries around the Mediterranean Sea such as Mesopotamia, Egypt, Crete, Italy etc. Money was recorded as soon as money took the place of barter as a medium of exchange and unit of accounting practice has been closely related to the economic development of the country. If the business organizations grows in size and complexity management and outsiders groups which include owners of the firm (stock holder) creditor, government, employer and the general public.The differentiation necessitated the need to have accounting department in the enterprises to give accurate financial of the management and to satisfy the outside demands or the general public who are already interest on whether the enterprises in growing or not. The role of accounting in public enterprises in Nigeria is primarily to ensure accurate accountability in these sectors and present the time and fair financial position of the enterprises. The role is of utmost importance in any organization. An organization can only grow or profit when the resources can only be well managed if accounting department of the organization give accurate financial information to know how much the enterprises having. It only when this is done that the firm allocate its resources and knows what is to be done. The role of accounting seems to be more pounced in the public enterprises. In
recent times, there are cases of mis appropriation of funds in the public enterprises and improper accountability. These factors have led to a lot of public enterprises go into Obiwon, if the government has reorganization the role of accounting, all these feeble should not have risen. No enterprises can more forward without having a well organized financial department to give accurate financial, information about the firm. This is because if improper accounting records are not minimized or where possible eradicated these is bound to be cases of public enterprises failure. Consequently, staff of such enterprises will force out of their job. This will result to economic and social activities in the society.
1.2 STATEMENT OF PROBLEM
Obviously, every privates and public entries in Nigeria has their accounting department and there are increase cases of financial mismanagement in virtually all the public and private organization in Nigeria. The problem of this study lies on how the manages of these enterprises are able to recognizes the role of accounting in their enterprises so that these cases of improper accountability will be minimized or if possible its total eradication in our society.
