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1. A Study of an Accounting System in
Selected Small and Medium Enterprises in
Benue State

2. CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of the problem
1.3 Objectives of the study
1.4 Research Questions
1.5 Statement of the Hypotheses
1.6 Significance of the study
1.7 Scope of the Study
1.8 Limitations of the study
References
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Introduction
2.2 The world of small and medium enterprise.
2.3 Management process in small and medium enterprises.
2.4 Accounting and Financial record of small and medium business.
2.5 Depreciation and inventory Valuation in small and medium enterprise.
2.6 Profit Planning and Cost Control in Small and medium Enterprise
2.7 Insurance and risk Management in Small and Medium Enterprise
2.8 Accounting /Financial Problems in Small and Medium Enterprise
2.9 Relevance of accounting information
2.10 Conclusion
References
CHAPTER THREE: METHODOLOGY
3.1 Introduction
3.2 Research Design
3.3 Population of the study

3. 3.4 Sample size determination
3.5 Sources of data collection
3.5.1 Primary Data
3.5.2 Secondary Data
3.6 Methods of Data collection
3.7 Data presentation and Analysis Technique
3.8 Justification of Methodology
3.9 Weakness of Methodology
3.10 Conclusion
References
CHAPTER FOUR: DATA PRESENTATION AND ANALYSES
4.1 Introduction
4.2 Data presentation
4.3 Data Analysis
4.4 Test of hypotheses
4.5 Conclusion
References
CHAPTER FIVE: SUMMARY, CONCLUSION AND
RECOMMENDATION.
5.1 Introduction
5.2 Summary of Finding
5.3 Conclusion
5.4 Recommendation
5.5 Suggestion for further study
Bibliography
Appendices

4. CHAPTER ONE:
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Accounting has been described as a means whereby business owners and
mangers can “figure out where they have been, where they are going, and
possibly how to go where they want to go” (Baumback, 1983 P.235).
Accounting system can be define as records , procedures and equipment
that routinely deal with the events affecting the financial performance and
position of the organization, (Horngren & Foster, 1975).
Accounting like many other disciples and fields of study have been
looked at variously by different scholars and academics. In form of definition.
However, disparities in definition do not necessarily evolve common agreeing
grounds for scholars and academics. Scholars define accounting differently but
still agree on which ‘record’ can be deemed to be an accounting entry. In
defining accounting, most scholars have looked at the intent and nature of
records. Generally accepted accounting principles (GAAP) stipulates that an
accounting entry must be financial in nature, meant to communicate and
interpret economic information
Accounting as an activity plays a constantly expanding role in modern
business. Right from times, man has always been a curious being always to
know certain phenomena and commit them to memory (Biblically) perhaps the
greatest reason why man ate the forbidden fruit was to satisfy his curiosity.

5. Accounting primarily satisfies the curiosity of users of such accounting
information in order to permit informed judgement by such users (helmikamp et
al; 1986) posit that the purpose of accounting is to provide decision makers with
useful information about economic activities; hence accounting is often called
the “Language of business”.
Business is regard as the highway of the socio-economic system in any
country. Pride et al (1993) define business as the organized efforts of
individuals in a society to produce and sell at a profit the basic needs of that
society.
The history of the evaluation of accounting goes hand in hand with the
history of business.
Business as an economic activity developed gradually and uses heightened
during the industrial revolution in the 17th century. The evolution of huge
industries entailed the use of large resources (human, material, and financial
resources). In spite of the fact that three resources were usually emptied (i.e.
human financial and material resources) investors were far from being satisfied
because every thing was at the best of management of such business
organizations.
Hence the need for fourth resources informational resources was diagnosed
and the concept for stewardship reporting was emphasized in those times to
present data. Hence accounting developed to serve the needs of business.

6. Various reasons can be adduced for the evolution of small and medium
enterprise business in the world of business and such reason includes capital
constraints and personal preference
The phrase “sole proprietorship” immediately conjures up an image of a
“small and medium business”. There is one distinct feature of a sole
proprietorship business; it is highly personalized and owned by one person and
is usually unincorporated.
Various attempts have been made to define what a small and medium
business is; it has been defined in terms of the following: employment, asset
value; and money sales volume
All have proven unsatisfactory in some respect because of diverse nature of
industries characteristically; a small and median business is one that is actively
managed by its owner, Highly personalized, largely in its area of operation,
largely dependent on internal sources of capital to finance its growth.
Except for the nature of ownership (in terms of number of owners) the
characteristics of a small business are similar to that of medium term enterprise:
hence medium terms enterprises that depict those features and have small
operating size will be regarded as small enterprises (business).
The medium term enterprises/business is the one that gives rise to most its
problems special needs and dictates its accounting system.
1.2 Statement of the Problem

7. Recent studies on small and medium scale enterprises in Benue State
have appeared to show more problem than solution to owners. This is due to
poor management as a result of inadequate record keeping. More than half of
the failed businesses within this category which have been attributed to poor
management have their remote cause in lack of adequate and detailed
accounting systems practices to support effective decision making by the
managers.
Lack/inadequate proper accounting system and financial record keeping
in the business concern makes it impossible for managers to know how their
enterprises are functioning and in majority of cases, the first indication that
something is wrong comes too late, failure is already upon them.
Due to the above reasons, the researcher intends to conducta study on the
accounting systems in the small and medium scale industry.
1.3 Objectives of the Study
The main objective of the research is to study the accounting systems of
selected small and medium scale enterprises in Benue state precisely the
research attempts to:
1. Find out if the accounting system of small and medium scale enterprises
is important for their survival.
1.4 Research Question

8. The researcher in order to properly study the accounting systems of the
selected small and medium scale enterprises has the developed the following
research question:
1. Are the types of accounting systems of small and medium scale
enterprises important for their survival?
1.5 Statement of the Hypothesis
To answer the research question, the researcher has formulated the
following hypothesis for testing:
H0- The accounting systems of small and medium scale enterprises
are not important for their survival.
H1- The accounting systems of small and medium scale enterprises are
Important for their survival.
1.6 Significance of the Study
The importance of the study is emphasized in the fact, that at the end of
the study, the findings and conclusions made will positively affect the business
owners/managers in the following ways:
1. This study will serve as an insight to business/managers owners in
management that is in proper used of accounting system and services in
order to achieve its objectives.
2. It will enlighten business owners/managers in Benue state on the study of
accounting system on their business performance.

9. 3. It will further serve as a reference material to those who might want to
know more about accounting system or, may be interested in similar
study.
1.7 Scope of the Study
The intension of this study is to find out the accounting system of
selected small and medium enterprises in Benue state and how accounting
information of such selected enterprises has help in management performance.
1.8 Limitations of the Study
The limitations of this study or research is due to the limited time
constraint, the insufficient of resources that could enable the researcher go to
the most advanced level for data collection and information, however, there is
hope that, information, observation and recommendations made at the end of
this work will be applicable to accounting system of small and medium
enterprises in the state.

10. REFERENCES
Baumback, C.M., (1983). Basic Small Management. Price Hall Incorp, New
Jersey.
Ejiofor P. (1989) Foundations of Business Administration. African Publishers
Ltd. Onitsha.
Millichamp A.A (1987) Auditing: An Instructional Manual for Accounting
Students. DP Publication Ltd. Hants.
Egbu, C (1983) Record Keeping in Small Scale Business: An Instrument for
Survival. Business Times. Lagos. PP: 18
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