The study is about book keeping and accounting practices in small scale enterprise with special emphasis on p.a. water, ughelli, ughelli north lga of delta state

1. BOOK KEEPING AND ACCOUNTING PRACTICES IN SMALL SCALE ENTERPRISE
WITH SPECIAL EMPHASIS ON P.A. WATER, UGHELLI, UGHELLI NORTH LGA OF
DELTA STATE
Every organisation, whether small, medium or big is established to achieve specific target
objective. Such objective derived from adequate returns on investment and the ability of the
organisation and or, its representatives maximally provide social service that would meet the
immediate and long term needs of its environment or community.
In order to actualize set objective, organisation employ adequate and effective accounting
records as well as employ the services of available resources (human or non-human) towards
actualizing dreams.
Virtually, every organisation and business minded individuals take proper records of it’s
activities. This is to enable team measure or ascertain the level of success or failure recorded in
the organisation at a specified period of time. Consequent upon this, one may ask, how adequate,
accurate and reliable are feese records especially they are not taken by a professional book-
keeper or accountant?
Keeping of records is not only required but also vital any organisation. According to Alayide
(2009); inadequate records or failure to bring the accounting records up-to-date usually leads to
commitment of errors and fraudulent practices. As such, organisation whether in the private or in
public sector, really requires the services of a qualified and certificated accountant or book-
keeper.
Organisation need to employ the services of professional accountants and or, book-keepers in
order to:
Keep all accounting records.
Set up sound accounting records for staff to follow.
Assist them to keep in closing the books of account where there is difficulty and or discrepancy.
Prepare and-of-year account or financial report systems to facilitate clients efficiency in
processing management information and controlling of operation.
Write up accounting and administrative procedure manuals.

2. Ensure adherence to the internal deck system, and so on.
Wanogho (2006) opined that the services of the accountant to organisation and individuals
among others includes;
Drafting of financial statement incorporating profit and balance sheet for companies.
Preparation of management account on a regular basis and for whatever period e.g. yearly,
quarterly, six monthly, daily etc.
Preparation of accounts for specialized area as trust non-profit making organisation charities and
pension schemes.
Maintenance of computerized record of clients book of prime entry from the information
supplied.
Preparation of necessary financial information.
1.2 STATEMENT OF THE RESEARCH PROBLEM
The importance of book-keeping and accounting in a profit making organisation can not be over
emphasized or underestimated. But some small scale enterprises have been faced with some
problems which resulted to their winding-up.
These problems are as listed here under:
Lack of permanent and systematic records for financial transaction by accounting professionals
that will ascertain whether the business has make profit or loss in an accounting period.
Accounts prepared at best are single entry and feese account proper information regarding assets
are lacking.
Accounts prepared by non-professional have no safeguards for fraud and errors.
Final accounts prepared are not reliable and cannot be acceptable for tax proposes.
Accounts prepared does not take into cognizance of issues relating provision for doubtful debt
and depreciation.
Financial statement prepared cannot be compared between periods because the bases of
preparation is faulty.
To this end, the study is embarked upon to address these problem identified.

3. 1.3 RESEARCH QUESTION
For the purpose of getting relevant responses, the study hereby formulates the under-listed
hypothesis.
To what extent can it be said that booking keeping and accounting practices and services are
employed in small scale business organisation?
To what extent can it be said that book keeping and accounting functions are preformed by
experts in small scale business organisation?
To what extent is the application and expertise use of book keeping and accounting of small
scale business organisations achieve the expected goals?
What are the major problems faced by business without the use of professional accountants or
book-keepers?
1.4 OBJECTIVE OF THE STUDY
The major purpose of the study is to highlight book-keeping and accounting practices in small
scale enterprise. The study will be of a great aid to private organisations, both large and small
scales to enlighten them on the importance of book-keeping or recording the day-to-day
activities information in profit making organisation and also to find possible suggestions of
stressing the importance of book-keeping through seminars to our business organisations and
officers managing these firms.
EDITOR SOURCE: https://researchcub.info/department/paper-7494.html