APPRAISAL OF ACCOUNTING SYSTEM OF NIGERIA LOCAL GOVERNMENTS (A STUDY OF IVO LOCAL GOVERNMENT AREA IN EBONYI STATE)

PROJECT TOPIC- APPRAISAL OF ACCOUNTING SYSTEM OF NIGERIA LOCAL GOVERNMENTS (A STUDY OF IVO LOCAL GOVERNMENT AREA IN EBONYI STATE)

ABSTRACT
This project work attempts to analyze the weakness and highlight their attendant implications on financial statements of a local government in Nigerian. It cannot be over emphasized here that local government in Nigeria have been facing the problem of presenting a financial statement that could succinctly reflect the true and fair view of their financial position. Thus, the need to ensure proper public accountability especially at local government level gave birth to this research work. The aim of this research is to evaluate the nature of accounting system in Nigerian local government using Ivo Local Government Area in Ebonyi State as a sampled local government. The methodology in use is survey research. The researcher was able to find the following; that lack of planning and commitments affect the accounting system of the local government area; that local government areas are not exploiting all the local government revenue resources very well. That inadequate competent staff affects the management of finance despite appraisal made by accounting system of a Local Government. The researcher concludes that the lapses in the accounting system of the local governments could be traced to their inability to employ professional Accountant which then results to improper planning and therefore recommends thus; The necessary incentives required by staff should be given them to encourage and motivate them to put up their best in the service; Independent accounting, auditing and supervisory bodies should be employed for the auditing of the local government finance. More sources of revenue generation should be exploited.

CHAPTER ONE
INTRODUCTION

1.1 Background of the Study
Local Government as the third tier of government in Nigeria is closest to the masses of the country. The continued demand for local government in Nigeria by the people attests to its desirability. The people see it as springboards for their development take off. In fact, the guidelines for local government published in 1976 stated categorically the cardinal objectives for establishing local government are as follows:

To mobilize human and material resources through the involvement of the public in their local development
To make appropriate services and development responsive to local wishes and initiatives.
It is for these essential purposes that all efforts by the local government is geared towards developing the rural environment by making provisions in their annual estimate (budgets) for good roads, water, electricity, medical care, education, agricultural development, cottage industries etc.

Local communities to embark on self-help development projects by providing assistance such as technical advice and financial grants to such communities that embark on projects. The people in turn would want a measure of accountability from the Government that holds their funds on trust for them. Thus, the accounting provides answer for acceptable accountability.

Local government should not only increase its revenue based to accommodate its enlarged responsibilities but should also install on adequate and effective accounting system to take care of both the existing and newly created revenue bases. Such accounting system should be capable of ensuring control of the local governments revenues and expenditures.

PROJECT TOPIC- APPRAISAL OF ACCOUNTING SYSTEM OF NIGERIA LOCAL GOVERNMENTS (A STUDY OF IVO LOCAL GOVERNMENT AREA IN EBONYI STATE)

1.2 Statement of the Problem
Many scholars have criticized Nigerian local government accounting systems following the inherent weaknesses in the system thus requiring a study of this nature to critically asses these weaknesses or highlight their attendant implications on financial statements of local government in Nigeria. Inadequate financial base has been frequently identified as the cause of the inability of the local government to carry out creditably their constitutionally assigned roles as the third tier of government in Nigeria. One of the factors often mentioned as causing the inadequacy in financial generation in the local government is the lack of autonomy and frequent intervention into the affairs of the local government by the state governments
The aim of the local government accounting system was mainly to grant greater autonomy, to the local government and thereby removing those obstacles to effective revenue generation and mobilization in local government.
1.3 Objectives of the Study
The main objective of the study is appraise the accounting system of Ivo local government area of Ebonyi state.
Some specified objectives the researcher wishes to accomplish in this study are:
To identify the sources of the local government revenue especially as it affects Ivo local government since the accounting system.
To find out if there has been an improvement in revenue generation in Ivo local government since the accounting system.
To identify and discuss the strategies of accounting system adopted by Ivo local government and to evaluate their relevance.
1.4 Research Questions
This study will seek to carry out or find out if the accounting system of local governments with particular reference to Ivo local government area in Ebonyi State conform with the generally accepted accounting standard (GAAS). Questions such as ones below will be provided with answer.
To what extent are accounting system of local governments using Ivo local government area in Ebonyi state as a sample adequate in design?
What are the provisions for reconciliation of total balances of individual accounts in advances and deposits ledger with the total accounts in the main ledger?
To what extent are permanent accounting record(s) fairly kept in respect of investment made by the local government?
Formulation of Hypotheses
Consequent upon earlier mentioned objective which this study is set out to achieve, the following hypotheses were postulated and should be tested in course of this study.
i H0: The accounting system of local governments does not allow for the preparation of financial statement that reflect the true financial position of local government
H1: The accounting system of local governments allow for the preparation of financial statement that reflect the true financial position of local government.
ii H0: The accounting system of local governments is not adequate in design.
H1: The accounting system of local governments is adequate in design.
iii H0: The accounting system of local governments is not effective in operation.
H1: The accounting system of local governments is effective in operation.
1.6 Significance of the study
This study will help mankind in solving their problems in both practical and theoretical aspect as regards accounting system. At the theoretical aspect, it will add to the existing literature on the appraisal of accounting system of a local government problems of Ivo local government area. At the practical level, the study will help in unravelling the fundamental problem associated with the study, with the intention of finding a lasting solution to the problems of accounting system in Nigeria local governments. This study again will be of relevant to professional administrators, local government chairman, local government councillors, the treasures, and other finance managers at the local government level. For the general public, it is important that they know how their local government obtain their revenue and how such revenues are spent after all, they as tax payers are the actual accounting members of the local council, Government club and ought to know how their contribution in the form of taxes rates, fees and finds are spent.
Finally, this study will enable the elected representatives of the people of Ivo local government to have an effective check on the finance of the local government.
1.7 Limitation and Delimitation of the Study
Due to some limitations and restrictions on this work, this study is designed not make all embracing study of Nigeria local government accounting system. Thus, the study is limited to assessing the Nigerian local government accounting system with a view to uncovering and highlighting the inherent limitations in the system and suggesting better means for improvement.
Some of the constraints on the researcher during the study are as follows:
Finance and Time Constraint: The researcher also encountered problems in terms of the cost involved in the study and the time requirement.
Bureaucracy: The researcher encounter bureaucratic problems due to the administrative bottlenecks in the local government under study.
Death of Literary Material: Much work has not been done on this aspect of accounting, thus, the researcher hardly saw written work for the purpose of this study.
1.8 Definition of Terms
Appraisal: A formal assessment of the performance of an employee.
Anomaly: A things situation, etc. that is difference from what is normal or expected.
Cash Basis of Accounting: This is the basis accounting under which revenue are recorded only when cash is received and expenditure is recorded only when change is paid
Accrual Basis of Accounting: This is the basis of accounting under which revenuer are recorded when earned and expenditure are recorded when the benefit of the goods and services are received.
Cash Book: This is a book containing a record of the cash transactions of a business.
The Journal: The journal is a form of diary in which all transactions entered into by a firm are recorded chronologically.
Ledger: A ledger is the collection of accounts making up double entry system.
Capital Expenditure: Capital expenditure refers to the expenditure in respect of construction of roads, bridge and building etc. or other capital assets that are expressed to last more than one financial year.
Recurrent Revenue: This is the income that is expected to be generated through the available sources.
Capital Revenue: This is the type or revenue that come by way of loans and government grants.
Government Grant: This is the money given by the government to a department ministry or parastatal, for specified purposes.
Suspense Account: Is an account opened to record an amount whose correct treatment is not immediately apparent and certain.
Treasury: The treasury is a department of government that controls public money.
Stores: It is a general form describing goods, which are held in storehouse and stockyards.

PROJECT TOPIC- APPRAISAL OF ACCOUNTING SYSTEM OF NIGERIA LOCAL GOVERNMENTS (A STUDY OF IVO LOCAL GOVERNMENT AREA IN EBONYI STATE)

 

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