THE ACCOUNTANT, THE FINANCIAL MANAGER AND THE TAX OFFICIALS CONCEPTION OF DEPRECIATION AND CAPITAL ALLOWANCES IN BUSINESS OPERATION.
THE ACCOUNTANT, THE FINANCIAL MANAGER AND THE TAX OFFICIALS CONCEPTION OF DEPRECIATION AND CAPITAL ALLOWANCES IN BUSINESS OPERATION.
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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
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The research work attempts to determine the nature and purpose of depreciation and capital with respect to long use assets of enterprises and organizations and determining ways of optimizing these purposes for the benefit of these enterprises and organization.
The research study will be of benefit to enterprises and organization that have standing depreciation policies as it provides recommendations on how to improve on these policies and other enterprises that do not have any depreciation policy apparently because they do not have the where withal or have not grasp the purposes and role of depreciation with respect to long use asset and profit recognition.
A write-up has been done in chapter 2 to illustrate the calculation and other accounting treatment of selected depreciation method and capital allowances for the benefit of enterprises and or persons who may not have had a proper understanding of them.
The research study was carried out in Enugu and its environ and may move appropriately reflect the trend in Nigeria. The problems identified and recommendations made may not have been one hundred percent exhaustive.
CHAPTER ONE
CHAPTER TWO
CHAPTER THREE
CHAPTER ONE
BACKGROUND OF THE STUDY
There are few if there is any business enterprises or organization that do not make use of fixed assets in one form or the other in their operations.
A sole proprietorship form of business unit for example a barrier or a retailer has fixed assets in the form of furniture and fittings, sheds or kiosk, mirror etc. The poor woman in the street who runs a retail shop may not find it very possible to manage without such things are shop, a table to display her wares and a chair and benches for herself and her customers.
Even in big business unit engaged in either extracting or manufacturing processes require plants and machineries, furniture and other which constitute fixed assets. Suffice it to say in almost every productive venture.
Prudent management of business therefore requires that contributions made by these fixed assets when employed directly or indirectly in generating income or revenue for an enterprise be adequately recognized. Equally important is the need to recover fund expended on these fixed assets which may if possible be used in replacing such assets when they are finally put out of use because of one reason or the other. All these and others are depreciation recounting aims at fulfilling.
Depreciation may therefore be defined as “the loss in value of an asset due to wear and tear and deterioration, usually the loss in value is due primarily to wear and tear”. But it does sum to the researcher that financial analysts including of course the accountants regard depreciation as a systematic procedure of allocation not an accurate mathematical measure of the cost or value of a long use asset (fixed asset) over it’s useful life.
In other words depreciation is provision against conducting the business during the effective useful life of such asset and is not depended on the amount of profit earned. One may say that it is somewhat arbitrary computed and charged against income or revenue as other expenses.
This form of expense (Depreciation) apparently because of its nature is not allowed by the Board of Inland Revenue as deductible form profit for tax purposes. Capital allowances are rather allowed and deducted from profit, which will eventually be taxed.
The reasons for non-recognition of depreciation and its replacement with capital allowance as discovered were enumerated.
Capital allowance in definable as, allowances claimable by traders or self employed persons in respect of capital asset s which they use in their business, trade or profession in earning business income and which have suffered diminution in value during an accounting period”.
Capital allowances are uniform for each class of capital asset depending on cost of acquisition depreciation policy and method adopted.
1.1 STATEMENT OF THE PROBLEM
To determine whether depreciation and capital allowances serve the same purpose and if determine why one concept has not been discarded for the o
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COMPLETE MATERIAL COST N2,500 Or $10. FRESH PROJECT MATERIAL COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.
THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE
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GTBANK
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ACCOUNT NUMBER: 0138924237
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Account Name: Chi E-Concept Int’l
Account Name: 3059320631
Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
Account Number: 0117780667.
Swift Code: GTBINGLA
Dollar conversion rate for Naira is 175 per dollar.
ATM CARD: YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY.
OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.
form>DELIVERY PERIOD FOR BANK PAYMENT IS LESS THAN 24 HOURS
CALL OUR CUSTOMERS CARE OKEKE CHIDI C ON : 08074466939,08063386834.
AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO
08074466939 or 08063386834, YOUR PROJECT TITLE YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.
WE HAVE SECURITY IN OUR BUSINESS.
MONEY BACK GUARANTEE
ABSTRACT
The research work attempts to determine the nature and purpose of depreciation and capital with respect to long use assets of enterprises and organizations and determining ways of optimizing these purposes for the benefit of these enterprises and organization.
The research study will be of benefit to enterprises and organization that have standing depreciation policies as it provides recommendations on how to improve on these policies and other enterprises that do not have any depreciation policy apparently because they do not have the where withal or have not grasp the purposes and role of depreciation with respect to long use asset and profit recognition.
A write-up has been done in chapter 2 to illustrate the calculation and other accounting treatment of selected depreciation method and capital allowances for the benefit of enterprises and or persons who may not have had a proper understanding of them.
The research study was carried out in Enugu and its environ and may move appropriately reflect the trend in Nigeria. The problems identified and recommendations made may not have been one hundred percent exhaustive.
TABLE OF CONTENT
CHAPTER ONE
- Background of the study 1
- Statement of the problem 4
- Purpose of the study 5
- Significance of the study 6
- Scope and limitation 7
- Definition of term used 8
CHAPTER TWO
- Related literature review 11
- Nature , history and development of accounting13
CHAPTER THREE
- Summary
- Conclusion 24
- Recommendation 25
- Bibliography 26
CHAPTER ONE
BACKGROUND OF THE STUDY
There are few if there is any business enterprises or organization that do not make use of fixed assets in one form or the other in their operations.
A sole proprietorship form of business unit for example a barrier or a retailer has fixed assets in the form of furniture and fittings, sheds or kiosk, mirror etc. The poor woman in the street who runs a retail shop may not find it very possible to manage without such things are shop, a table to display her wares and a chair and benches for herself and her customers.
Even in big business unit engaged in either extracting or manufacturing processes require plants and machineries, furniture and other which constitute fixed assets. Suffice it to say in almost every productive venture.
Prudent management of business therefore requires that contributions made by these fixed assets when employed directly or indirectly in generating income or revenue for an enterprise be adequately recognized. Equally important is the need to recover fund expended on these fixed assets which may if possible be used in replacing such assets when they are finally put out of use because of one reason or the other. All these and others are depreciation recounting aims at fulfilling.
Depreciation may therefore be defined as “the loss in value of an asset due to wear and tear and deterioration, usually the loss in value is due primarily to wear and tear”. But it does sum to the researcher that financial analysts including of course the accountants regard depreciation as a systematic procedure of allocation not an accurate mathematical measure of the cost or value of a long use asset (fixed asset) over it’s useful life.
In other words depreciation is provision against conducting the business during the effective useful life of such asset and is not depended on the amount of profit earned. One may say that it is somewhat arbitrary computed and charged against income or revenue as other expenses.
This form of expense (Depreciation) apparently because of its nature is not allowed by the Board of Inland Revenue as deductible form profit for tax purposes. Capital allowances are rather allowed and deducted from profit, which will eventually be taxed.
The reasons for non-recognition of depreciation and its replacement with capital allowance as discovered were enumerated.
Capital allowance in definable as, allowances claimable by traders or self employed persons in respect of capital asset s which they use in their business, trade or profession in earning business income and which have suffered diminution in value during an accounting period”.
Capital allowances are uniform for each class of capital asset depending on cost of acquisition depreciation policy and method adopted.
1.1 STATEMENT OF THE PROBLEM
- This study entitled “the accountant, the financial manger and the tax official conception of depreciation and capital allowance as regards profit recognition by enterprises as regards profit recognition by enterprises organization.
- To examine what financial analysts including accountant lookup to depreciation and capital allowance as serving.
- To determine to what extent these purpose are being achieved, and ways of improving on them.
- To determine the place of capital allowance in payable by such enterprises.
To determine whether depreciation and capital allowances serve the same purpose and if determine why one concept has not been discarded for the o
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