INTERNAL CONTROL AS A MEANS OF ENHANCING PROFITABILITY IN A MANUFACTURING COMPANY. (A CASE STUDY OF APACO FOAM AND CHEMICAL INDUSTRIES LIMITED, AGBOR, DELTA STATE).
INTERNAL CONTROL AS A MEANS OF ENHANCING PROFITABILITY IN A MANUFACTURING COMPANY.
(A CASE STUDY OF APACO FOAM AND CHEMICAL INDUSTRIES LIMITED, AGBOR, DELTA STATE).
Profitability is the hallmark or mainstay of any business undertaking. It is the wish of any business entity to maximize profit and maintain a resounding level of liquidity. There is no doubting the fact that this objective of profit maximized if there is no strong and adequate system of internal control.
Sequel to the above, this research work is designed to carry out an empirical study on the internal control system of Apaco foam and chemical industry limited, Agbor, Delta State and to suggest and or recommend ways that a strong and adequate internal control system can assist the company to maximize profit from its operations.
Chapter one deals with the general over-view of the research work. It shows a brief history about the company under study. Also it discloses the significance of the study, the aims and objetive and operational definition of some technical terms.
In chapter two, the research dwells on the theoretical frame work of the research topic. The chapter shows the history and development of internal control, the meaning of internal control, various types of accounting systems, the need for internal control, internal and external audit, profitability versus liquidity internal control in a computer based accounting system, among others.
Chapter three focuses on the research methodology which includes methods of data collection, population of the study, sample size, methods of data analysis etc.
In chapter four, the researcher concentrates on Data presentation, analysis and interpretation, many tables are used for analysis of data so as to validate the study and also test of hypothesis.
Finally chapter five dwells on summary of findings, recommendations and conclusion.
Internal control as a means of enhancing profitability in a manufacturing company.
The aim of this study is to examine the internal control system in Apaco Foam and Chemical Industries Ltd Agbor Delta State with a view to determining its efficacy in the process of profit maximization in the company. The researcher intends to exray various internal checks or control strategies applied in the company Apaco Foam and Chemical Industries Ltd Agbor Delta State and how it has increased profitability in that company as well as promises a substantial growth and development in its commercial operations and industrial relations practice.
To successful carryout this study, the researcher intends to embark on empirical approach or research, using mainly primary data source through questionnaires (written & oral) personal observations etc.
Secondary source will be gathered through relevant documentary materials which will be used for reviews explanations or analysis of some technical terms.
The researcher intends to arrange data collected in tables and also intends to analyze the state in simple percentages. The research intends to make further explanation on the research findings and profers some recommendation, solutions and suggestions. The research intends to systematically present this work in a chapters and each step will help into verification of all aspects of internal control strategy or strategies applied into the company.
Chapter one will dwell on general over-view of the research work. It will show a brief history about the company and it will disclose the significance of the study, the aims and objectives and operational definition of some technical terms.
Chapter two, the researcher will dwell on the theoretical frame work of the research topic the chapter will show the history and development of internal control, the meaning of internal control, various types of accounting systems, the need for internal control, internal & external audit, profitability versus liquidity internal control in a computer based accounting system.
Chapter three will focus on the research methodology which includes methods of data collection, population of the study, sample size methods of data analysis, research design.
In chapter four the researcher will concentrate on data presentation, analysis and interpretation, and test of hypothesis.
Finally chapter five will dwells on discussion of findings, recommendations and conclusion.
CHAPTER FOUR
Appendix
Bibliography.
1.1 BACKROUND TO THE STUDY
internal control is the whole system of controls, financial and otherwise, established by the management, in order to carry on the business of the enterprise in an orderly and efficient manner ensure adherence to management policies, safeguard the assets and secure as far possible, the completeness and accuracy of its records.
Consequent upon the above, this research is designed to carry out an empirical study on the internal control system of Apaco Foam and Chemical Industry Limited. Agbor Delta State and to recommend and or suggest ways that a strong internal control system can assist the company to maximize profit.
Apaco Foam and Chemical Industry Limited, Agbor Delta State, was established in 1977 wish a staff strength of three (3) comprising of the Director, Mr. G.O. Muobike, his wife and one other staff. It factory and office, then was situated at Obiazikwo street, owu. Agbor in the then Bendel State which was bifurcated into Edo and Delta states. Its major business is the production of foam other by products are:
The factory and office complex which is situated at No. 3 Muobike Crescent by Owa-Alero/Owa Ekei Road Boji Boji Owa Agbor, was officially commissioned on May 13th 1995 by the then military administrator of Delta State, group captain Abraham Kefas..
Apaco Foam and Chemical industry limited is a sole proprietorship business. Presently, it has a staff disposition of seventy (70) with the proprietor as the chief executive officer and Managing Director.
Its accounting system is semi-computerized. It opeates as a going concern with high hopes and aspirations of further expansion. Presently, it has an installed plant capacity which is capable of producing between two hundred and fifty and three hundred (250 and 300) foams per day.
Interestingly, there are no waste products from its operation procession as the left over are used for pillows. The major problem confronting the company is that of power outages. However, this problem has been nipped-on-bud partially as two (2) standard power generating plants are installed to ensure efficiency and effectiveness of operations.
It is dismaying to observe that there is no internal audit department in this organization. This and other issues prompted the researcher to embark upon this research so as to assess the viability or otherwise of the internal control system and reveal how an adequate ad strong internal control system can aid the company in making more profits from its operations and maintain liquidity.
1.1 STATEMENT OF PROBLEMS
Internal control system is aimed at preventing fraud and errors from being committed and assets from being misuses mis-appropriated. The absence of a strong internal. Control system may spell doom for an organization. Defalcation fraud, errors, distorting etc, will begin to organize field days in the operations of fuel business entity. These improprieties will certainly take their tolls on the finances of the organization. This will obviously result in mis-statement of financial statement. Anchored on the above, the profitability position of the company will be severed. This indicates that the company will loose a substantial portion of its finances as a result of the problems stated above. The paucity of trained accounting personnel to handle accounting functions is another bottle-neck militating against profitability. Added to the above, lack of internal audit department in an organization is another square peg in a round hole inability to keep proper accounting records for internal control purposes is a major problem in this regard. It is the view of the researcher that these problems can be solved if a strong and adequate internal control system is established in the organization.
1.3 AIMS AND OBJECTIVES OF THE STUDY
Many organization are grappling with problems occasioned by profitability and liquidity. Worst-still, it appears that the problems remain un-abated thereby making them worst-off.
Emphatically, the essence of this research work, is to carry out an empirical study on why manufacturing companies face problems associated with profitability and liquidity and to make proposals, as a matter of strict importance, for them to establish strong and adequate internal control systems in their organizations and how these systems can help to enhance their profitability using Apaco Foam and Chemical Industries Limited Agbor, as a case study.
Ultimately, this research work is aimed at un-veiling the various ills and sharp practices prevalent in the accounting systems of manufacturing industries and how to reduce them to the barest minimum.
1.4 SCOPE OF THE STUDY
This research focuses on internal control and accounting systems in a manufacturing company. In carrying out this research, the research concentrated mainly on the accounting department of the firm under study Apaco Foam and Chemical Industries Limited, Agbor, Delta State. The empirical tests carried out and the results obtained were based on the activities of the company under study.
1.5 SIGNIFICANCE OF THE STUDY
This study is the first of its kind in the accounting and / or internal control system of Apaco Foam and chemical industry limited, Agbor. The research hold the view that this research will serve as a basis for future researches to carry out their research and possibly improve upon what has been done.
Notably, this research will reveal the various canker – worms that have eaten deep into the fabrics of the accounting systems of manufacturing companies thereby making them not to achieve utmost profitability. Also, the study will disclose how internal control can be used to enhance the profitability of a manufacturing company. It will show, in very clear terms, the difference between profitability and liquidity as many people fail to understand these terms. To the owners of business, this research will help them to determine the profitability, liquidity and operational gallantry of their companies and ascertain whether they are treading on the path of gold or thorns (profit or loss).
1.6 LIMITATIONS OF THE STUDY
It is worthy of mention that the research faced many problems during the course of carrying out this research. The lackadaisical attitude of some of the members of staff on whom questionnaires was administered, did not help matters. Some of them treated the questionnaires as though they were waste papers. Added to the above, the problem of visiting the company to obtain some vital information was a major constraint. The managing director is always very busy so that there was little or no time to be spent with the researcher. Time was another major constraint which the researcher had to grapple with. Combining other academic activities together with carrying out this research was a Herculean task of which time was not always waiting for no one. To cap it up, finance was a very major constraint which almost defied solution well, as the saying goes, under every dark cloud, there is a silver lining. Therefore, there is no problem without solution.
1.7 OPERATIONAL DEFINITION OF TERMS
The researcher deems it fit and exclusively necessary to give operational definitions to some technical terms used in this research. The aim of doing this is to make these terms clearer to persons who may lay their hands on this project for various reasons.
This refers to fund of money maintained by business entities used by such businesses for the purpose of bribing public officers.
A bank reconciliation statement is a statement prepared in such a manner that the balance in the bank statement is brought into agreement with that in the company’s cash book.
An account is a ledge record in a summarized form, of all transactions that have taken place with the particular person or value specified.
These could be defined as intentional irregularities arising as a result of misappropriation of assets such as stealing of cash, stock, the deliberate failure to invoice a sale or deliberate mis-statement of financial records.
These are un-intentional mistakes in financial statements and records such as forgetting to authorize a voucher for payment or selecting an in-appropriate accounting policy.
This is a subsidiary book in which all receipts and payment of cash and those made by cheques are recorded.
Stores issue voucher is a document authorizing and or showing that a given quantity of stock had been issued out at a given data and at the specified amount written on it. Another name for this is way Bill.
This is a document which shows that a given quantity of stock has been received into an organization stating the amount and the data of receipt of such stock of goods.
This is the aggregate of the checks and balances imposed on the day-to-day transactions in an organization whereby the work of one person is verified independently. The major reason for doing this is to ensure prevention or early detection of errors and frauds.
This means the legal right given to an individual to do something e.g. the authority given to somebody to enable him spend a given amount for a specified reason or purpose.
These could be referred to as the property owned by a company of which monetary vale is attached to them and they may be sold to pay debts. We have fixed Assets, intangible Asset and current Assets.
This is an assumption that a business entity will continue operations into the indefinite future.
Fayol (1937, 103) submitted that control is the examination f results. To control means to make sure that all operations at all times are carried out in accordance with the plan adopted with the orders given and the principles laid down.
This is the process of identifying measuring and communicating economic information to permit informed judgements and decisions by the users of the information (Terminology).
This is a kind of audit performed by specially assigned staff (accounting employees) of a company to determine if company policies and procedures are being followed.
This is a financial statement that lists a company’s assets, liabilities, and stock holders equity as of a specific moment in time.
This is a company that buys raw materials, converts them into products and then sells them to customers.
A business owned by an individual and often managed by the same individual.
These are recordable happenings or events (usually exchanges) that affect the assets, liabilities, stock holders equity, revenue or expenses of an entity.
Any written or printed evidence of a business transaction that describes the essential facts of that transaction that describes the essential facts of that transaction.
A special journal used for all transaction involving inflows of cash into the business.
This is a document or form that shows the amount of and reason for a petty cash disbursement.
Cash or other assets, taken out of a single proprietorship or partnership by an owner for personal use.
A unit that is deemed to have an existence separate and distinct from its owners, creditors, employees customers, other interested parties and from other business, and for which accounting records are maintained.
These are debts or obligations that usually possess a known or determinable amount, maturity data and party to whom payment is to be made.
The following hypotheses have been formulated by the researcher to enable him carry out this research.
Download our android mobile app for more materials
ORDER NOW
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
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.
(A CASE STUDY OF APACO FOAM AND CHEMICAL INDUSTRIES LIMITED, AGBOR, DELTA STATE).
ABSTRACT
Profitability is the hallmark or mainstay of any business undertaking. It is the wish of any business entity to maximize profit and maintain a resounding level of liquidity. There is no doubting the fact that this objective of profit maximized if there is no strong and adequate system of internal control.
Sequel to the above, this research work is designed to carry out an empirical study on the internal control system of Apaco foam and chemical industry limited, Agbor, Delta State and to suggest and or recommend ways that a strong and adequate internal control system can assist the company to maximize profit from its operations.
Chapter one deals with the general over-view of the research work. It shows a brief history about the company under study. Also it discloses the significance of the study, the aims and objetive and operational definition of some technical terms.
In chapter two, the research dwells on the theoretical frame work of the research topic. The chapter shows the history and development of internal control, the meaning of internal control, various types of accounting systems, the need for internal control, internal and external audit, profitability versus liquidity internal control in a computer based accounting system, among others.
Chapter three focuses on the research methodology which includes methods of data collection, population of the study, sample size, methods of data analysis etc.
In chapter four, the researcher concentrates on Data presentation, analysis and interpretation, many tables are used for analysis of data so as to validate the study and also test of hypothesis.
Finally chapter five dwells on summary of findings, recommendations and conclusion.
PROPOSAL
Internal control as a means of enhancing profitability in a manufacturing company.
The aim of this study is to examine the internal control system in Apaco Foam and Chemical Industries Ltd Agbor Delta State with a view to determining its efficacy in the process of profit maximization in the company. The researcher intends to exray various internal checks or control strategies applied in the company Apaco Foam and Chemical Industries Ltd Agbor Delta State and how it has increased profitability in that company as well as promises a substantial growth and development in its commercial operations and industrial relations practice.
To successful carryout this study, the researcher intends to embark on empirical approach or research, using mainly primary data source through questionnaires (written & oral) personal observations etc.
Secondary source will be gathered through relevant documentary materials which will be used for reviews explanations or analysis of some technical terms.
The researcher intends to arrange data collected in tables and also intends to analyze the state in simple percentages. The research intends to make further explanation on the research findings and profers some recommendation, solutions and suggestions. The research intends to systematically present this work in a chapters and each step will help into verification of all aspects of internal control strategy or strategies applied into the company.
Chapter one will dwell on general over-view of the research work. It will show a brief history about the company and it will disclose the significance of the study, the aims and objectives and operational definition of some technical terms.
Chapter two, the researcher will dwell on the theoretical frame work of the research topic the chapter will show the history and development of internal control, the meaning of internal control, various types of accounting systems, the need for internal control, internal & external audit, profitability versus liquidity internal control in a computer based accounting system.
Chapter three will focus on the research methodology which includes methods of data collection, population of the study, sample size methods of data analysis, research design.
In chapter four the researcher will concentrate on data presentation, analysis and interpretation, and test of hypothesis.
Finally chapter five will dwells on discussion of findings, recommendations and conclusion.
CHAPTER ONE
- Introduction
- Background of the study
- Statement of problems
- Aims and objectives of the study
- Scope of the study
- Significance of the study
- Hypotheses
- Operational definition of terms
- Limitation of the study
CHAPTER TWO
- Literature review
- History and development
- Various views / definitions of internal control
- The need for internal control system
- The major objectives of internal control system
- Managerial supervision and review.
- The various types of accounting systems and accounting records.
- The need for internal control and proper accounting records.
- Internal audit
- Internal check
- The meaning and relevance of statutory audit.
- Profitability versus liquidity in a business undertaking.
- Assessment/procedure of internal control system.
- Internal control in computer bases accounting system.
- The limitations of internal control system.
CHAPTER THREE
- Research methodology
- Methods of data collection
- Population of the study
- Sample size
- Sampling method
- Methods of data analysis
- Research design
- Limitations of the methodology
CHAPTER FOUR
- Data presentation, analysis and interpretation
- Analysis of the respondents
- Analysis of data
- Discussion of finding
- Test of hypotheses
CHAPTER FIVE
- Summary of findings, recommendation and conclusion
- Discussion of findings
- Conclusion
- Recommendation
- Suggestion for further research
Appendix
Bibliography.
CHAPTER ONE
- INTRODUCTION
1.1 BACKROUND TO THE STUDY
internal control is the whole system of controls, financial and otherwise, established by the management, in order to carry on the business of the enterprise in an orderly and efficient manner ensure adherence to management policies, safeguard the assets and secure as far possible, the completeness and accuracy of its records.
Consequent upon the above, this research is designed to carry out an empirical study on the internal control system of Apaco Foam and Chemical Industry Limited. Agbor Delta State and to recommend and or suggest ways that a strong internal control system can assist the company to maximize profit.
Apaco Foam and Chemical Industry Limited, Agbor Delta State, was established in 1977 wish a staff strength of three (3) comprising of the Director, Mr. G.O. Muobike, his wife and one other staff. It factory and office, then was situated at Obiazikwo street, owu. Agbor in the then Bendel State which was bifurcated into Edo and Delta states. Its major business is the production of foam other by products are:
- Mattresses
- Rug under-lays
- Sheetings
- Cuishons
- Pillows and
- Shoulder pads
The factory and office complex which is situated at No. 3 Muobike Crescent by Owa-Alero/Owa Ekei Road Boji Boji Owa Agbor, was officially commissioned on May 13th 1995 by the then military administrator of Delta State, group captain Abraham Kefas..
Apaco Foam and Chemical industry limited is a sole proprietorship business. Presently, it has a staff disposition of seventy (70) with the proprietor as the chief executive officer and Managing Director.
Its accounting system is semi-computerized. It opeates as a going concern with high hopes and aspirations of further expansion. Presently, it has an installed plant capacity which is capable of producing between two hundred and fifty and three hundred (250 and 300) foams per day.
Interestingly, there are no waste products from its operation procession as the left over are used for pillows. The major problem confronting the company is that of power outages. However, this problem has been nipped-on-bud partially as two (2) standard power generating plants are installed to ensure efficiency and effectiveness of operations.
It is dismaying to observe that there is no internal audit department in this organization. This and other issues prompted the researcher to embark upon this research so as to assess the viability or otherwise of the internal control system and reveal how an adequate ad strong internal control system can aid the company in making more profits from its operations and maintain liquidity.
1.1 STATEMENT OF PROBLEMS
Internal control system is aimed at preventing fraud and errors from being committed and assets from being misuses mis-appropriated. The absence of a strong internal. Control system may spell doom for an organization. Defalcation fraud, errors, distorting etc, will begin to organize field days in the operations of fuel business entity. These improprieties will certainly take their tolls on the finances of the organization. This will obviously result in mis-statement of financial statement. Anchored on the above, the profitability position of the company will be severed. This indicates that the company will loose a substantial portion of its finances as a result of the problems stated above. The paucity of trained accounting personnel to handle accounting functions is another bottle-neck militating against profitability. Added to the above, lack of internal audit department in an organization is another square peg in a round hole inability to keep proper accounting records for internal control purposes is a major problem in this regard. It is the view of the researcher that these problems can be solved if a strong and adequate internal control system is established in the organization.
1.3 AIMS AND OBJECTIVES OF THE STUDY
Many organization are grappling with problems occasioned by profitability and liquidity. Worst-still, it appears that the problems remain un-abated thereby making them worst-off.
Emphatically, the essence of this research work, is to carry out an empirical study on why manufacturing companies face problems associated with profitability and liquidity and to make proposals, as a matter of strict importance, for them to establish strong and adequate internal control systems in their organizations and how these systems can help to enhance their profitability using Apaco Foam and Chemical Industries Limited Agbor, as a case study.
Ultimately, this research work is aimed at un-veiling the various ills and sharp practices prevalent in the accounting systems of manufacturing industries and how to reduce them to the barest minimum.
1.4 SCOPE OF THE STUDY
This research focuses on internal control and accounting systems in a manufacturing company. In carrying out this research, the research concentrated mainly on the accounting department of the firm under study Apaco Foam and Chemical Industries Limited, Agbor, Delta State. The empirical tests carried out and the results obtained were based on the activities of the company under study.
1.5 SIGNIFICANCE OF THE STUDY
This study is the first of its kind in the accounting and / or internal control system of Apaco Foam and chemical industry limited, Agbor. The research hold the view that this research will serve as a basis for future researches to carry out their research and possibly improve upon what has been done.
Notably, this research will reveal the various canker – worms that have eaten deep into the fabrics of the accounting systems of manufacturing companies thereby making them not to achieve utmost profitability. Also, the study will disclose how internal control can be used to enhance the profitability of a manufacturing company. It will show, in very clear terms, the difference between profitability and liquidity as many people fail to understand these terms. To the owners of business, this research will help them to determine the profitability, liquidity and operational gallantry of their companies and ascertain whether they are treading on the path of gold or thorns (profit or loss).
1.6 LIMITATIONS OF THE STUDY
It is worthy of mention that the research faced many problems during the course of carrying out this research. The lackadaisical attitude of some of the members of staff on whom questionnaires was administered, did not help matters. Some of them treated the questionnaires as though they were waste papers. Added to the above, the problem of visiting the company to obtain some vital information was a major constraint. The managing director is always very busy so that there was little or no time to be spent with the researcher. Time was another major constraint which the researcher had to grapple with. Combining other academic activities together with carrying out this research was a Herculean task of which time was not always waiting for no one. To cap it up, finance was a very major constraint which almost defied solution well, as the saying goes, under every dark cloud, there is a silver lining. Therefore, there is no problem without solution.
1.7 OPERATIONAL DEFINITION OF TERMS
The researcher deems it fit and exclusively necessary to give operational definitions to some technical terms used in this research. The aim of doing this is to make these terms clearer to persons who may lay their hands on this project for various reasons.
- SLUSH FUNDS
This refers to fund of money maintained by business entities used by such businesses for the purpose of bribing public officers.
- BANK RECONCILIATION STATEMENT
A bank reconciliation statement is a statement prepared in such a manner that the balance in the bank statement is brought into agreement with that in the company’s cash book.
- ACCOUNT
An account is a ledge record in a summarized form, of all transactions that have taken place with the particular person or value specified.
- FRAUDS
These could be defined as intentional irregularities arising as a result of misappropriation of assets such as stealing of cash, stock, the deliberate failure to invoice a sale or deliberate mis-statement of financial records.
- ERRORS
These are un-intentional mistakes in financial statements and records such as forgetting to authorize a voucher for payment or selecting an in-appropriate accounting policy.
- CASH BOOK
This is a subsidiary book in which all receipts and payment of cash and those made by cheques are recorded.
- STORES ISSUE VOUCHER (S.IV)
Stores issue voucher is a document authorizing and or showing that a given quantity of stock had been issued out at a given data and at the specified amount written on it. Another name for this is way Bill.
- STORES RECEIPT VOUCHER (S.R.V)
This is a document which shows that a given quantity of stock has been received into an organization stating the amount and the data of receipt of such stock of goods.
- INTERNAL CHECK
This is the aggregate of the checks and balances imposed on the day-to-day transactions in an organization whereby the work of one person is verified independently. The major reason for doing this is to ensure prevention or early detection of errors and frauds.
- AUTHORIZATION
This means the legal right given to an individual to do something e.g. the authority given to somebody to enable him spend a given amount for a specified reason or purpose.
- ASSETS
These could be referred to as the property owned by a company of which monetary vale is attached to them and they may be sold to pay debts. We have fixed Assets, intangible Asset and current Assets.
- GOING CONCERN
This is an assumption that a business entity will continue operations into the indefinite future.
- CONTROL
Fayol (1937, 103) submitted that control is the examination f results. To control means to make sure that all operations at all times are carried out in accordance with the plan adopted with the orders given and the principles laid down.
- ACCOUNTING
This is the process of identifying measuring and communicating economic information to permit informed judgements and decisions by the users of the information (Terminology).
- INTERNAL AUDIT
This is a kind of audit performed by specially assigned staff (accounting employees) of a company to determine if company policies and procedures are being followed.
- BALANCE SHEET
This is a financial statement that lists a company’s assets, liabilities, and stock holders equity as of a specific moment in time.
- MANUFACTURING COMPANY
This is a company that buys raw materials, converts them into products and then sells them to customers.
- SINGLE PROPRIETORSHIP
A business owned by an individual and often managed by the same individual.
- TRANSACTIONS
These are recordable happenings or events (usually exchanges) that affect the assets, liabilities, stock holders equity, revenue or expenses of an entity.
- SOURCE DOCUMENTS
Any written or printed evidence of a business transaction that describes the essential facts of that transaction that describes the essential facts of that transaction.
- CASH RECEIPTS JOURNAL
A special journal used for all transaction involving inflows of cash into the business.
- PETTY CASH VOUCHER
This is a document or form that shows the amount of and reason for a petty cash disbursement.
- DRAWINGS
Cash or other assets, taken out of a single proprietorship or partnership by an owner for personal use.
- ENTITY
A unit that is deemed to have an existence separate and distinct from its owners, creditors, employees customers, other interested parties and from other business, and for which accounting records are maintained.
These are debts or obligations that usually possess a known or determinable amount, maturity data and party to whom payment is to be made.
- HYPOTHESES
The following hypotheses have been formulated by the researcher to enable him carry out this research.
- Failure to lodge cash receipts with the bank within twenty four (24) hours could pave way for fraud in an organization.
- Un-authorization of payment vouchers before any payment is made could result to fraud.
- The absence of a trained accounting personnel as the accountant of an organization could spell doom for such organization’s finances and financial records.
Download our android mobile app for more materials
ORDER NOW
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
MAKE YOUR PAYMENT INTO ANY OF THE FOLLOWING BANKS:
GTBANK
Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
Account Name : Host Link Global Services Ltd
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.
Comments
Post a Comment