TABLE OF CONTENTS
CHAPTER ONE - INTRODUCTION 1
CHAPTER TWO - LITERATURE REVIEW
THESE PROBLEMS 17
CHAPTER THREE
BIBLIOGRAPHY 26
CHAPTER ONE
INTRODUCTION
1.1 GENERAL MEANING OF PUBLIC ACCOUNTING
In the public sector organization exhibit a variety of social economic, political and legal characteristics. They have different pattern of accountability. They have different objectives and are financial in many ways. They also have different organizational structure.
Generally, public accounting may be defined as a composite activity of collecting, analyzing, recording, summarizing and interpretation of the financial transactions of the government units.
1.2 DEFINITION OF TERMS
ACCOUNTING: It may be defined as a systematic means of writing an economic history and plans of organization in both quantities and financial manner so that facts can be revealed and property analyzing such facts for the purpose of advising management.
ACCOUNT PERIOD: This is a period of the time usually one year at the end of which financial statements are prepared.
CERTIFIED PUBLIC ACCOUNTANCY (CPA): A professional accountant who has passed a professional examination obtained practical experience and satisfied other requirement, an is certified by the estate to practice public accounting including the auditing of a financial statement of organization.
BUDGET: A balance sheet of estimate revenue and expenditure designed for financing an entity for a future period.
EXPENDITURE: The use of to pay for an expense for the acquisition of an asset for the repayment of a debt or for any other business purpose.
REVENUE: This is the increase in owner’s equity or capital resulting from earnings.
1.3 SOURCES OF MONEY INTO PUBLIC ACCOUNTS
The revenues of fund are the life-wire of any successful undertaking not only for the private sector but also for the public sector. The function which government must perform can only be discharged with resources in the form of money.
The various categories of sources of money for government pursues are as follows:
STATEMENT OF PROBLEM
Scale the mid 19th century, the role of the accountant has grown from the simple reporting of historical data to complex advising on all types of business decisions. In the outline of the fourth National development plan (1981-1985), it was observed that storage of skilled manpower constitute the most serious bottleneck to the capacity of the economy to absorb the increasing volume of investment made possible by oil revenue.
The constraint must be released if the economy is to make rapid progress in the direction of self-reliance. In the same plan it had been estimated that the country would need at least 10,200 accountants to enhance the implementation of the event aspects of the plan. The vital question on why there has been this slow growth in the accounting profession in Nigeria despite the pre-professional educational function provided by many colleges and universities.
Furthermore, the question would not restrict itself to the measurement of the number of accountants but also by the scope and quality of services the profession revenue to the community. Given the poor state of the economy at present and the complex tools economic management introduced by the government, the accounting profession seems to be faced with a high rate of inflation makes profits, rates of return and other performance measures to lose their meaning. In other words, the prospect of the accounting profession is called in question, this therefore provides a fertile ground for survey and hence the belief that necessitated this research works.
PURPOSE OF THE STUDY
Since the economy of Nigeria is a developing one, the emergency of a virile accounting profession providing services to industry, commerce agriculture and government cannot be over emphasized. Hence the research study is carried out with the aim of appraising the growth the prospect of accounting profession in Nigeria. Problems militating against good growth a prospect will be analyzed and solutions and recommendation given.
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