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    PROBLEMS OF EFFECTIVE ACCOUNTING AND MANAGEMENT IN SMALL SCALE INDUSTRIES

              (A CASE STUDY OF RANCCO FOODS AND PACKAGING CO.NIGERIA LIMITED, ENUGU)

  ABSTRACT

There is no doubt that accounting and management are the life- wire of any establishment. One of the major problems that face organizations is management followed by accounting problems. Hence greater emphasis is given to sources of funds, its application and accounting as well as the management of other resources.

          This research project is therefore geared towards analyzing the problems of effective accounting and management of Rancoo foods and Packaging Nigeria Limited Enugu- “Home of Rancoo water”.

1. The available sources of funds for small-scale industries 
2. The adequacy of the accounting and v system of small scale industries
3. Identifying the causes of such problems in the management and accounting process.
4. Giving possible solutions to the problems
5. To develop a realistic picture of how proper accounting and management can help to make small-scale industries efficient, effective and successful in achieving its overall objectives.

The data collected in the course of this research were through questionnaires to a sample of employees of Annco foods and packaging Nig. ltd – Home of Rancco water and through interviews.

     I recommend that among other things there is need to introduce management audit in the system and effort should also be made to fashion out a suitable accounting procedures for such industries

 

TABLE OF CONTENT

CHAPTER ONE

INTORDUCTION

1. Background of the study
2. Statement of the problem
3. Objectives of the study
4. Significance of the study
5. Research questions
6. Scope and limitation of the study
7. Definition of terms

CHAPTER TWO

REVIEW OF RELATED LITERATURE

1. Accounting and management systems
2. Accounting and management problems of small scale industries

CHAPTER THREE

RESEARCH METHOD AND DESIGN

1. Research design
2. Area for the study
3. Population for the study
4. Sample size and methods
5. Data analysis and method

CHAPTER FOUR

DATA PRESENTATION AND ANANLYSIS

1. Introduction
2. Biographical characteristic of Respondent
3. Management and spread of personnels
4. Application and for funds
5. Analysis and interpretation of primary data

CHAPTER FIVE

FINDINGS, CONCLUSION AND RECOMMENDATION

Findings

Recommendations

Conclusion

 

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

          Accounting and management in their perspective are interesting fields of study that have permitted all aspects of human endeavour. This is because as a social process according to E.F.L Brech, “it entails responsibilities for an effective planning and regulations of operations of an enterprise in fulfillment of a given purpose or task”

Such responsibilities involves:

1. Judgments and decisions in determining plans and progress against plans and
2. Guidance, integration, motivation and supervision of personnel comprising the enterprise ands carrying out its operations.

According to Eneje B.C (2001) “Accounting is a discipline concerned with the recording, analysis and forecasting of income and wealth of business and other entities” it is a system of reporting management activity. Its process in management activity so as to provide means (true and fair) for making intelligent business decisions.

          Anderson stated that “management is the directing ,controlling, organization and staffing of an industrial enterprise or organization to achieve specified objectives in the most economical ways”

Management therefore requires accounting information for purpose of

1.    Planning and controlling the affairs of the organization or industries

ii.           Choosing among alternatives

iii.          Making policy decisions

The manger is today faced with the problem of information system, which measures the results of operations in order to evaluate performance and plan future strategies.

The concept of accounting  and management as it relates to large scale industries or corporations differ from the accounting and management in small scale in industries.

The difference arise from the needs of managers and the scope of government interference in the form of laws and they raise funds, their areas of expenditure as well as staff management  process are quite from those of large scale industries and government establishments.

Small scale industries raise funds through personal  savings, ploughed- back profits, trade credits and trade bills, back loans which may be short- term or long term, while large industries raise funds through issuance of shares long term loans, scale of bonds, debentures, depreciation and provision etc.

This research work is geared towards appraising the problems of effective accounting and management of these small-scale industries in general and using Rancco foods and packaging Nigeria limited, Enugu. To this end, it is also aimed at evaluating the effectiveness of the managers coming with the problems and making possible recommendations as solution for efficient management of human and material resources available to the firm.

 

1.2     STATEMENT OF THE PROBLEM

     Various small scale industries have ways of accounting and management of material and human resources.

     Management and proper accounting system are the life wire of any organization whether small or big.

The most teething problem facing small scale industries is the indifferences in the attitude of financial houses and financial risk involued in sourcing and inveating funds obtained and the high degree of business uncertainty.

Hence the outary of many small business managers and proprietors of small scale industries for funds and possible ways of improving the performance level of their small scale  industries so as to achieve the overall aim of entering into the business

It is against this background that this research tends to find out the problems facing small scale industries within their management and accounting profile as well as suggesting viable solutions that will help to improve the performance level for a positive feedback to the investors using Rannco foods and packaging Nig. Ltd. Enugu.

 

1. OBJECTIVES OF THE STUDY

The aim  and objectives of the study are geared towards finding out among others the following:

1. The available sources of funds and materials for Ranco foods and packaging nig. Ltd. Enugu.

ii.       The problems of effective accounting and management in small scale industries

iii.       The effectiveness of the internal control and internal check system    built into the management and accounting processes.

1. The remedial actions for improving the activities of the industry
2. The realistic picture of how proper management and accounting system can help to make small scale industries more viable, efficient, effective and successful in achieving its overall objectives.
3. The methods of substaining the effort of the industry in planning its activities in such a way that the use of resources will be maximized

In this way, we shall be contributing to academic knowledge and at the same time, assisting various small scale industries in Nigeria to assess their levels of performance

       This will also substantiate the ability of Nigerian based managers to tackle teething business problems.

       Moreover, other intending investors will be assisted in solving many of their business problems to ensure self reliance as well as reducing unemployment.

1. SIGNIFICANCE OF THE STUDY

The effectiveness and efficiency of any industry depends on how practicable the accounting and management process are operated in its various department.

This development is important considering the fact that for a good planning and controlling system to apply the efficient allocation of funds. However, there are always deviations from this arrangement and this spells out the doom of the industry. This deviation is usually caused by series of problems.

This issue will therefore be view in this research work. Consequently, findings and recommendations to be made thereafter will help in solving some of these accounting and management problems of the small scale industries. It is believed that the continuous cry for funds and the problem of financial mismanagement and poor humans relations among managers and subordinates within the organizational chart always observed in the small scale industries originate from the fact that accounting and management practices are not given their proper place in these industries.

The researcher work will benefit existing potentials investors as well as graduates of schools of financial and business studies in making their investment policies. It is also a subsiding publication for management and accounting problems for managers and unemployed youths willing to enter into small scale business.

1.5     RESEARCH QUESTIONS

          In this paper, a number of research questions were formulated. These questions were later broken  down to other questions making up the questionnaires.

The research questions are as follows:

1. What problems are faced with by the company?
2. How are the problems being solved?
3. What are the recommendations for the  improvement of the activities  of the company?

1.6                   SCOPE AND LIMITATION OF THE STUDY

 This study cannot be said to have a wide coverage of all the small scale industries in Enugu State. I dually, the work should have involved more industries, but it is restricted to Rancco foods and packaging Nigeria  limited Enugu due to certain limitations beyond my control including:

1. Time constraints
2. Financial limitation
3. Statistical and logistical constraints.

 

DEFINITON OF TERMS

1.       ACCOUNTING: A system of reporting management activity as well   as recording and classification of these activities.

ii.       MANAGEMENT: Planning, controlling, co-ordination, motivation and anticipating of results with material and human resources.

iii.      SMALL SCALE INDUSTRY: An industry owned by one or two persons. This type of business is influenced by a family in decision making, it has relatively small share of the market.