Accounting which is the foundation of every business has been of age in the society. This problem had motivated the researcher to examine. The effect of lack of proper accounting system on government owned hotel, “Hence the emphasis on hotel presidential limited, which is a typical government owned hotel in Nigeria. To obtained a valid and reliable knowledge, which provide us with true information , we make use of research methodology.
The first chapter is the introduction, which gives hints on accounting standards and means of achieving management objectives. Chapter two is the review of related literature, which suggested alternative accounting and recording system, which was carefully integrated to from the basis of comparison with that of hotel presidential limited. Ad this juncture, it is pertinent to state that reference(s) were made to other peoples work in the causes of this study.
The research design and methodology, which illustrates the means of data collection and presentation. The population size of the study was 30, while the sample size was 28.
Also is the data presentation and analysis. Primary data collected through questionnaire were presented and analyzed using tables and percentages while chi – square (x2) test was used for the test of test was used for the test of hypothesis formulated for the study.
Finally, findings, which exposed the problem facing hotel presidential Limited and some possible recommendations. The researcher was able to establish that staff are not well exposed in their respective field of responsibility especially in the accounting and control departments. In light of the above findings, the researcher. Recommended that the hotel should employ experts with good knowledge of the theory and application of management accounting principles and techniques. The study established the effect of an improper accounting system as lending to non-performance in government owned hotel.
1.1 Statement of problem 11
2.1 Fundamental practical Application 24
3.1 Sources of data 46
4.1 Test of Hypothesis 65
Summary of findings, conclusion and recommendation
Summary of findings 72
5.1 Conclusion 74
Bibliography 79
Appendix 82
In recent years, some government owned establishment have failed to achieve the objectives which they were meant to achieve. This trend has extended to government owned hotels, and has reflected in their fast becoming a burden instead of relief to the government. Many experts has attributed these shortcoming to “ Lack of proper accounting and control” that exists in these establishments.
Accounting has been defined in various terms by different authors. Accounting is the process of identifying measuring and communicating economic information to permit informed judgments and decision by the users of the information.
Auther earlier definition was advanced in 1961 by A.I.C.P.A in following words.
“ Accounting is the act of recording, classifying, and summarizing in a systematic manner and in terms of money, transaction and event which are, in part at least, of a financial character and interpreting the result thereof” Government as well as private establishments require proper accounting and control system as it given information upon which future decisions can be made or land analysis of loss in various department reused. However, hoe for a decision mainly on the adequacy and reliability of the accounting records and the proper implementations of the decisions.
The basic intention of record keeping is to provide an internal electrical control over the day – to- day operations of a business that will ensure the proper custodians of one’s good and property entrusted to the care of Auther. The two technical devices used in this recording process are the journal and ledger. The object of the system is to have permanent records of transactions.
In actual business practice, the exact forms of these records vary tremendously. In a very simple manual system they take the form as shown in accounting text books outside the small undertaking, the journal is more likely, the journal is more likely to consist or a bound volume of printing forms of various types, a stock or punched cards such representing a journal entry. Similarly, in large organization, including hotels, ledgers may consist of a computer print-out sheets employed. The function of the journal, and ledgers is to classify and collect the results of the transaction affecting the business entity.
1. BUDGETING CONTROL:
Organization should plan and control all expenditure and income to meet its predetermined objectives.
2. SECURITY OF ASSETS
Assets, of the organization must be kept under proper control to prevent applying them wrongly, either by error or intent.
3. LIEUTENANCY OF INCOME EXPENDITURE
All the income and expenditure shout be in accordance with the policies of the organization and should be properly authorized in accordance with the law.
4. ACCOUNTING CONTROLS
There include the internal Audit and internal check (elements of internal system).
INTERNAL AUDIT
Understanding practical and investigation 2 (Okorie Onovo). A management tool with which to appraise the activities of management by themselves through appointed staff of the organization. it is an-house function aimed at putting management on their guard in readiness to the external appraisal put in place by the owner of the business.
INTERNAL CHECKS
This ensures the allocation of authority and work in such a manner as to afford checks on the routine transaction of day-to-day activities by means of the work of one person being complementary to that of another thus affording a means where fraud is prevented and its early detection is facilitate (institute of Auditors).
INTERNAL CONTROL
The guardian institutes of charted Accountant, exposure draft proposed auditi
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