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THE USE OF FINANCIAL ACCOUNTING INFORMATION SYSTEM FOR MANAGEMENT DECISION MAKING

 

ABSTRACT

This study focused on the use of financial accounting information system for management devision making.

The objective of the study was to determine whether financial accounting information system was used by management for efficient and effective performance, and the extent the information guided and regulated management decision making in companies. This study proffered solution to the problems encountered by the management in the implementation of the financial accounting information system.

The study relied mostly on secondary data such as the financial rations responses to questionnaire the financial statement statistical test.

The major finding of the study was that employment of non qualified personnel in the account department lead to disregard of accounting information system.

It was also found out from the results of the percentage that accounting information system has a positive impact on management decisions in companies and there is a relationship between performance and effective use of financial accounting information my  managers.

It was recommended that companies should employ qualified accountants or alternatively educate their staff on how to use the financial accounting information system for management decision making.

In conclusion it is found that the more merits than demerits in using the financial accounting information system for management decision making in companies

 

LIST OF TABLE

4.2.1     Acceptance of the use of financial  accounting information system.

4.2.2    The influence of financial accounting  information on the decision

             made towards achieving the objective 

1. The favourable influence
2. Whether financial accounting information is used only for decision making by management.
3. The use of financial accounting information system on managerial decision
4. The effective use of computer in financial accounting information system
5. Accounting information has a positive impact in managerial decisions in companies.
6. The relationship between performance and effective use of financial

            accounting information system by managers            

 

TABLE CONTENT

 

CHAPTER ONE

1. Introduction
2. Background of the study
3. Statement of problem
4. Objective of the study
5. Research question
6. Significance of study
7. Scope of study
8. Limitation of study

CHAPTER TWO

2.0     Literature review

1. The concept of accounting information system
2. Various decision areas of accounting  information system
3. Accounting information and decision in companies
4. Hindrance of accounting information system to management decision making

 

CHAPTER THREE

3.0     Research design and methodology

1. Research design
2. Population of the study
3. Sample size determination
4. Instrument for data collection
5. Validation of the instrument
6. Reliability of the instrument
7. Questionnaire distribution and retrieval
8. Data analysis

CHAPTER FOUR

4.0     Data presentation and  analysis

4.1     Analysis of financial statement 

4.1     analysis of responses to questionnaires

CHAPTER FIVE

1. Summary of finding conclusion  and recommendation

5.1     Summary of finding

1. Conclusion
2. Recommendation

Bibliography

          Appendix.

 

CHAPTER ONE

 

INTRODUCTION

1. BACKGROUND OF THE STUDY

Within the later part of 1990’s Nigerian economy has been characterized my instability.  This might be caused by not making good use of accounting information system for their management decision making.  Accounting information is the provision of relevant economic information system to permit informed judgment and  decision by user of the information”

Many companies are now closed  down rendering many people jobless. This led a lot of instability in the society the surviving companies are on the verge   of collapse.

Financial accounting covers those activates related to the preparation of certain report which are know as financial statements. These statements report the financial states of the firm at a particular the financial states of the firm at a particular period or time. The essence of this information system is for management and other users to make decision. The accuracy of the   decision made depends on the design of the management information system (M.I .S) which calls for the management concerned to prepare the financial accounting information system for the guidance of the users.

Decision making can be described  as the art of choosing among possible managerial actions. The art of decision making is to enable management of a business to choose from among a range of already analyzed and evaluated alternatives.  Good management would certainly choose those alternatives which would give the company maximum profit and at the same time reduce their expected loses.  there  are two classes of decision makers namely the internal and external user.  They can be identified in respect of the use of financial accounting information. The management are the internal user while the share holders creditors customer employees and trade union and government agencies are the external user.  The management who are the major user of financial accounting information need the financial accounting information to plan. Since not all business persons understand the impact of financial accounting on the management of their respective business they manager their business without taking any note of the importance of financial accounting information system. Whether a business is a sole proprietorship  partnership or co-operation financial accounting as an information system has an effect on the management of any business.

The effect of financial accounting information on the management of any business can be over looked. The  extent of such effect may not be the same for every business. Many schools of thought believe that no business escapes such an effect.

This study on the effect of financial accounting information on management decision sought to know how financial accounting manner influence managerial decision

      

1. STATEMENT OF THE PROBLEM

The main reason for introducing the use of accounting information system for management decision making is that;

1. Managers of certain business especially small scale businesses do not have sound accounting system to enable them monitor  operating expenses and revenue
2. Their ignorance of financial accounting information or lack of its might lead to the non effective and efficient accomplishment of the firms objectives.
3. Accounting information is the   only system where by management and external user see picture of the organization as a total entity
4. The managers realized this problem and appreciate the accountants analysis in respect of financial accounting information.

 

There are basic  concepts involved in financial accounting such concepts are summarized under calculations and interpretation. In particle accounting conventions seem to be utilitarian. Their degree of acceptance stems form their usefulness the those making decision involving accounting data. Clearly as these factors change over time so must accounting conventions. Some organizations due to low financial layout or lack of adequate planning might not empty expert needed for the job and this might affect the usefulness of financial accounting information in their management decision making.  Accounting makers or managers to enable them monitor operating expenses  and revenues of the companies.

1. OBJECTIVE OF THE STUDY

The purpose of this study were:

1. To find out the concept of accounting information system.
2. To determine the various decision area of operation in companies
3. To identify the relationship between the use of accounting information and the decision made in the companies.
4. To ascertain hindrances of accounting information to management decision making.
5. To recommend steps that might enhance the use of information provided by accounting system.