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THE ACCOUNTING PROFESSION AND ITS ROLE IN THE SOCIETY
THE ACCOUNTING PROFESSION AND ITS ROLE IN THE SOCIETY
INTRODUCTION
The aim of this
research project is to look into in details the accounting profession and then
enumerate its function s and rise in society.
The accounting
profession is regarded in the course of history as social institution, that
when ever people met in the economic area a reference is needed to keep score,
this is accounting.
Since the turn
of the 19th century, the accounting profession has grown tremendously all over
the world. Infact, during the first
sixty years of the 20th century, major economic and social force have thrust
the accounting profession to new frontiers and responsibilities. The factors contributing to this growth are
th increase of the large corporate business in number, size and complexity in
addition to government influence in the affairs of business by taxation and
regulation.
Technological advice especially in the field of computer,
which has rapidly changed the process of data accumulation and interpretation
are also factors contributing to the growth of the accounting profession.
The role of the
computer in accounting profession has facilitated the traditional accounting
function such as payroll, cost accounting and general book-keeping. It is also used for analytical purposes such
as cost benefit analysis.
New types of
work are added to the practice of the accounting profession, installation of
accounting system, management of social activities auditing and a host of other
activities relating to financial production and organizational problem and
government units. The accountant apart
from the examine, supplying and communicating financial information to its
various uses, gives his opinion on wide variety of representation such as
sales, statistics, lease agreement advice on financial matters and tax matter
budgeting, cost control planning etc.
He had also contributed immensely quota in a complex society
in ways other than the ones stated above such as attacking problems of urban
congestive, medicine, crime control, economic development etc.
This accounting
profession is a wide based and complex profession, this is because the above
activities performed by accountant conflict complex problems and this creates
the need for a high degree of expertise by the accountant in various
specialties to enable him solve some of the problem created by management and
society.
New kinds of
problems like auditing and installation of accounting system can also beaded.
1.1 STATEMENT OF
THE PROBLEM
In discussing the problems of accounting profession when
related to the individual and society, we have already know
that accounting is the actor of recording, interpreting and communicating
financial information as an aid to decision making.
Firstly, is the government influence the affairs of business
Through taxation and regulation has introduced new accounting
problem and broadened the scope of accounting.
In addition, we
individual face some problems of decision making like how much income received
in a given period of time? What expenses they will incure? Are these amount
large or sooner than in some other period? If the income exceeds expenses, what
do I do with the surplus.
If the income is insufficient to meet, what were the sources
and amount of income for the year and to whom and in what law are pertinent to
those accounting and reporting procedures?
We individuals
resolve these question through primitive records and reports. But the soundness of the judgment and
decision depends on the quality, timelessness of the information.
The processing
of information at this level must be systematized and managed by experts.
1.2 OBJECTIVE OF
STUDY
As we have introduced, the subject of accounting and
accounting profession and how it relates to individuals in
particular and society in general. It
will also be useful to state the objectives of our study.
In this
particular study,
To asserstain the role and functions of accounting profession
in management and society
To study the impact of accounting on society including its
significance to individual and society will be discussed.
To determine the extent to which accounting generally affects
the economic activities of the private and public sectors in Nigeria.
to examine how managers adequately and efficiently apply the
role of accounting in their organizations.
Finally, we shall discuss the features of the profession
which includes the professional quality of the accountant made possible through
education standard established and enforced by such profession legal responsibilities and dedicated to
services.
1.3 SIGNIFICANCE OF THE STUDY
In this study, the researcher has set out to examine the role
of accounting profession in the society and as well in an organization mostly
concerned with Zenith Bank Plc, Aba with highlights of the inherent problems
encountered in the accounting departments of most organizations. It is expected
that this work will be of interest to the owners of business enterprises, the
government and the public.
To shareholders, owners of the enterprises, interested
persons and the government, this study is expected to kindly their interest the
more and they will take note of various recommendation mentioned here and help
steer the management team towards forming a sound accounting departments which
would enable organizations to present an accurate financial information of the
firm.
This study will also help to serve as literature to
individuals or corporate bodies who want to carry out further research on the
role of accounting in the private and public sectors in Nigeria.
1.4 RESEARCH QUESTIONS
Has accounting principles has any control over public and
private sectors in Nigeria economy?
What training method can improve the manager’s skill,
knowledge and experience such that high concentration will be given to the
accounting control in private and public sector?
what will be done so that there will be perfect
accountability in the accounting section of any organization?
what type of accounting standard or technique will be applied
to see to the maintenance of accuracy in the accounting control of public and
private sectors in Nigerian economy?
How will managers of the enterprises are able to recognize
the role of accounting in their sectors so that these case of improper
accountability will be minimized or eradicated.
1.5 SCOPE AND
LIMITATION OF THE STUDY
The research topic suggests a study on the Accounting
profession and its role in the society in Nigeria. The scope of this study will
focus at Zenith Bank Plc, Aba .
1.6 DEFINITION OF
TERMS
The following terms were used for the purpose of this study.
PUBLIC SECTOR
Is that sector of the economy established and operated by the
government or, its agencies, distinguishable from the private sector, and
organized on behalf of the whole citizens.
PRIVATE SECTOR
This is that sector of economy established and operated by individual.
Its agencies is totally different from public sector.
ACCOUNTING
Is the composite activity of collecting, analyzing,
recording, summarizing, reporting and interpreting the through financial
position or transaction of any organizations or government units.
OBLIVON
This is a state of forgetting or being quite forgotten, i.e.
to show that if any organization fail to give proper accountability of the
financial position it will then be forgotten.
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