Abstract
Accounting profession is a descriptive that involves the act of recording, classifying and summarizing economic and financial data in order to permit judgment, and decision by the users of such information. This project Accounting profession and its roles in the manufacturing industries (A study of Ofoma Bread Industry Iyiowa Odekpe, Anambra State) is consciously organized to outline the importance of accounting profession and its role in manufacturing industries. The main objectives of this research are to know the roles of accountant in the manufacturing industry. The standardization and value of accounting statement or report. The importance of auditing information and how it helps in the proper management. The problem of government influence in the affairs of business by imposing tax. The problem of inadequate internal control system found in adequate documented accounting records. The researcher collected the data through oral interview, questionnaire direct observation and the study of documents. In all the research 20 questionnaires were distributed and 6 research questions were asked. The survey design was used do to the information needed in analyzing data collected. The population of this is 350 which involve 20 people directly involved in financial operation, 10 administrative personnel 10 training managers 5 security and 305 factory workers. The sampling size is 20, and Barley format is used in computing it. Three hypotheses were employed. Chi-square (x2) is used in testing the hypothesis which is used to accept null hypotheses Hi and reject alternative hypothesis in which we concluded that increase in employment of people of integrity will increase the rate of development in the industry by closing the loop holes for professional abuse. The researcher find out that this profession helps in solving problems associated with accounting and that any company that does not have an accountant will collapse at any time. The researcher recommended that the company should employed a qualified accountant who will do his work with skill, diligence, and care.
TABLE OF CONTENTS
Title Page i
Approval Page ii
Dedication iii
Acknowledgement iv
Abstract v
Table of content vi
CHAPTER ONE
INTRODUCTION:
1.1 Background of the study 1
1.2 Statement of problem 3
1.3 Objective of the study 4
1.4 Significance of the study 5
1.5 Research questions 6
1.6 Scope/ limitation of the study 7
1.7 Short background of the study 7
1.8 Definition of terms 9
CHAPTER TWO
2.1 Literature Review 14
2.2 History of Accounting 14
2.3 Features or characteristics of Accounting 18
2.4 Types of Accountants 21
2.5 Roles of Accounting profession in 24
manufacturing industries
CHAPTER THREE
3.1 Research methodology of data 26
3.2 Research population 27
3.3 Sample method used 27
3.4 Description of respondent 29
3.5 Data collection 30
3.6 The method of data analysis 31
CHAPTER FOUR
4.1 Data presentation and analysis 33
4.2 Research question II 34
4.3 Research question III 35
4.4 Research question IV 35
4.5 Research question V 36
4.6 Research question VI 37
4.7 Research question VII 37
4.8 Research question VIII 38
4.9 Research question VIII 38
4.10 Research question X 39
CHAPTER FIVE
Summary, Recommendation and Conclusion:
5.1 Summary 44
5.2 Conclusion 45
5.3 Recommendation 46
References: 48
Appendix A 49
Appendix B: 50
Appendix C: 51
CHAPTER ONE
INTRODUCTION
- BACKGOUND OF THE STUDY
This project work is carefully designed to look into Accounting profession and then to find out it’s function and role that are necessary for manufacturing industry development. Accounting profession is as old as civilization. It is regarded in the course of history as a social institution in that whenever man meets man in the economic arena, reference, a reference is needed to keep scarce.
Since 19th century the accounting profession has grown tremendously all over the world, infact during the first 60 years of the 20th century major economic and social forces have the accounting profession to frontiers and responsibilities. Factors that contributed to the growth are the increase in size, number and the complexity of large corporate business government influence in the affairs of business by taxation and regulation is also another factor. Recent advancement in technology especially in the field of computer has rapidly changed the process of data accumulation and interpretation, thus change has been included as one of the factors that contribute to the growth of the accounting profession.
As things are changing, new types of work are added to the practice of accounting profession.
These include tax service, management accounting, installation of accounting system, auditing and other activities relating to financial, production and organizational problems and even government units. Apart from accountants examining, supplying and communicating financial information to its various users, he also gives his opinion on wide variety of representation, such as sales statistics, level agreement, advices on financial matters, tax matters, budgeting, cost control, planning etc accounting professional is a wide based complex profession this is due to the fact that the above activities performed by him constitute 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 problems created by the management in the manufacturing industry. The performance of these activities by the accountant and roles he plays is very significant; this makes the accounting profession the cornerstone of every business activities.
- STATEMENT OF THE STUDY
In discussing the problems of accounting profession as it concerns manufacturing industry with references to Ofoma Bread cake industry Iyiowa Odekpe in Ogbaru Local Government Area of Anambra State. We have already known that accounting is the act of recording, interpreting and communicating financial information as an aid to decision making. In addition, Government influence in the affairs of business through taxation and regulation are introduced, the scope of accounting, technological advances have been made especially in the field of computer which has changed the process of date accumulation and interpretation. The computer has facilitated the traditional function of book keeping, payroll, cost accounting etc.
The freedom of auditors to give an independent opinion on recorded and summarized account is restricted because of the act of recording, classifying and summarizing in a significant manner in terms of money is strictly mentioned by the accountant. The factors that contributed to problems encountered by the accounting profession are varied. They could be external or internal ranging from a high degree of professional abuse and indiscipline to other’s like inadequate internal control system found in an adequate documentation of account records.
- OBJECTIVE OF THE STUDY
As we have introduced the topic accounting profession and how it will also be useful to state the objective of the study.
- In this particular study we will discuss mainly the role and function of the accounting profession in manufacturing industry with particular references to Ofoma Bread cake industry in Iyiowa Odekpe. We all know that the accountant provides financial information to its various users which include management and employees. This financial data is accumulated interpreted in other to measure the contribution and rewards of various departments in the industry. In determining the decisions that are to be made by each department that constitute the industry. This study looks into the role accountant plays in the course of providing such information to both the management and employees.
- Another thing that will be looked into is how far the roles have been achieved and problems that arise during the course of the accountants duty is been solved.
- We shall also discover certain characteristics and qualities expected for a qualifies accountant which are made possible through education, experience and examination, ethnical and technical standards, established and enforced by such profession, legal responsibility and dedicated to service.
- Finally, it is important to note that accountant in performing the roles does it with all skill, care and diligence to enable him to give an objective, perceptive and concrete opinion on the financial statement prepared by the management.
1.4 SIGIFICANCE OF THE STUDY
According to Mr Ochuba, a lecturer in department of accountancy in Federal Polytechnic, Oko, he defined accounting as an act of collecting, recording, classifying and summarizing in a significant manner and in terms of money transactions and event which are imparts at least of financial character and interpreting the result thereof. It is not only concerned with the above mentioned event also communicates such information (result) to interested users. In addition, this subject of study will help the manufacturing industry in any way such as in designing of their business transaction and documentation of business information for future references, planning the audit works, planning their budgets, computation of their tax etc.
Finally, it will assist the industry in knowing the best alternative to longest their capital to ensure profit.
1.5 RESEARCH QUESTIONS.
The aim of this study is to identify the meaning of accounting profession and its roles in the manufacturing industry with a particular reference to Ofoma Bread Cake industry.
To identify there roles, some specific question would be address:
These include:
- Essential roles of Accountant on manufacturing industry are to prepare the accounting statement of the industry.
2 Audited report are reliable to the customers of the industry
3 Accounting statement is standard
- Accounting information helps in proper management of industry.
- Accounting department functions effectively and efficiently
- The costs of performing accounting work affect the price of the industry’s products.
- SCOPE / LIMITATION OF THE STUDY
The scope of the study is restricted to the importance, features, problems and solution of accounting profession and the role it plays in the manufacturing industry with particular reference to Ofoma Bread Cake Industry in Iyiowa Odekpe Anambra State so the restriction will contribute immensely to the development and growth of manufacturing industry both in management and otherwise.
- SHORT BACKGROUND OF THE STUDY
Ofoma Bread Cake Industry Limited is located in Iyiowa Odekpe in Ogbaru Local Government Area of Anambra State. The construction work of the company at No 24 school road Iyiowa Odekpe in the year 1988 and started production in the same year.
In 1999, the company’s name was changed from Ofoma Bread Industry to Ofoma Bread Cake under Mr Ifeanyi Ofoma as the general manager.
The company is run by a Board of directors through a general managing Director who reports directly to the board of Directors. The general manager was immediately under him in hierarchy, the departmental heads of managers who are responsible for the various departments.
The organizational structure of company indicates the authority and responsibility within the company. It shows who is accountable for this and for that.
Below is the organizational structure of Ofoma Bread Cake Industry Limited Iyiowa Odekpe
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Chief Engineer
- DEFINITION OF TERMS
This is definition of some of the terms that featured in this chapter and those that will be found in the successive chapters.
- Accounting profession
It is a descriptive that involves the act of recording, classifying and summarizing economic and financial data in order to permit judgment and decision by the users of such information’s.
- Accountant
He or she is a professional who offers his professional services to a various users for a fixed fee.
Iii Book keeping
This is the procedure aspects of accounting work that embraces the recording, classifying of financial data.
- Financial accounting
it is directed towards the over all measurement of financial result at operation in an organization
- Management advisory services
This is a special skills used by auditors for concrete job designing and install accounting system which will be required by management for it’s day to day decision making process.
- TAX SERVICES OR INCOME TAX ACCOUNTING
This is the preparation of records and reports necessary for the computation of tax returns and rendering service to management in broad on important matters such as tax planning and distraction.
Vii Accounting
It is a profession that co-ordinates the functions of financial accounting, management accounting, cost accounting, Auditing and investigation, financial management, taxation etc.
Viii MANAGEMENT ACCOUNTING
This is concerned with data gathering, analyzing, processing, interpreting and communicating the resulting information within the organization so that management can be more effectively plan decisions and control operations.
- COST ACCOUNTING
It is part of management accounting which establishes budgets and actual cost of operations, processes, department or products and the analysis of variance profitability.
- AUDITING
This is an independent examination of expression of an opinion of financial statement of an enterprise by an appointed auditor or external auditor, in pursuance and in compliance with statutory obligation.
Xi. ACCOUNTING POLICES
These are principle, bases, conventions, rules and regulation and procedures adopted by management in preparing and presenting financial statement.
xii. PAY ROLL
This is a list of names prepared by the accountant who are to be paid for the job well done.
xiii. COMPUTERIZED SYSTEM OF ACCOUNTING
It is the use of computer in recording, classifying and summarizing in a systematic manner and in terms of money, transactions and events.
Xiv. COMPUTER
A device that processes data automatically by electronic digital techniques
- INTERNAL CONTROL
This is a control established by management to carryout its business in an orderly and efficient manner to ensure adherence to management polices, safeguard assets and secure the competence and accuracy of records which increases the efficiency of the business financially.
Xvi. MANUFACTURING INDUSTRY
These are industries that engage in the production of manufacturing of goods and services for the satisfaction of human wants.
xvii. INDUSTRY
It is the association of firms that produces similar goods and services.
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