A case study of UBA in Port Harcourt, Rivers State. The roles are studied through staff view of certain attributes that coming together to shape the accounting and record keeping in a profit organizations like UBA. The instruments used include structured questionnaire in form of scale and the chi-square was used to analyzed the data collected. The study ascertain that the roles of accounting and record keeping in any organization whether it is profit organization or non profit organization cannot be over emphasized. Thus this result shows that keeping effective accounting record was a source of high profit for banks like UBA. However, it does not necessarily mean keeping accounting records results on equal profit, but banks that do keep equate accounting system make profit which were tested in the research questions/hypothesis and the results were significance, thus confirms the opinion in the research question 1, 2 and 3.
This research project involves the study and review of the accounting system of a typical bank UBA Bank Plc Port – Harcourt branch. The term accounting system refers to “THE PRINCIPLES METHODS AND PROCEDURES, relating to the incidences.
Classification recording and reporting of the transactions of an organization in a monetary term.
In an organization like the bank under reference, activities entered into should be properly monitored, controlled, and above all proper and accurate records be kept for it. In a side to make this, demarcation and differences and purpose of their records should, as a matter of importance, be considered, different records serve basically different purposes, record that are either financial or non financial in nature.
The incorporation of their records into one book is not satisfactory. Also in time with the above, since the banking industry is such that is lopsided with competent personnel, authority, responsibility and accountability must be well defined.
Generally organization system should serve the same purpose in different organization, profit or non-profit organization. It is an indisputable fact that if an organization, like that of the bank, is to communicate financial information, it must have the ability to collect and appropriately arrange the necessary data. This requires the development of a process for making bit of information (input) and converting them into meaningful reports (output).
The systematic process followed by organization in accumulating and reporting its financial information is what should be considered as the “Accounting system” of such organization. The types of an accounting system used by an organization depends on the information needed.
A good accounting system adopted by banks must be extremely flexible and capable of being tailored to its requirement. There is, therefore, no single accounting system to be followed all organization including banks, for clarity of understanding and comprehension, what details about the accounting system what it entails, have been outlined.
According to Eric H. Kower, in his dictionary of accounting 4th edition, wrote: “Accounting system is the classification of accounts, form, procedures, and control by which assets, liabilities, revenues, expenses, and the results of transaction generally are recorded and contrived”.
Every organization that accounts for its daily transaction in whatever from manner, procedure, and controls the recording of other transaction is said to have maintained an accounting system. The problem of creating an accounting system is considered not a problem.
The basic aim of any organization is to strive and achieve its objectively in order to accomplish these successfully; certain records and accounts are indispensable for future projection purposes. Every organization strength and weaknesses are expressed in financial terms, in order to be able to decide on strategies to employ either for improvement or progress. However, for case of comprehension, organization needs a good accounting and records for so many reasons.
A practical workable accounting system for organization bank takes those organizations out of the haphazard, unregimented category and raised it to the level of a going concern and work whole undertaking deserving the respect of a completive organization. Also, a good accounting system and records for the banks eliminates much friction often present in such industry by clearly showing how much comes in, where it went, what is left (assets) and what was accomplished in the whole process. This will monitor and build ones mine to make choices arrange alternatives cause of action. The accounting system makes it imperative to spot out inefficient operation effectively through proper allocation expenses in relation to income.
Therefore, it is the intention of this project to ascertain proper whether UBA Bank has a proper accounting system, and with the bank as case study ascertain the banking industry.
The study will focus on the various sub-system that operate in the accounting of the bank. Accounting data or information are a vital part in the decision making process within an organization. Consequently, the study will strive to identify the factors that influences the generation of usefully accounting information in the industry.
The project will also look into any problem(s) that militate against efficient operation and seek solutions to their problem in order to improve the system.
1.1 Statement of the Problem
Accounting for banks is a topic, which has generally being rejected by the accounting profession. These follows banks strict operation in accounting to certain principles, methods and procedures. It is no exception saying that the accounting system and records are also matters of controversy however banks could be faced with such problem arising from so many sources which inevitably influences their accounting system and records.
Considered from this perspective there could be problem of internal friction of authority. In this wise, management must ensure that the information, needed is supplied by the person communion to do it accurately and time, and of course economically, banks having being fully incorporated to carryout the business of banking must follow strictly, in initiating and maintaining book-keeping system and where it subsists, an instruction giving to officer concern by the management or a superior officer responsible for this role. Unfortunately many banks suffer the problem of inconsistencies in maintain records system due to frequent changes of officers.
The personal contact in getting up and maintaining effective accounting system in probably more essential than in the friend if accosting. This means that it is dependent upon successful personal relationship with member of such organization that actuate data to the management are sourced.
Also, considered of adverse influence is the result of change which are conventionally adopted monthly by banks officer or government board on bank are subjected to change annually with little or no procedure adopted for the growth of banks a situation that discourage continuity.
1.2 Research Question
The study is carried out to provide answers to the following questions.
1. How does accounting and record keeping affects an organization.
2. How does the role played by accounting and record keeping affects profit organization like UBA.
3. Does proper record keeping increase profitability in UBA.
Ho: There is no positive and significant relation between effective accounting and records management and profitability level.
HI: There is positive and significant relation between effective accounting and records management and profitability level.
The Objective of the Study
1. To ascertain whether UBA Bank (Nig) Plc Port Harcourt branch has a proper accounting system.
2. To ascertain the nature of accounting and record keeping in the banking.
3. To identify and highlight the factors that influence the generation of useful accounting information in the industry; and
4. To seek ways to improve the accounting and record management in the banking industry.
The UBA Bank Nigeria Plc is a commercial bank with head office in Abuja and well over 15 branches extending to most commercial cities in the Nigeria federation. The bank is a regional bank for the West African sub-region with few shareholders in Nigeria and other African countries.
The bank was establish in 1988 and become operation in 1990 with purely on regional setting and to add life to the highly demanding financial requirement of the economy of West African states with total deposits of about N4.6 billion in 1998, the UBA Bank is regarded as one of the few most vibrant and dynamic bank we have in Nigerian banking industry.
The study is therefore being carryout on the assumption that the book particularly that of the UBA Bank Plc whose system of accounting in being studied. This is more so in the light of increasing cases of fraud and distress associated with banks in Nigerian. The project will also serve as a useful reference material for many one who might want to make further research into the subject or related ones.
The data collection method adopted were mainly questionnaires and person interviews. The return and published accounting of the bank were also observed in the study.
- 1.5 Scope of Study
This research work is made of five chapters, each of it is designed to elect a vital information from the respondents on the problems of accounting & record keeping in profit organizations a case study of UBA in Port Harcourt.
1.6 Significance of the Study
The research will be usefully in the immediate beneficiaries, i.e. the bank which the research is conducted namely, UBA Bank (UBA Bank Plc) Port Harcourt branch.
This is so, because it is clearly indisputable face that any organization that has no effective accounting system and record management will not know how to operate. Its important cannot, therefore, be overemphasized. The banks have their various forms of saving fund either through coins or overdrafts. It will, therefore, be unsatisfactory if all income realized by banks are qualified on single accounting head.
That is an inconsistency and unsatisfactory way of accounting and recording. It should be noted that incorrect accounting system and records presuppose wrong result. Hence, the need for accurate accounting records and system.
The research with no doubt, insight students (researchers) to relive into more research in this area of accounting. This is so because many writers, even the professional accounting bodies also neglected this aspect of accounting. Because of this reason, so many interested student researchers will try to find solution to the bank accounting.
Further research should border on the improvement and uniformity of accounting system for banks. Also another are interest that will aid further research to bank accounting and records keeping in “An approach to bank accounting audit” this is the research mind another interesting area of research that has not been derived into by researchers.
1.7 Definition of Terms
Accounting: The system of recording and summarizing business and financial transaction and analyzing, verifying and reporting.
Record Keeping: It is the act of recording and keeping of information for business transactions in a monitory terms, in other to help the owners of business determine the financial position of the business.
Profit: The money that you make in business or by selling things, especially after paying the cost involved.
Organization: A group of people who form a business club, etc together in order to achieve a particular aim.
UBA: United Bank African
1.8 Limitation of Study
Research of this nature requires that the research student gets bank the questionnaires in time so that the award be able to give adequate time for proper analysis of his data. However, the major immolation comes from the delay in collecting bank questionnaire from the banks official. Also the cost of running the entire exercise is something that greatly affected this research.
From the time of the earliest business formation to the present day, it is not unlikely that before and organization commences it operations, a firmly established and well constituted accounting department is made available and changed with the sole responsibility of keeping accurate financial records of all the organizations under taking and provide information effecting the “true” state of the business as and when required.
Not only that such accounting department is expected to furnish to the relevant authorities or interested users, accounting information relating to the financial transaction of the business that will enhance sound making. Accounting is that part recording, classifying and summarizing in a significant manner and in terms of money transaction and events which are in part at least of a financial character and interpreting the results thereof. I the American Accounting Association (AAA) also provides the following definition:
Accounting is the process of identifying, measure and communicating economic information to permit informed judgment and decision by users of the information.
It is evident form the proceeding definitions that accounting with communication information about economic entities to interested person and that this involves the recording and interpretation of such information. The analysis and recording of transactions is referred to as “Book-keeping” is an essential function of accounting because what gets recorded initially influences what information that is eventually reported.
At accounting is synonymous to business, every individual, organization and institution engaging in some economic feature, make decision that require accounting information. These decisions can be summarized as follows:
- 1. Financial Decision: deciding what amounts of capital are needed for the business and the source by which they can be obtained.
- 2. Resource Allocation Decision: Deciding how best the capital obtained into be invested such as the amount invested in machinery, stock etc. so as to yield earnings.
- 3. Production Decision: Deciding what products are to be produced by what means and when.
- 4. Marketing Decision: Setting prices and advertising budgets determining where a firm markets are, and how they are to be reached.
These decisions are not only confined to business tycoons, the environmental activities which dictates and transfer these decision to its inhabitants in one way or the other. We live in an era of accountability and therefore, in one form or the other on an almost daily basis. The federal and state government use accounting information (accounting related information) as a basis for controlling their resource and measuring their accomplishment.
On the individual level, some knowledge of accounting is exhibited whether knowingly or unknowingly by every individual in order to act prudently to meet the challenges of the society. Often, an individual must supply personal accounting information in order to buy a car or home etc.
2.1 The Development of Accounting
The history of accounting is an interesting one. Accounting is a very ancient art. Archeological investigation shows that when a sophisticated and organized society has developed some form of accounting has been present.
Accounting developed gradually. At the beginning of the mercantile era of the early trading, people undertook various voyages for purposes of trading and exploration. The need was felt early for proper record keeping for these ventures. Each voyage or journey was regarded as a venture. The records kept were very rudimentary based on the limited experience of the voyagers.
Prior to these, there was the English memorial system in feudal England by which masters bestowed certain properties of their servants who were expected to account for them at the end of a specified period. Keeping of accounts had always been part of an ordered society, “giving accounting” has always been the duty of chancellors and stewards and “auditing (or hearing) of accounts had been a requirement of kings and barons (of the realms and latest of industries).
During this time, most business organization were owned and financed by one person or by some few individuals. The size of management of business enterprises was very shallow too. The early records had no basis or set of principle underlying them. Eventually, people started linking about what to do to improve and systematize the recording of the transaction they engage in.
This led to the development of accounting concept and principles. Some changes occurred, but there was continuity, people did not throw always the previous concepts.
One man who influences the development of accounting principles was Luca Pacioli and Italian Monk and Mathematician. He published book (known briefly as the summa) in 1499 in which he described the principles of double entry as practiced by Italian merchant. This is the known book of accounting.
Shortly before Pacioli Publication, America was discovered by Christopher Columbus and that event opened exploration to the new world. The upsurge in trade that followed this discovery helped the development of accounting. People looked for more reliable ways for recording and accounting for their trading transaction the advent of limited liability (or joint stock companies) and later, the industrial revolution accelerated the pace of development.
The development of limited liability brought about a divorce between ownership and management of business enterprise, which created the need for independent assessment of the accounts as regards their being “true and fair” hence the emergence of auditor. At this time and until the 17th century, accounting was mostly regarded as or serving the purpose of stewardship.
On the other hand the industrial resolution created more analysis in the field of accounting. As business organizations grew in size and complexity more accounting information was felt. It is interesting to note that accounting was introduced into Nigeria by British merchants.
A few Nigerians showed interest in the accounting profession and were trained by the British both locally and abroad. In 1960, a few young Nigerian, which metamorphosed into the Institute of Chartered Accountants of Nigeria (ICAN) in 1965, established by Act no 15 of 1975.
2.2 Accounting Defined
Accounting is a subject whose activities are very wide and whose areas of specialization are many. Hence, many authors and institution have defined accounting in many different ways. However, something seemed to be identical in almost all the definitions.
The American Accounting Association defined Accounting as the process of identifying, measuring and communication economic information to permit informed judgment and decision by the user of the information. The emphasis of the definition is that the major job of accounting is to provide information for the judgments and decision of those who use the information.
The Accounting Principle Board (APB) of the American institute of certified public account defined accounting as a service activity, its function is to provide quantitative information primarily financial in nature about economic entities that is intended to be useful in making economic decision in making reasoned choices among alternative course of action. In, this definition, they see accounting as ‘goal oriented” and emphasizes economic decision making activities rather than recording, identifying, summarizing and the interpreting process of accounting.
2.3 Importance of Accounting
The importance of accounting can be view from the function, which it performs. Accounting to Lallan and Ryder “Accounting incorporates four main functional area: communication, measurement, control and decision making”.
Accounting as a means of communication involves, the submission of reports whether written or verbal to various interested parties. Internal reports are made for management to reveal the way the organization is function and what is going on within it. For example, the chief executive of a company require the service of accounting report to understand what goes on in distant branches since it cannot personally monitor and apprise the activities of such branches. External report and accounts are made for those who have an interest in the organization but do not partake in its management. These persons include collector. Creditors and shareholder man in a world of scarce mean’s and try to conserve the available resources, sue them effective and to identify and encourage those who can make efficient use of these resources.
Accounting recognizes this facts and therefore measures the efficiency of the operation and performance of an organization or enterprise. The means of measurement involves two distinct parts: the money invested in the business (capital) and the money generated through a trading operation (revenue).
Accounting serves as a means of controlling the operation of a business especially, where it is located in different places. For instance, an organization may use accounts to record and determine the value of assets such as cash or stock that the branch ought to have. And where its operation are very expensive, the business may require special accounts to control the total amount of its debtor and creditors.
- 2.4 The Need for an Accounting System
The basic purse of accounting is to communicate financial information about an entity to the various interest bodies. To prevent such information the organization or enterprise must be able to collect and appropriately arrange the necessary data. This itself would entail the “development of a process for bits of information or inputs and converting them into meaningful report (out put).
This process adopted by a firm in gathering and reporting its financial information is described as an accounting system.
Thus, for an organization to benefit adequately from accounting various functions of communication, control, measurement and decision making – it must devise a proper method for recording and reporting its transaction lee buttresses this fact when he says ‘their usefulness (accounting system) for various purpose – intern control of organization management information, appraisal of an undertaking and so forth is a function of the extent to which they are classified and arranged within.
Nurture and the amount of financial information required by management and sometimes extend to the setting up of one or more accounting sub-systems within the main system such its division into financial and costing. Subsystem or the keeping of self contained account at branches.
In other words, the output of an account system dictate the manner in which information is to be accumulated.
2.5 Accounting Information
Accounting information has been defined as all the statistical data that will assist users in assessing the financial liquidity, profitability and viability of the reporting entity. Modern accounting is widely recognized as a basic component of business management.
Accounting is the means by which managers’ arte informed of the financial status and progress of other companies, thus contributing to the continuing process of planning, controlling of operations and decision making accounting provides method of systematically recording and evaluating business activities. A large portion of the information that a business manager requires is derived from accounting data. The ability to analyses and use this data help managers accomplish their objectives (Walgenbach et al 1980).
Virtually, all business organization has been for keep accounting records are the manager is confronted with a multitude of complex variable in a situation like this, a manager cannot be sufficiently information.
Business activities just by observing daily operation. Instead, he or she must depend on the accounting process to convert business transaction into useful statistical data that can be abstracted summarized in accounting reports.
2.6 Function of Accounting in Decision Making
Accounting system services two principal purposes in the decision making process. First, they provide some of the stimuli by which problem are both recognized and defined and the alternative course of action are isolated and their consequences elaborated.
Secondly, accounting plays a role in the analysis and appraisal of the alternative. As problem stimuli, accounting system is only a part of the whole complex of information in any organization: both formal and informal which is relevant for recognizing, defining and mounding alternative course of action and it is rarely possible to put bounds sources of ideas.
It is possible, however to design information system which specifically attempt to focus management attention, measures financial and otherwise, are designed to do just this and the ideas of variance analysis and management by exception which are as essential and influential in accounting are found on such a rational (Hopwood 1976).
Research methodology in accounting involve the acquisition of relevant data, and analyzing same by using appropriate technique.
The descriptive survey research design was used for study. This method was chosen because according to Nwankwo (1984), analyzed and interpret the conditions that existed in the study. Survey research is a distinctive research methodology, as it helps in systematic data collection.
Nwankow (1984), asserted that the purpose of descriptive survey research is to collect factual information that describes existing phenomena, to identify problems or justify current condition and practices, to make comparison evaluation and determine what they are doing with similar problems or situation and benefits from their experience in making future plans and decisions.
3.2 The Population of the Study
The sample used for this study involves 7 UBA Banks in Port Harcourt, Rivers State which were randomly selected.
The population of this study includes all the staff in the 7 branches of UBA banks randomly selected and their managers. These banks were selected because they are in the strategic positions in the capital city of Port Harcourt.
3.3 The Sample and Sampling Technique
For the purpose of obtaining the relevant information for the study, the researcher used random sampling method in selecting both the staff and managers.
In each case, each of the staff responded to one questionnaire, in essence, thirty (30) staff were selected in each branch of UBA. This brings the number of staff to two hundred and ten (210) staff from the seven (7) UBA branches randomly selected.
In the selected branch two, managers were asked to give information about their method of their accounting and record keeping.
3.4 Research Instrument
The instrument used for data collection is the structured questionnaire for staff, which was in the form of likert type. Certain question were mainly designed to elicit information from the respondent on the method of accounting and record keeping in UBA.
LIST OF UBA BANK USED BANKS BRANCHES
147 Trans Amadi Branch
Choba, Uniport Branch
Rivers State Secretarial Complex
Olu Obasanjo Branch
Ikwerre Road Branch
A total of two hundred and ten (210) questionnaires were distributed in the seven (7) branches of UBA state above, only one hundred and fifty staff responded and returns theirs. This account for 37.5 of the original distribution.
Although, there were some of respondents that returned their questionnaire which were not used due to inconsistency in ticking in some of the items.
3.5 Validation of Instrument
To ensure validity of the research instrument, the questionnaire were given to colleagues and the supervisor to validate and the necessary corrections were made.
To further establish the validity and reliability of the instruments, a pretest was organized and it was found out that the outcome were in line with the research question and hypothesis.
3.6 Administration of Instrument
The period used to administer the questionnaire covered slightly ten (10) working days. To allow respondents to get free minds to their expressions, respondent were advised not to write their names.
3.7 Data Analysis Procedure
The investigator tabulated the data after collection of the questionnaires; the chi-square, non-parametric is used as a statistical method based on the fact that the data involved frequency counts from the sample.
Data Presentation and Analysis
This chapter deals with the analysis of data collected on the accounting and record keeping in profit organization, a case study of UBA in Port Harcourt.
The tables below shows the results obtained from the research. They are organized according to the research questions made by the researcher for proper organization of the findings.
A total number of two hundred and ten questionnaires were administered to the seven (7) sampled branches of UBA banks in Port Harcourt. Only hundred and fifty (150) questionnaires were collected back due to inabilities of the staff to return theirs.
Fo = Frequency observed
Fe = Frequency expected
Fo-fe = Frequency observed – frequency expected
(fo-fe)2 = (Frequency observed – frequency expected)2
(fo-fe)2 = (Frequency observed – frequency expected)2
How does accounting and record keeping affects an organization?
X2 = 63
Chi-square x2 value = 63
Critical value = 7.94
Degree of freedom = 3
Level of significant = 0.05
From 4.1 chi-square value x2 of 63 was observed as against 3 degree of freedom (df) at a critical value of 7.94 with a level of significant at 0.05.
This result is significant, this given the basis to accept that accounting and recording keeping is important in every organization, since chi-squared value is greater than the critical value.
The table further indicates that 75 (50%) of the respondents strongly agreed, 45(30%) agreed, 25(17%) of respondents disagreed and 5(3%) of the respondents strongly disagreed. This confirms the opinion in the research question one.
How does the role played by accounting & record keeping affects profit organization like UBA?
X2 = 61
Chi-square x2 value = 61
Critical value = 7.81
Degree of freedom = 3
Level of significant = 0.05
From 4.2 chi-square value x2 of 61 was observed as against 3 degree of freedom (df) at a critical value of 7.81 with a level of significant at 0.05. This result is significant, this given the basis to accept that accounting and record keeping is important in every organization, since chi-squared value is greater than the critical value.
The table further indicates that 100(67%) of the respondents strongly agree, 30(20%) agreed, 15(10%) of the respondents disagreed and 5(3%) of the respondents strongly disagreed. This confirms the opinion in the research question two.
Does proper record keeping increase profitability in UBA?
X2 = 51
Chi-square x2 value = 51
Critical value = 7.81
Degree of freedom = 3
Level of significant = 0.05
From 4.3 chi-square value x2 of 51 was observed as against 3 degree of freedom (df) at a critical value of 7.81 with a level of significant at 0.05. This result is significant, this given the basis to accept that accounting and record keeping is important in every organization, since chi-square value is greater than the critical value.
The table further indicate that 93(62%) of the respondents strongly agreed, 28(18.7%) agreed, 17(11.3%) of the respondents disagreed and 12(8%) of the respondents strongly disagreed. This confirms the opinion in the research question three.
5.0 Summary Observation
The result obtained from the findings, confirms that accounting and record keeping is significant (i.e. importance) to the UBA Bank as perceived by the staff.
The result also confirms that most of the works conducted by different eminent scholars, cited in the literature review for instance, the American Accounting Association (AAA) defined accounting as the process of identifying, measuring and communicating economic information to permit informed judgment and decision by users of the information.
Table 4.2 Show that the roles play by accounting and record keeping effects profit organization. This means that proper accounting record keeping helps the organization to determine its profit and loss margin since the primary motive of every organization is to make profit even though others pretend to be non-profit organization.
This confirm the opinion of the research works cited in the literature review.
Table 4.3 also confirms that proper record keeping increases the profitability margin in a profit organization like UBA, a case study in Port Harcourt.
Thus confirms the opinion in the research question three, this is because every shareholder is interested in know the profit level of any organization before investing in such organization which can only be getting from record keeping and this used to make future plans.
From the questionnaire collected and analyzed in chapter four of the research work it is significant to note that accounting and record keeping in profit organization a case study of UBA in Port Harcourt cannot be over emphasized.
This means that any organization without proper accounting and record keeping cannot achieve its primary motives which may be profit maximization or maximization of shareholders funds etc.
Department of Accounting,
Faculty of Management Sciences,
Wolex Polytechnic Lagos,
In Affiliation with Pan African,
Institute of Management & Technology
9th October, 2011.
Attached is the research questionnaire designed to elicit information on the role of Accounting & Record keeping in profit organizations, a case study of UBA Port Harcourt.
This study is undertaken as a partial fulfillment of the requirements for the award of OND in Accounting, as such any information provided by you will be kept confidential after use or third party.
I therefore, solicit your maximum co-operation for the completion of this research study. Please tick ( ) in the box that agree with your view except otherwise.
RESEARCH QUESTION I
How does accounting & record keeping affects organization?
Does your bank record every transactions made each time or after the end of every business day.
How long does it take to be recorded in the subsidiary books and in the ledger e.g. I day or less, more than one view, less than a week, none of them.
Do you have a particular person responsible for this records or it’s done by every person working in your bank
RESEARCH QUESTION II
How does the roles played by accounting and record keeping affects profit organization?
Does the record keeping constitutes an important documents in your daily transactions.
Do you have records that shows your profit and losses in your bank.
How often do you make this records. e.g. every day, every week, every month, none of this.
Where do you keep this records in bank? e.g. in a same place, any where in the bank place, any where in the bank etc.
Are this records being reviewed in your bank?
RESEARCH QUESTION III
Does proper record keeping increase profit UBA bank?
When records and re-viewed in your bank, does it help to increase or improve profit level or make discussions that brings about increased level of profit?
Does this record keeping in your bank increase profitability or do agree that record keeping can increase profit level of an organization.
Does all the record in your bank have specific purpose or it is formality seek.
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