Economic Environment And Role Of Public Sector In Accounting In Nigeria

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Economic Environment And Role Of Public Sector In Accounting In Nigeria

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PROJECT TOPIC AND MATERIAL ON ECONOMIC ENVIRONMENT AND ROLE OF PUBLIC SECTOR IN ACCOUNTING IN NIGERIA

The Project File Details

  • Name: Economic Environment And Role Of Public Sector In Accounting In Nigeria
  • Type: PDF and MS Word (DOC)
  • Size: [70 KB]
  • Length: [56] Pages

 

 

CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF STUDY

Over the years the economic condition of Nigeria has been brought to questioning with the change in accounting principles due to change in political administration in Nigeria, the management of public sector, the private sector are the pivot behind the condition of the economic environment of Nigeria.

Public sector is that sector of the economy that was established and operated by the federal government and its agencies distinguishable from the private sector and are simply organized on behalf of the whole citizens while Public sector accounting is the process government agencies and municipalities use to record financial transactions.

The public sector plays a major role in accounting in Nigeria in the provision of data for public funds and resources such as tax, revenue, expenditure related to projectand the overall financial status of the nation.

With the role of public sector in accounting in Nigeria there are still some problems limiting its efficiency; some of these problem included poor allocation of funds to public states, mismanagement of funds even with the recent reform in the rules regarding the transparency in the accounting principles of public sectors in Nigeria.

According to Afolabi, (2004:320) stated that rather than creating a hard set of rules to follow, the principles allow for an application of basic principles to either large and small entities or municipalities. Standard public accounting principles will also make it easier for a nation to undergo an audit. It is also harder for countries to hide inappropriate financial transactions when using public sector accounting principles.

It is to this regard concerning the economic environment and the financial condition of nation that the paper wishes to examine the role of public sector in accounting in Nigeria.

1.2 STATEMENT OF RESEARCH PROBLEM

The issues of accountability, transparency, probity, and budget implementation are at the heart of the developmental problems of the Nigerian economy. The Public Sector Reform started by the government of President Olusegun Obasanjo was embarked upon to improve efficiency, fiscal accountability and transparency in the public sector. These, in turn, should translate to improvements in the economic and development indicators such as per capita, fiscal balance, rate of inflation, GDP, citizen welfare in terms of life expectancy, availability of adequate healthcare and other social services, as well as good business climate needed to expand the economy. The fiscal strategy of the economic management reform is embodied in the Fiscal Responsibility Act 2007 to provide framework for the implementation of the public sector reform.

1.3 OBJECTIVES OF STUDY

The main objective of the research work is to examine the economic environment and the role of public sector in accounting in Nigeria. Other specific objectives of the paper include:

  1. To examine the relationship between economic environment and the public sector accounting principles
  2. To examine the effect of public sector accounting on the economy of Nigeria
  3. To examine the factors affecting the performance of the public sector accounting principles in Nigeria

1.4 RESEARCH QUESTIONS

The study came up with research questions so as to ascertain the above stated objectives of the study. The research questions for the study are:

  1. What is the relationship between economic environment and the public sector accounting principles?
  2. What is the effect of public sector accounting on the economy of Nigeria?
  3. What are the factors affecting the performance of the public sector accounting principles in Nigeria?

1.5 STATEMENT OF RESEARCH HYPOTHESIS

Hypothesis

H0: the activities of the public sector in accounting has no significant effect on the economy

H1: the activities of the public sector in accounting has significant effect on the economy

1.6 SIGNIFICANCE OF STUDY

The study on economic environment and the role of public sector in accounting in Nigeria will be of immense benefit to the government (local, state and federal) and other researchers as the findings of the study will educate the above population on the economic environment, the public sector, the role of the public sector in accounting and the factors affecting the public sector of Nigeria. Finally the study will contribute to the body of existing literature and knowledge in this field of study and provide a basis for further research

1.7 SCOPE OF STUDY

The study will cover on economic environment and the role of public sector in accounting in Nigeria from 1985-2015

1.8 LIMITATION OF STUDY

Financial constraint– Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, and central bank of Nigeria).

Time constraint– The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.

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