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PROJECT TOPIC AND MATERIAL ON RELEVANCE OF ACCOUNTING RECORDS IN SMALL AND MEDIUM – SCALE – INDUSTRIES
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- Name: Relevance Of Accounting Records In Small And Medium – Scale – Industries
- Type: PDF and MS Word (DOC)
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1.1 BACKGROUND OF THE STUDY
An accounting system records, retains and reproduces financial information relating to financial transaction flows and financial position,a basic reality of modern economic life is the inter dependence of the business. There is no doubt whatever that the small scale and medium companies constitute the real fabric of a of nation’s economy. And to say that the present and future economic advancement of this our great country Nigeria lies in the growth of Small to Medium Scale enterprises (SME) is not an overstatement. This opinion was uphold during the economic conference in Lagos in 1989 at the instance of three bodies namely the Nigeria Institute of Social and Economic Research (NISER), the National Association of Small-Scale Industries (NASSI) and the Friedrich Albert Foundation. In other words, SMEs constitute a vital engine to economic growth and development.
However, the environment in which this sector operates in Nigeria is both challenging and rewarding. It is challenging because it is fraught with the changes of risk arising from having, in the first place to invest money in a business and the problems of managing it in the country’s recessed economy.
Nevertheless, there is smiling countenance of success, should the SMEs be given dynamic leadership and properly managed in the present economically recessive climate in the country and with the aid of the various package of incentives given by government (Federal State and Local) to this group of business. Past record of different countries that are regarded to be developed revealed that industrial revaluation had been the main cause for their economic survival. The financial capacity, the said developed countries has come mainly from bad rock for any meaningful industrial development and for the acquisition of this trial and technological power. There are slow growth in industrial development and lag in rural development. It is often suggested that small scale and medium enterprises (SME) would help promote rural development, as well as general urban employment.
There is no doubt that the survival of entrepreneur in the present Nigeria economy depend solely on his initiation drive including quick adaptation to the environment. The question of age of buy, buy, buy, sell, sell is now a thing of history in the country (Nigeria). Therefore, sole proprietor must appreciate the fact and advance to study the economy and develop interest in and any manufacturing or agricultural sector no matter how small or medium for the present and future survival of Nigeria
In order to sustain the growth and survival of the small scale industrial deemed it necessary to establish institutions that would provide the back-up extension.
Hence the establishment of industrial development centers (IDCS). They were established to give direct grass root support service including counseling on project identification and selection machinery, serving, conducting market studies and preparation of feasibility studies.
Hence this project titled “Relevance of Accounting Records in Small and Medium Industry in AkwaIbomState. A case of study of Oliver Twist, Uyois to demonstrate the importance of financial record keeping and good management of SMEs to ensure that every bit of Naira and kobo of the industry is used judiciously so that the aim and objectives of the business is achieved (i.e. maximizing profit and minimizing loss).