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PROJECT TOPIC AND MATERIAL ON THE EFFECT OF LACK OF PROPER ACCOUNTING SYSTEM ON GOVERNMENT OWNED HOTELS (CASE STUDY OF HOTEL PRESIDENTIAL LIMITED ENUGU)
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Most government owned establishment in Nigeria, in which hotel business is one, are no longer booming in the nation competitive economy due to improper accounting system existing there in. as a result of nonchalant attitude of its staffs.Accounting which is the foundation of every business has been of age in the society. This problem had motivated the researcher to examine. The effect of lack of proper accounting system on government owned hotel, “Hence the emphasis on hotel presidential limited, which is a typical government owned hotel in Nigeria. To obtained a valid and reliable knowledge, which provide us with true information , we make use of research methodology.The first chapter is the introduction, which gives hints on accounting standards and means of achieving management objectives. Chapter two is the review of related literature, which suggested alternative accounting and recording system, which was carefully integrated to from the basis of comparison with that of hotel presidential limited. Ad this juncture, it is pertinent to state that reference(s) were made to other peoples work in the causes of this study.The research design and methodology, which illustrates the means of data collection and presentation. The population size of the study was 30, while the sample size was 28.Also is the data presentation and analysis. Primary data collected through questionnaire were presented and analyzed using tables and percentages while chi – square (x2) test was used for the test of test was used for the test of hypothesis formulated for the study.Finally, findings, which exposed the problem facing hotel presidential Limited and some possible recommendations. The researcher was able to establish that staff are not well exposed in their respective field of responsibility especially in the accounting and control departments. In light of the above findings, the researcher. Recommended that the hotel should employ experts with good knowledge of the theory and application of management accounting principles and techniques. The study established the effect of an improper accounting system as lending to non-performance in government owned hotel.
TABLE OF CONTENT Chapter one
1.1 Statement of problem
1.2 Research objectives
1.3 Significance of the study
1.4 Research question
1.5 Statement of hypothesis
1.6 Scope and limitation of study
1.7 Definition of terms
2.0 Review of related literature
2.1 Fundamental practical Application
2.2 Accounting records and uses
Reference CHAPTER THREE
3.0 Research design and methodology
3.1 Sources of data
3.2 Population of study
3.3 Sample and sample determination
3.4 Techniques for data Analysis
Reference CHAPTER FOUR
4.0 Data presentation and analysis
4.1 Test of Hypothesis
CHAPTER FIVE Summary of findings, conclusion and recommendation
5.0 Summary of findings
In recent years, some government owned establishment have failed to achieve the objectives which they were meant to achieve. This trend has extended to government owned hotels, and has reflected in their fast becoming a burden instead of relief to the government. Many experts has attributed these shortcoming to “ Lack of proper accounting and control” that exists in these establishments.
Accounting has been defined in various terms by different authors. Accounting is the process of identifying measuring and communicating economic information to permit informed judgments and decision by the users of the information.
Auther earlier definition was advanced in 1961 by A.I.C.P.A in following words.
“ Accounting is the act of recording, classifying, and summarizing in a systematic manner and in terms of money, transaction and event which are, in part at least, of a financial character and interpreting the result thereof” Government as well as private establishments require proper accounting and control system as it given information upon which future decisions can be made or land analysis of loss in various department reused. However, hoe for a decision mainly on the adequacy and reliability of the accounting records and the proper implementations of the decisions.
The basic intention of record keeping is to provide an internal electrical control over the day – to- day operations of a business that will ensure the proper custodians of one’s good and property entrusted to the care of Auther. The two technical devices used in this recording process are the journal and ledger. The object of the system is to have permanent records of transactions.
In actual business practice, the exact forms of these records vary tremendously. In a very simple manual system they take the form as shown in accounting text books outside the small undertaking, the journal is more likely, the journal is more likely to consist or a bound volume of printing forms of various types, a stock or punched cards such representing a journal entry. Similarly, in large organization, including hotels, ledgers may consist of a computer print-out sheets employed. The function of the journal, and ledgers is to classify and collect the results of the transaction affecting the business entity.
ACCOUNTING AND FINANCIAL CONTROL
This consists of all accounting financial and monetary control techniques and system built into the accounting system (which consist of internal control system) to promote and encourage the attainment of management objectives generally. It consists of.
1. BUDGETING CONTROL:
Organization should plan and control all expenditure and income to meet its predetermined objectives.
2. SECURITY OF ASSETS
Assets, of the organization must be kept under proper control to prevent applying them wrongly, either by error or intent.
3. LIEUTENANCY OF INCOME EXPENDITURE
All the income and expenditure shout be in accordance with the policies of the organization and should be properly authorized in accordance with the law.
4. ACCOUNTING CONTROLS
There include the internal Audit and internal check (elements of internal system).
Understanding practical and investigation 2 (Okorie Onovo). A management tool with which to appraise the activities of management by themselves through appointed staff of the organization. it is an-house function aimed at putting management on their guard in readiness to the external appraisal put in place by the owner of the business.
This ensures the allocation of authority and work in such a manner as to afford checks on the routine transaction of day-to-day activities by means of the work of one person being complementary to that of another thus affording a means where fraud is prevented and its early detection is facilitate (institute of Auditors).
The guardian institutes of charted Accountant, exposure draft proposed auditing recommendation, describe internal control as the plan of an organization and all the co-ordinate systems establishment by the government of the enterprise (s) to achieve their stated objectives of ensuring us far as is practical, the orderly and efficient standard of its business. The chartered Institute of public and finance Accountants (CIPFA) describe it as comprising the whole system of control, financial and otherwise established by management in other to carry on the business of manner, internal control system could therefore be termed as a form of organization plan including all method and measures the form adopted to,
i. Safeguard its assets.
ii. Ensure the accuracy and reliability of its accounting data.
iii. Promote operational efficiency and
iv. Encourage compliance with company policies.
It is the responsibilities of the management t determine the internal control, system, which is necessary to the organization.
The extent of this control varies form organization to organization and also between one units to another. The control depends on size, volume, nature of the activities and degree of control which management are able to exercise personally, geographical distribution and many other factors.
They are concerned with legitimacy of expenditure income and the security of assets, and other control, mainly administrative and management control which are created and maintained by the management to ensure that the activity is relevant to the exigency of an organization and is carried out in the most effective and efficient manner.
This consists of non-accounting and non-financial system and method, which are built into the accounting system to promote the attainment of the four major goods of the accounting system as mentioned earlier. The nature of management control will vary widely according to the type of activity, which is under review. However, there many basic control areas, which should be evacuated. The extent of this control
Staff at all time need to be informed regular on the overall management objectives and the organization procedures which are to be followed in order to achieve the operational targets.
The organization should review its objectives relating to any operational activity and determine the method needed to achieve them.
The organization structure should be clearly defined adequately to ensure that staffs appreciate their roles.
Management needs to be continually informed with relevant and up to date of the financial and operational performance of any activity under its control.
System of supervision and informal check e.g. division of duties, independent checking or work, quality of control etc., should be maintained to ensure that breakdown or irregularities or fraud are avoided in review of the operational effectiveness and efficiency of operation under its control to consider their continued relevance in the light of changed circumstance.
A system is a set of element in which there exists relationship that can be described by formal statement. The group of planets revolving round the sum is a system and so a production department a machine shop, a design office, or indeed a whole enterprises constituting the system can be enumerated and certain relationship between the elements can be expressed. Every system can be sub-divided into sub-system and can be combined with other system.
To forma large system. An internment unto working groups and each group into individual man made machine system in connection with transaction, which pass through a system that will usually be of the following stages.
i. Identification of the input as being appropriate to the system
ii. Processing of the data item
Theoretically, only organization or any part of one can be considered in terms of a system, where resources(input) are organized (processed) to provide results (output) in accordance with the predetermine purposes.
System interacts to provide the mechanism through which organization function systems especially functional ones are designed to form a coherent whole.
Hotel presidential Enugu was one of the actions taken by the premier of the Eastern region Governor Michael I. Okpara. The Hotel presidential was established in 1961 but came into full established in 1963. it has staff strength of about 30, with Mr. Julius U.E. as the manager and Emeka Ossai as the accountant then.
It is quite unfortunate that the objectives with which the hotel was informed did not leave much to be desired as soon as the N.I Okpara left office, since the inception, the hotel has witnessed so many set-backs resulting from poor management, lack of fund by the government in power. This reckless abandon by the government in power has crippled the hotel.
However, the present government of Governor Dr. Chimaoke Nnamani has provided succor to the hotel. Thus, the starting from March 15th 2001. when the governor commenced a rehabilitation and renovation exercise.
The hotel has come back to stay. In fact, this is one of the major reasons why the researcher has decided to critically examine the effect of improper accounting system, which has reined the management of the hotel.
1.1 STATEMENT OF PROBLEM
Most government establishment in Nigeria of which hotel industry is one are known for their usability to keep complete or proper accounting records and quite often lost some of the assets under their control through fraudulent workers and other enemies of progress who adopt any strategy possibility to satisfy their selfish interest at the expenses of public interest. To this end, researcher has chosen as the main focus of this work, the identification of the nature and weakness as well as limitations inherent in the accounting system of hotel industry, using presidential Hotel limited, Enugu as case study.
1.2 RESEARCHER OBJECTIVES
A good accounting system is essentially indispensable to every organization that has portfolio of assets and bulky transactions to handle. It is with due cognizance of this dispensable nature of proper accounting system to organization mostly hotel industry that the research have assigned the research to;
1. Examine the nature of accounting system operating in the sampled establishment.
2. Evaluate the effectiveness of accounting system operating in the sampled establishment.
3. Ascertain the implementation of the existing accounting system in the sampled establishment.
4. Determine factor that promote or constraint the operation of the accounting system in the sampled establishment.
5. Make recommendations.
1.3 Significance of the study
The research work is being undertaker in the hope that student researcher. And interested members of the public will be latter exposed to the following.
1. The various accounting systems.
2. The cause breakdown in the accounting
3. The effect of an efficient or inefficient accounting system and proper application of effective accounting system.
4. Appropriate method of rectifying an ineffective accounting system and proper application of effective accounting systems.
The presidential hotel limited Enugu is a good case study for the satisfaction of the above –mentioned objectives.
1.4 RESEARCH QUESTIONS
The following questions are the main focus of this study.
(1) Do time keep proper accounting and control system?
If they do how reliable and adequate if the accounting records?
(2) To what extent are the information from the accounting records appraised in the light of future decisions.
(3) To what extent does these firms use accounting information is making decision in decision centers that require them?
1.5 1.5 STATEMENT OF HYPOTHESIS
Proper accounting system is an important tool for safekeeping of assets in Government establishment. In view of the research problem, the following hypothesis is hereby formulated.
1. HO: Proper accounting system is not necessary for safekeeping of assets.
Hi: Proper accounting system is necessary for safekeeping of assets.
2. HO: proper accounting system is not adequately applied in Government establishment.
HI: Proper accounting system is an adequately applied in Government establishment.
3. HO: Proper accounting system has no significance role in the growth of Government establishment.
HI: Proper accounting system has a significance role in the growth of Government establishment.
1.7 DEFINITION OF TERMS
Accounting it can be defined as the systematic recording of the financial transactions, which involves the transfer of monies worth to or from the business.
Accounting is concerned not only with recording, but also with analyzing and interpreting financial transactions.
AUDIT: it is an objective examination of, and expression of opinion on the true and fair of financial statements prepared by the directors (the controller of resources) for the shareholders (the owners of the resources)
ASSETS: they are those items owned by the business i.e. the various items of wealth unrested in the business enterprises.
Assets are of many types and forms, they may consist of audible and intangible wealth e.g. cash, debtor, stock, machinery and building.
HOTEL: A hotel could be a building an estate where men. And lodging facilitate as well as research ional facilities are provided for paying visitor.
Cost and revenue are recognized when they are incurred or earned and not necessary when the money is paid or reviewed. As long a revenue and cost can be identified long as revenue and cost can be identified in the profit and loss account of the period to which they relate, then they can be matched with one another.
Professional accounting bodies world wide determined standards, which regulates the practice of the accounting profession. It is a communicative function of accounting, which consists of particular reporting standards, the standard which are generally accepted accounting policies are according to international accounting standard.
b. Substance overcome e.g. hire purchase transaction
GUEST HOUSE: These are transient hotels, which cater for overnight guest or those who stay for few days. They also provide house for banquet, wedding parties, buffets and some gardens for barbers.