PROPER BOOKKEEPING AND BASIC ACCOUNTING PROCEDURES IN SMALL SCALE ENTERPRISES

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ABSTRACT


The aim of this research is to find out the need for proper bookkeeping and basic accounting procedures in small scale enterprises. The study also looked at the problems faced by Small Scale Enterprises and the way forward. One of the key forces in the process of helping an organisation to become more competitive is how its human resource management functions is played out. This means that this function will have to serve more and more as a strategic organizational development. The researcher used qualitative method, supplemented by statistical analysis of the survey data. The findings confirmed an apparent non-existence of proper bookkeeping and basic accounting procedures in small scale enterprises and recommends that owners should be educated to keep away their personal transactions from their business entities. The study further revealed that small scale enterprises face moribund problems such as finance, technical skills, entrepreneurial skills and human resources among others and recommended that National Board for Small Scale Industries should be strengthen and resourced to solve these numerous problems of the small scale enterprises.


TABLE OF CONTENT
Abstract
Table of Content
List of Table
Abbreviations
Appendices

CHAPTER ONE: INTRODUCTION AND RESEARCH CONTEXT
1.0       Introduction and Research Context
1.1       Background to the Study
1.2       The Problem Statement
1.3       The Objectives of the Study
1.4       Research Question
1.5       The Significance of the Study
1.6       The Limitation of the Study
1.7       The Scope of the Study
1.8       Chapter Organisation

CHAPTER TWO: REVIEW OF PRIOR LITERATURE
2.1.      Introduction
2.2.      History of Bookkeeping
2.3.      Factors that Determine Accounting Standards and Procedures
2.4.      Small Scale Enterprise
2.4.0. Problems of Small Scale Industries
2.4.1. Finance
2.4.2. Skill Manpower
2.4.3. Management and Entrepreneurship Skills
2.4.4. Marketing
2.4.5. Government Attitude
2.4.6 Prospects
2.5.0. Characteristics of SSEs
2.6.0. Importance of Good Records
2.6.1. Getting Records Ready

CHAPTER THREE:
3.0.      Research methodology
3.1.      Introduction
3.2.      Research Design
3.3.      Population and Sample Size
3.4.      Sample Procedure
3.5.      Source of Data
3.5.1. Types of Data Collected
3.5.2. Pilot Testing
3.6.      Data Management and Analysis Tool
3.7.      Ethical Issues
3.8.      Problems Encountered During the Study
3.9.      Short Introduction NBSSI and its Mission

CHAPTER FOUR
4.0.      Data Presentation and Analysis
4.1.0. Introduction
4.2.0. Analysis on Small-Scale Enterprise Activities
4.2.1. Characteristics of Owners and their Businesses
4.2.2. Owners’ Reasons for Engaging in Business
4.2.3. Initial Problem in Running of Businesses
4.2.4. How do you determine your profit margin?
4.2.5. How they calculate their tax liabilities
4.2.6. How they record their Proceeds
4.2.7. The issue of who does the recording
4.2.8. The Question of Receiving any Training in Bookkeeping
4.2.9. On the Question of how Financial Records help Business
4.2.10. Preparation of Account at the end of the Period
4.2.11. Person Responsible for the Preparation of the Account
4.2.12. Reasons for Preparing Accounts
4.2.13. Training in Basic Accounting and Bookkeeping
4.2.14. The need for Training in Bookkeeping and Accounting Principles
4.2.15. Training Institutions
4.2.16. Training Rating
4.2.17. Topics Studied
4.2.18. Benefit Derived from the Training
4.2.19. Follow up visit by the Trainer to Trainees
4.3.0.  Analysis of Data on NBSSI Activities
4.3.1. Assistance by NBSSI to SSEs
4.3.2. Form of Assistance
4.3.3. Regularity of the Assistance
4.3.4. Follow up by NBSSI to Beneficiary SSEs
4.3.5. Level on Assistance on Accounting and Bookkeeping
4.3.6. Problem faced by NGOs in assisting SSEs
4.3.8. Prospects of SSEs as Identified by NBSSI

CHAPTER FIVE:
5.0. SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1. Summary of Findings
Conclusion
5.2. Recommendations

CHAPTER ONE


1.0  INTRODUCTION AND RESEACH CONTEXT

1.1 Background to the Study


Accounting standards are needed so that financial statements will be fairly and consistently describe as a financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. While keeping track of your business’s finances may seem overwhelming, it’s not that hard when you know the bases of accounting and bookkeeping. Bookkeeping and accounting share two basic goals:

1.      To keep track of your income and expenses this would improve your chances of making profit.

2.      To collect the financial information necessary for filling your various tax returns.

This sound pretty simple, it can be, especially if you remind yourself of these two goals whenever you feel overwhelmed by the details of keeping your financial records Wang, Hartmann, Gibbs & Cauley, (2009).

There is no requirement that your records be kept in any particular way. As long as your records accurately reflect your business’s income and expenses, the IRS will find them acceptable. The actual process of keeping accounting books is easy to understand when broken down into three steps.

i.            Keep receipts or other acceptable records of every payment to and every expenditure by your business.


ii.            Summarize your income and expenditure records on some periodic basis (daily, weekly, or monthly)....

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