An Evaluation of Accounting Practices in Real Estate Firms: A Case Study of Abuja Property Developers
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Background of the Study
The real estate sector in Nigeria plays a significant role in economic development, contributing to job creation, wealth generation, and urban infrastructure development. In Abuja, the real estate market has experienced substantial growth due to increasing urbanization and demand for residential and commercial properties (Akinwale & Eze, 2024).
Accounting practices are critical for the effective management of real estate firms, ensuring transparency, compliance with regulatory standards, and informed decision-making. However, the complex nature of real estate transactions, coupled with varying accounting standards, poses challenges for property developers in Abuja (Okafor, 2023).
This study evaluates the accounting practices of real estate firms in Abuja, examining their adequacy in addressing industry-specific challenges and fostering financial accountability.
Statement of the Problem
Real estate firms in Abuja face challenges in adopting standardized accounting practices, leading to issues such as inaccurate financial reporting, non-compliance with tax regulations, and poor financial management. Despite the sector’s significance, limited research has been conducted on accounting practices tailored to the unique needs of real estate firms (Bello et al., 2025).
This study aims to fill this gap by evaluating the accounting practices of real estate firms in Abuja, providing insights into areas for improvement to enhance transparency and efficiency.
Objectives of the Study
1. To analyze the accounting practices employed by real estate firms in Abuja.
2. To evaluate the challenges faced by real estate firms in implementing effective accounting practices.
3. To recommend strategies for improving accounting practices in the real estate sector.
Research Questions
1. What accounting practices are employed by real estate firms in Abuja?
2. What challenges do these firms face in implementing effective accounting practices?
3. What strategies can improve the accounting practices of real estate firms in Abuja?
Research Hypotheses
1. Effective accounting practices enhance financial management in real estate firms.
2. Inadequate accounting practices hinder compliance with regulatory standards in the real estate sector.
3. Improved accounting practices increase transparency and operational efficiency in real estate firms.
Scope and Limitations of the Study
The study focuses on accounting practices in real estate firms operating in Abuja, analyzing their effectiveness and challenges. Limitations include restricted access to proprietary financial data and the evolving regulatory framework for the real estate sector.
Definitions of Terms
• Accounting Practices: Methods and procedures used to record, analyze, and report financial transactions.
• Real Estate Firms: Companies involved in property development, sales, and management.
• Financial Transparency: The degree to which financial information is accessible, accurate, and reliable.
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