THE IMPORTANCE OF FINANCIAL ACCOUNTING LITERACY ON THE GROWTH, DEVELOPMENT, SURVIVAL, PRODUCTIVITY AND PERFORMANCE OF SMES IN KWARA STATE
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- NGN 3000
ABSTRACT
This study was carried out to examine the importance of financial accounting literacy on the growth, development, survival, productivity and performance of SMES in Kwara state using selected SMEs from three (3) selected local government in Kwara State as the case study. Specifically, the study was aimed at determining the impact of financial accounting literacy on the growth of small and medium scale enterprises; and determine the impact of financial accounting literacy on the survival of small and medium scale enterprises. The study employed the survey descriptive research design. A total of 100 responses were validated from the survey. From the responses obtained and analysed, the findings revealed that The findings revealed that: there is a significant relationship between financial accounting literacy and the growth of SMEs in Kwara state. Also, the findings revealed that there is a significant relationship between financial accounting literacy and the survival of SMEs in Kwara state. The study therefore recommend SMEs should endeavour to acquire good financial literacy in order to know how to manage their business finances and have good record keeping for sustainability and accountability.
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