THE ROLE ACCOUNTING RECORDS ON THE PERFORMANCE OF SMALL SCALE INDUSTRIES IN NIGERIA
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Abstract
This research work examined the role of accounting record on the performance of small scale industries in Nigeria with special reference to selected Local Government Areas in Lagos State. The current trend and development in small scale industries in Nigeria prompted the interest of this research work. The objectives was to provide the means of improving managerial skills for effective and efficient running of small business, and to also provide means of maintaining proper accounting records and control among others.
The first result showed that there was significant relationship between managerial skills and effective and efficient running of small scale business. The second findings revealed that. There were significant relationship between proper accounting records and fraudulent practices of small scale industries. Also other findings have it to positive.
This research work therefore suggested that the transaction arising from small business activities should at all times are recorded in such a manner that the profitability of small scale business owners is ascertained.
However, the owner of a small business has no time for elaborate system of book-keeping. Yet it is essential for him to keep a clear and accurate account. Surprisingly, many small scale industrialists do not know whether their businesses are operating at a profit or at a loss, Book-keeping in a small scale business, plays a vital role no matter how efficient a business is run. Failure to keep adequate records may spell doom for the company. The recording of all transaction in terms of money value is the first purpose of book-keeping. The records in turn provide all information to compare the cost of carrying on any form of business with the revenue derived from such business and considering other who have invested money in them to know whether the company is making profit or loss. The accounting records will serve the purpose of giving the owner information on the degree of efficiency or otherwise of its management, how and where it earns most income? What trends therefore are in the trades or services concerned? And, or what steps may be taken to improve its earning capacity?
Accounting records are not only good, but may be required by law, legal and financial questions that may be raised by government agencies, banks, employees and shareholders. There questions can be accurately answered when written records of all business transaction is just like keeping the business history, and based on this" the owner may know whether the business is growing or not.
Despite the fact that book-keeping system is very important to small scale industrialist, many of them still keep away from keeping their accounting records because of the works involved. Some business men regard the system as a waste of time and fund because of the additional workforce that will be required and the cost of buying accounting materials for the use of business.
Finally, accounting record is an essential dignified and worthwhile vocation a step forward to high executive position and outstanding business success and it also solve the problems of proper decision making and policy implementation.
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