THE USE OF ACCOUNTING AS A MANAGEMENT TOOL

THE USE OF ACCOUNTING AS A MANAGEMENT TOOL

ABSTRACT

The study centers on the “Use of Accounting as a Management Tool” (A case study of Anambra State Agricultural Development Project, Awka).

In pursuance of this investigation research objectives and hypotheses were formulated.  Both primary and secondary data were collected and the data were then presented, analyzed, interpreted using textual, graphic and tabular modes of data presentation.  The formulated hypotheses were also tested using chi-square as the test statistic.

Based on the above, it was found that Anambra State Agricultural Development Project uses Accounting as Management Tool.  All their financial transactions of Anambra State Agricultural Development project are recorded in the appropriate books of accounts.  From these books, revenue projections, expenditure estimates, financial statements, statements of source and application of funds are prepared.  Management of Anambra State Agricultural Development project uses ad inter-alia each of these prepared statements as a tool for decision-making, evaluation of the financial strength, profitability and future prospects.  Continuous type of budget is used for planning and controlling purposes.  Economic rate of return is used to evaluate projects.  Profitability is evaluated in terms of the benefits, which the given community derives from a given project.

With reference to the findings, the researcher recommends that; quarterly and mid year financial statements should be prepared to highlight the key variables affecting achievement of the objectives of Anambra State Agricultural Development Project; Budget should be compared with actual result so as to find out variables where they exist and make amendments where necessary; all the problems identified from the respondents should be addressed; there should be proper authorization and documentation; only qualified staff are to be employed; staff work schedules should be attainable with the actual working hours, ad accounting and computer training programmes should be organized at reasonable intervals.

 

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