EFFECT OF THINK-PAIR-SHARE INSTRUCTIONAL STRATEGY ON SECONDARY SCHOOL STUDENTS’ ACADEMIC ACHIEVEMENT, RETENTION AND SELF-EFFICACY IN FINANCIAL ACCOUNTING IN ABIA STATE
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background to the Study
Business organizations are set up with the principal objectives of creating wealth for the owners and ensure the continuous growth of the entity. Business organizations are increasingly becoming more complex in their operations, thereby requiring accounting knowledge so as to communicate complete, reliable and accurate financial information to interested groups (creditors, directors, employees, government and its agencies, and shareholders). Furthermore, for a business owner to effectively control, monitor, interpret financial transactions, manage finances and grow business entities, the business owner needs to understand the basics of accounting, because poor knowledge of accounting principles and processes may lead to wrong decision and invariably business failure. Accounting is the art of recording, classifying and summarizing in terms of money, transactions and events which are in part at least, of financial character, and interpreting the result thereof (The American Institute of Certified Public Accountants in Baru & Osahon, 2012). According to Okoli (2013), accounting is the process of recording, classifying, measuring, interpreting, summarizing and reporting financial data of an organization to the users for objective assessment and decision making. Accounting is important to the development of Nigerian economy because it prepares future managers, accountants, entrepreneurs, and other financial controllers who evaluate the performance and profitability of business organizations, prevent financial fraud, monitor enterprise‟s progress and make economic comparisons. In view of the importance of accounting to the development of Nigerian economy, Francis (2014) proposed that students should be taught accounting at the secondary and tertiary 2 institution levels to enable them acquire financial knowledge and skills with which to take important economic decisions as future leaders. In senior secondary schools, financial accounting is taught as part of the business subjects designed to equip secondary school students with relevant knowledge, skills and work habits for gainful employment or self-employment. The accounting curriculum is designed to give students a broad knowledge of business with adequate focus on financial accounting practices as applied in business Financial accounting is the art of preparing financial statements that companies use to show their financial performance and position to investors, creditors, suppliers, and customers. Eze, Ezenwafor and Obidile (2016) defined financial accounting as the classification and recording of monetary transactions and presentation of the financial results of the activities of an entity for decision making. To Abbey and Okorogba (2017), financial accounting entails recording, classifying, selecting, measuring, interpreting, summarizing and reporting financial data to external users. It is an occupationally-oriented subject which provides trained manpower for the development of the nation. It differs from managerial accounting in that managerial accounting prepares detailed reports and forecasts for managers inside the company. The above definitions mean that the understanding of financial accounting can expose the students to a plethora of skills and competences required in the world of work. Bell (2014) stated that students‟ financial accounting skills have a significant positive effect on their employability, entrepreneurial career, wealth generation and poverty eradication prospects.
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