THE EFFECTS OF ACCOUNTING ON THE ECONOMIC GROWTH OF SOLIVE OIL MANUFACTURING COMPANY NIGERIA LIMITED
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THE EFFECTS
OF ACCOUNTING ON THE ECONOMIC GROWTH OF SOLIVE OIL MANUFACTURING COMPANY
NIGERIA LIMITED
CHAPTER ONE
INTRODUCTION
Introduction:
Our
discussion in this chapter centres on the following sub-headings-background of
the study, the statement of the problem, the purpose of the study, significance
of the study, Research Questions, Hypothesis, scope of the study, and the
definition of terms used in this study.
Background of the Study
Solive oil
manufacturing company of Nigeria aptly came on board in 1998 with its head
office at Akwa Ibom State of Nigeria. It was formerly known and called Akwa Oil
Company and later it was renamed solive oil manufacturing company. The branch
under study is the Enugu state branch.
Over the
years, the company has passed through several changes which have helped to
transform the productivity of the company. This company has been into the
production of cercal oil generally called or known as groundnut oil and has
gained so much reputation in the market due to its productivity efficiency. It
produces and supplies goods to any person or persons who need its services
including foreigners from countries such as Ghana, Cameron, Libya, China and so
on it’s steadfastness in production to meet the demands of its customers has
led to the transformation of the company’s management. But unfortunately, the
financial and information units of the company were exempted in the transformation
hence giving rise to decayed problems of mismanagement of fund and lack of
proper information flow in the company. These lingered problems are as a result
of non-application of modern facilities (i.e. Information Communication
Technology) in monitoring use of fund and controlling information therefore,
embark on the study of the impact of computerization to the economic growth of
Solive Oil Manufacturing Company Nigeria Limited with a view to proffering
solution to the inherent problems.
Statement of
the Problem
The problems
associated with the company under study are such that should not be taken
lightly. Mismanagement of fund has been identified as one of the major problems
being faced by the company. This has become a general problem associated with
the Nigerian society today. If the Nigerian economy must improve, the
management of the various sectors of the economy must evolve strict polices
that would put a check to misuse of funds. Other problems associated with the
case study are as follows:
Lack of
technical know-how in operation of digital devices
Improper
record keeping/documentation especially in the financial department of the
company.
iii. Poor
Communication skill which is as a result of lack of communication technology.
Inadequate
training of employees due to lack of knowledge on the role of information and
communication technology (ICT) towards the improvement of the study.
Purpose of the Study
The world is
in the midst of an electronic communication revolution. Electronic information
flows across national boundaries. But not every nation is in this information
technology jamboree. Many companies in Nigeria for reasons of technology,
infrastructure or socio-economic status do not have access to electronic
information therefore, the purposes of this study include:-
Encouraging
the application of accounting education in the activities of small scale
industries in Enugu state with a view to improving the productivity and
efficiency of the company.
Identification
of the impediments towards the growth of small scale industries in Enugu state.
iii.
Proffering solutions to the problems so identified in 1.3ii above.
Significance of the Study
In carrying
out this study, the researchers believe that their findings will help Solive
Oil Manufacturing Company Nigeria Limited, the country and individual/students
thus:
Country:
This study will help the country to see the need for accounting and how the
application of information communication technology can contribute in boosting
the productivity and the development of the country’s economy.
Company: Due
to the change in speed and method of transaction business which Information and
Communication Technology (ICT) has introduced, this study will challenge Solive
Oil Manufacturing Company to identify with computerization as it affects the
financial and information units so that she can effectively compete in the
global market place.
Individual/Students:
This study could be valuable as a source of reference to other researchers who
might want to carry out similar or further research on this area.
Scope of the
Study
This
research endeavor centres on the impact of accounting on the growth of Nigeria
economy. Solive Oil Manufacturing Company Nigeria Limited is the case study.
Research Questions
The
following research questions guided the study:
What are the
effects of accounting on the economic growth of Solive Oil Manufacturing
Company Nigeria Limited?
What are the
effects of inadequate orientation and training of employees on the economic
growth of Solive Oil Manufacturing Company Nigeria Limited?
Research Hypotheses
The
following research hypotheses were used for this study:-
Lack of
accounting on the economic growth of Solive Oil Manufacturing Company Nigeria
Limited causes poor management, mismanagement of funds, improper record keeping
in the company.
Inadequate
orientation and training of employees result to lack of technical know-how in
the company.
The
researches find it expedient and necessary to defined words/terms used in this
study with respect to the context of their usage in order to avoid ambiguity
and confusion and consequently ensure easy understanding by the user of the
study.
Computer: A
computer is an electronic mechanical device that is capable of accepting data
input, processes it and gives output at a fantastic speed.
Database: A
database is a collection of data items stored with a minimum of duplication so as
to provide a consistent and controlled pool of operational data.
iii. File:
This is a collection of related records.
Record: This
is a collection of data which are grouped according to how the fields are
related.
Information
Technology: This means all computer based activities that are derived form
convergent disciplines of micro-electronics, computing and telecommunications
which have led to reorganization of the process of production.
Economy:
This means the relationship between production, trade and supply of money on a
particular country or area.
vii.
Technology: The method of using scientific discoveries for practical purposes,
especially in industry.
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