BUSINESS FAILURE AND THEN ACCOUNTING PROFESSION IN NIGERIA
CHAPTER ONE
1.0 INTRODUCTION
The Nigeria economy within the half of this century experienced quite a lot of business failures. There was a rapid growth in the number of indigenous companies collapsed with the same rapidity with which they were established. Business failures are actually one of the most difficult and complex concern faced by investors in the equity market or the stock exchange market in the recent time. Even with the best of strategic co-operate planning, business failure are still a common occurrence. Business failure can be defined as the inability of a particular business enterprise to continue to function as a going concern. The going concern concept presumed that an enterprise will continue in operation for the foreseeable future, and that there is neither the necessity nor the intention to liquidate.
In general, it was gathered that some of the causes of business failure includes.
a. Lack of capital (inadequate capitalization)
b. Inefficient management
c. Poor remuneration packages
d. Inadequate accounting records
e. Un-adequate accounting records
f. Lack of feasibility study report
h. Fraud
Given the devastating effect of business ailments, it because necessary to undertake a research, into the problem and failure of business life as well as making suggestion on ways of ameliorating their adverse effects.
According profession (Auditing) is one of the effective tool of evaluating and predicting business failure. Auditing is a process (carried out by suitable qualified auditing). Where by the accounts of business entities including limited companies, characterize, trusts and professional firms, are subject to scrutiny in such details as to their truth and fairness.
So many parties such as creditors, investors, owners, the firm itself and the government etc are interested with the present and expected future earning and the stability of these earning, and financial business as a going concern, therefore, they need Accounting profession to evaluate and compare the profitability as well as to predict the survival of the business.
NOT THE TOPIC YOU ARE LOOKING FOR?
Once payment is made, kindly send us your project topic, email address and payment name to +234 810 144 4147
Once payment is confirmed, Project materials will be sent to your email
Creating a good tax system implies that taxes should be collected regularly, consistently, conveniently and afford-ably. Taxes are backed by laws. Tax Laws refer to the embodiment of rules and regulations relating to tax revenue and the various kinds...
The study will benefit both employees and employers. It will benefit the employees in that each employee will be given an opportunity to state their individual perceptions toward employee relations and its effect on employee productivity and make rec...
The study proffers the new face of the accounting profession so as to nurture and build new entrants in the accounting profession according to quality and new standards set by the profession in the face of global technological changes
This study will be significant for Access Bank's management, other banks, share-holders, potential investors, and depositors, as well as for the economy as a whole. For bank management and managers, the study emphasizes the importance of this asset (...
The study's findings provide critical information for the state and its institutions in order to conduct future public-sector financial management changes.
This study will be beneficial to management accountants who are in charge of managing the organization's investment portfolio, as well as appraising and approving each investment.
This study would help add to understanding about the utility of credit unions, their reason for being, and to expose their hidden contributions to community development that are often neglected.
The study's findings will be useful to Nigerian policymakers since they will be used in the decision-making process. As a result, it will assist the government in formulating new policies.
This research will aid the government and the international community in better understanding the variables that influence the development and viability of the private sector in Nigeria.
This study will be significant to the government as it will bring to the fore the need for government to audit the implementation of this program, not just in Katsina state but also in other states of Nigeria.
Message Us on WhatsApp »
