Download complete project materials on An Evaluation Of Accounting Information In An Organization
CHAPTER ONE
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INTRODUCTION
An accounting report consists of items that are contained in the annual report of a company. These reports are also termed “financial statement”. These reports are compulsory and necessary in any business; they show the true and fair position of such company at any given period of time. They are usually on annual basis and they provided information to the users of the report to give the judgment about a company.
These report include the profit and loss account, which give the profit of the whole years, before and after tax, or profit to be retained in the business. They also include the balance sheet, which is a statement of assets and liability. Included in the financial statement are also:-
- Statement of source and application of fund.
- Value added statement.
- Director’s report.
- Auditor report.
- Five year financial summary e.t.c
Not only the management is interest in the affairs of the company, other groups like the shareholders are interested in order to be able to measure the performance of the management and the company, this is done using financial statement which are accounting reports.
Therefore, accounting has been defined as “The process of identifying to enable it users to make necessary decision and judgment”. Public company whose shares are quoted in the stock exchange market.
Various groups including owners, management, government agencies, employees e.t.c are interested in the financial statement of a company. The entire group are interested in the ability of a company to pay its debt as at and when due and to earn a reasonable amount of income.
This dual concepts objective of the company is referred to as factor of “solvency and profitability”. A company who fails to meet the standard expected of him by it creditors on a timely basis is likely to experience difficulty in obtaining credit, which will eventually leads to a drop in its profitability.
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Similarly, a company whose earning is lower than those of its competitors is likely to beat a disadvantage in obtaining a new capital from stockholders. Accounting reports are therefore of great importance to any company.
STATEMENT OF THE PROBLEM
This study is specifically undertaken to examine the contribution and usefulness of various accounting report to a public company. It should be noted that information provided by the various accounting report sometimes might not be accurate thereby causing a setback in its ability to give an informed judgment.
To this end, the study will attempt the examination or evaluation various instruments used to give interpretation to this accounting reports. In order to show how solvent it is, therefore it shall examine:-
Whether accounting reports are eventually useful to the public company.
Whether the various information provided there is factual or fallacious
Whether the information has constraints
Whether the user can actually give various interpretations to it and deduce an informed judgment from it.
Whether the tools used in analyzing actually give good results
1.3 AIMS AND OBJECTIVES OF THE STUDY.
The aim of the study is to examine the usefulness of accounting reports, its effect on a public company and the reasons why it is necessary.
Decision so far on this study have shown the important accounting reports to public company interms of providing information which will enable the users to give reasonable judgment on the account of the company.
SIGNIFICANCE OF THE STUDY
The study is as much as its attempt to achieve the objective spelt out seeks:-
To know the various accounting report used by a public company.
To know the extent of its usefulness
To know the reports are being evaluated for an informed judgment to be given by its users.
SCOPE OF THE STUDY
The focal point of this study is to examine the various accounting reports kept by the public companies such as Guinness Nigeria plc, highlighting the usefulness of these reports and their characteristic. The scope of Guinness Nigeria plc.
This due to the fact that it keeps the same accounting record as earlier stipulated. This study will not deal with anything beyond accounting report and its usefulness tools used in interpreting these reports will be limited to the barest minimum. It will be limited to the Lagos office due to the constraint of time and the distance of other branches of Guinness Nigeria plc in Benin, Aba, e.t.c
PLAN OF THE STUDY
This study is aimed at examining the usefulness or to evaluate the usefulness of accounting report in an organization vainness Nigeria PLC in particular and the relevance of this report to objectives,
It users and also show the hole it play in the profitability and solvency in any financial information for decision making and it users.
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