Download complete project material on Examine The Effects Of Record Keeping On The Growth Of Consumer Cooperative Organizations from chapter one to five
CHAPTER ONE
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INTRODUCTION
The point was in 1844, when the first successful cooperative called Rochadale Equitable Pioneers, in industrial town close to Manchester the society was registered under the friendly societies Act of October, 28th 1844. The shop did not open for business until December, 21st 1844. This cooperative shop established 155 years ago, continuous to exist and proper up to the present day.
They started with our intensive pre-member education programme based on weekly discussion meeting listings several months during this meeting; they drafted their regulations which they later implemented with tenacity of purpose.
They participated actively and democratized in the running of their society. Everyone bought share of one pound each and bought their supplies from their shop in cash according to their rates. Their officers where honest highly committed and full accountable.
They kept strict account of every transaction and their balance sheet certainly. Their methods led them to success and they become a model for cooperative all over the world.
Bureaucracy As A Tool For Effective Performance In Public Sector
However, their programme was clear start with a shop, using it as the foundation for further development, this idealism made them work hard accept discipline overcome difficulties, and eventually and internationally responding success as the workers first authentic cooperative shop.
The Rochdale Pioneer run their shop like a serious business enterprises since their initial capital was small only twenty eight pounds. They had to manage it prudently they stocked only good. In daily use, bread, flour, sugar, butter, oat, milk, candles etc. later they added shows, meat and cloth. They kept away from luxury goods and speculative buying. In this regard, the management had some significant impact to the success of the cooperative.
In other word, cooperative is an extensive tool in the development of any given area or state. The growth and life of any cooperative society greatly depend on the effectiveness and efficiency of the management and staff in terms of record keeping that is, there is book-keeping and accounting.
Cooperative as defined by the International Cooperative Alliance (TCA, 1995) as “an autonomous association of person’s united voluntary to meet their common economic social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise”.
Book-keeping and accounting begins with the recording of business transactions from these documents, such as invoice, changes e.t.c. The data from these documents are processed to produce financial information for management use in the business world; an average business man has to keep record of his/her enterprise. To achieve this end, he needs to engage competent book keepers to keep permanent record of his purchases, sales and cash dealing.
1.2 Statement of the Problems
Effective of record keeping process is the vital element to the growth and development of cooperative society. That is a good record keeping is an indispensable tool to the survival of cooperatives society as it equally is to other business ventures and this is purposeful designed to facilitate the development cooperatives.
It helps to create needed information to the management decision making and also to show accurate accounting information of the Society so that possible development of cooperative society can be increased.
However, it has been discovered that such record keeping appear not to be effective because secretary is a life of cooperative society and people with little or no knowledge of accounting book-keeping are employed to manage the financial sectors of the society and at the same time, cooperative society has not made a meaningful impact on the living standard of its members which may be due to its mismanagement of resources. Another setback may be due to wrong impression held about accounting and not knowing the importance of accounting to the society members.
It is in the light of this trend that the researcher sees it as a problem of worthy of empirical investigation in KRPCS Local Government Area. Primarily to find out how effectiveness or good record keeping helps in the growth or development of cooperative organization and of course examine how democratic management style helps to control record keeping process cooperative society.
1.3 Objectives of the Study
The objectives of this study are to:
i. To examine the effects of record keeping on the growth of consumer cooperative organizations.
ii. To find out the way through which the existing consumer cooperative society can survive to accomplish their goals.
iii. To find out the relevant of accounting information in cooperative societies towards monitoring the flow of financial transaction and recording.
iv. To know why some consumer cooperative societies are not developing or out of existence today.
1.4 Research Questions
The following research questions guided the study:
i. What are the effects of record keeping on the growth of consumer cooperative organization?
ii. What are the ways through which the existing consumer cooperative society can survive to accomplish their goals?
iii. What are the relevance of accounting information in cooperative society towards monitoring the flow of financial transaction and recording?
iv. What are the causes that hinder the development of consumer cooperative society or even out of existence?
1.5 Significance of the Study
This study is significant because it will enhance the effect of record keeping in financial information with organization and will also add to existing knowledge in the growth of a consumer cooperative society.
Essentially the study will help to remove the erroneous belief that the effective use of financial information not useful in a cooperative consumer society that already grown, but rather will build potential accounts that will value financial information. And always wanting to make good use of it in order to enhance the growth of a consumer cooperative society.
Also at the end of this study, the finding will be useful to the following people:
i. It is expected that his work will provide the consumer society with useful information on how to improve its financial information in relations to its effective utilization.
ii. Prospective consumer investors will also find this work significant by knowing details of their financial information, which could help them their area of consumer society investment.
iii. The general public that is other consumer will find the significance of the research work, i.e. to know if the consumer society will be a profitable since the details of their financial record are shown.
This study is also to serve as a training ground for future research work or studies. This very project may serve as a point reference to involving students existing organization and also government and department of cooperatives. It has also helped the researcher to see things as they unfolded and appreciate the value of empirical study.
1.6 Scope of the Study
Cooperative organizations in Nigeria concerns a large field that includes different types of services rendered such as socio-economic development thrift and credit society meeting every social need of her members, banking agricultural production, etc.
An attempt will also be made known whether record and adequate attention towards financial transaction of accounting records and social internal control system are carried out in accordance with laid down rules and regulations of accounting steward and policies of accounting.
The aim of this study is to whether the statement that adequate and effective accounting information has not been given serious attention in cooperative organization, which has been responsible for many consumers and cooperative organizations. The study covers only KRPCS. The time span for the study is from 2010 to 2014. It is hoped that whatever information obtained for the period will be very useful to the study.
1.7 Operational Definitions of Terms
Cooperatives, for the purpose of this research, can simply be defined as the coming together of two or more people to solve their socio-economic problems or to improve their lot collectively rather than individually.
Accounting Information: It is economic data which are gathered and communicated by accountant for assistance in making decision for past, present and future actions.
Book Keeping and Accounting: Book-keeping and accounting is the ability to take proper documentation of the financial earnings and spending of the organization or the ability to differentiate between personal or individual income and company income.
Cooperative: is an autonomous association of persons united voluntary to meet their common economic social and cultural needs and aspiration through a jointly owned and democratically controlled enterprise
Financial Information: They are relevant data that will help in decision making process or borrowing of funds from the different sources available to the cashier or accountant.
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