According to Oladejothe achievement of the firm objective is greatly influenced by the application of accounting records. Accounting is and information system that identifies records, communicates the economic events of an organization to interested users. Primarily, the role of accounting is to collect and communicate data that can be used for analysis and decision making, Ethredge, Shane, and Smith, From the International Accounting Standard Committee IASCframe work which identify the principles, and qualities of accounting information to include understandability, relevance, reliability and comparability.
The success, growth and survival of any business depend on great extent on the quality of decision made by management.
These shows that, poor record keeping and inefficient use of accounting information are a major cause of the small and medium size enterprises failure Berryman from Walton The performance of small scale Accounting project small and medium enterprises howeverindicates that their expected important role can be achieved through variables including the implementation of fundamental managerial expertise such as basic business accounting, which can serve as an important base for financial planning and controlling; most especiallyin the function of forestall cash flow problems.
This becomes imperative for every SME to manage a good information which entails the installation of a sound accounting information to guide and support the decision making process.
It has been recognised that appropriate accounting information is essential for a successful management of any business entity, whether large or small European Commission Even though most SMEs prepare financial reports for statutory purposes, many fail to use accounting report.
It is noted the, most SME does acknowledge the importance of proper record keeping in their operation. The misuse and inaccurate accounting information causes small and medium size enterprises to assess their financial situation, and make poor financial decisions, as well as leads them to high failure rate Byron and Friedlob This decision depends on the quality and timeliness of the information provide by good accounting information.
He concluded that, the accounting record has contributed immensely to the unprecedented rate in the growth of small business in identifying the expenses, income, and profit or loss of a firm at the end of an accounting year usually 12 months.
However SMEs have been very important to the growth and development of any country, because of role it play. Information from a good source is competitively necessary for every business requiring a successful ending.
Small and medium firms should recognize that accounting information can be a valuable component of a company management and decision-making systems for financial data, and provides the ultimate indicator of the failure or success of a business strategic direction. In Uganga according to research, there are poor level of record keeping and insufficient use of accounting information to support financial decision making are the major cause of the SMEs failureBerryman quoted in Walton show that, poor performance and failure exhibited by SME in Uganda could be due to lack of quality accounting information.
But some challenges of inadequate, Infrastructural facilities, inability of most business firms to demand accounting system adequate to them for their need.
In Nigeria, these is not exemption, The fact underlying the success of a business enterprise is the establishment and application of controls by their owners of management in addition to the systematic record keeping of business transactions which is at the end of the period keeps the owner well informed about performance of the business.
Several challenges occurs that hamper the growth of SMEs in the Akwa Ibom State resulting from the accurate use of accounting information system which is expected to enable a fair preparation and presentation of accounting statement, to allow them meet their operational obligation.
This research will assess the level of usefulness of accounting information toward evaluating the performance of SME in Akwa Ibom State.
The criteria of an asset base is between N5 million and N million, and staff strength between 10 to employees.ACCOUNTING PROJECT TOPICS/WORKS A Study of an Accounting System in Selected Small and Medium Enterprises in Benue State AN APPRAISAL OF ACCOUNTING SYSTEM IN THE PUBLIC SECTOR AN EVALUATION OF CORPORATE PERFORMANCE USING FINANCIAL RATIO ANALYSIS project Analysis of Tax Morale and Tax Compliance in Nigeria CAPITAL MARKET AS A TOOL FOR.
Small-Medium-Sized Enterprises (SMEs). Dr Michael Lucas and Professor Malcolm Prowle Open University this project was concerned that in small enterprises, such management accounting as was done, was usually done by the owner-manager/. In our second annual ranking of the 50 Best Small and Medium-Size Companies to Work For, we asked our partners at Great Place to Work to determine the top small businesses in the U.S.
that have. () studies the readiness of small and medium scale enterprises (SME) in Lagos State, Nigeria for the adoption of International Financial Reporting Standards (!FRS) and the likely challenges that may be encountered in the adoption process.
The Impact of Management Accounting Practices (Maps) on the Business Performance of Small and Medium Enterprises within the Gauteng Province of South Africa Article Full-text available.
role of accounting information on small and medium scale business in nigeria (case study of: small and medium scale enterprises operator in lagos metropolis). TAX REFORM AND ADMINISTRATION IN NIGERIA; PROBLEMS AND PROSPECT (CASE STUDY .Download