THE PLACE OF PROPER AND ADEQUATE FINANCIAL RECORDS KEEPING IN THE SUCCESS OF SMALL SCALE BUSINESS

By

OBIORA NKEIRUKA .G.

Presented To

Department of Accountancy

PREFACE

The place of proper and adequate is a very important aspect of any organization. The adequately or other wise of it can affect the smooth running of any organization.

This term paper work is an attempt to look at the place of proper and adequate financial records keeping the success of small scale business with a view to saying the extent the place of proper functions are being carried out and the persons responsible for it.

The work will be also look at the adequate financial records keeping in order pointing out the direction of the adequate whether on production activities or general administration and the extent these adequate meet the needs of the people.

It is my hope that this term paper work will be if immense advantages to those interested in local government administration and other researchers in this area.

TABLE OF CONTENT

Title page

Approval page

Dedication

Acknowledgement

Preface

CHAPTER ONE

Introduction

1.1 Background of study

1.2 Objective of the study

1.3 Significance of the study

1.4 Scope and limitation of the study

CHAPTER TWO

2.1 what makes a good record keeping system

2.2 insurance records

2.3 importance of accounting information

2.4 what records should you keep

CHAPTER THREE

3.1 Summary of findings

3.2 Recommendations

3.3 Conclusion

Bibliography

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY

In these days, in every part of the country people are engaged in the process of planning and opening up new business every day, already existing business strive for survival. In different stages. These business may fail.

More over, financial record keeping in modern concern is the most important step to be taken by any serious entrepreneur before and after floating an enterprises, equipment furniture and capital for the business must be into diligently recorded and kept, curiously enough, these business represent will conceived ideas that are well developed by businessmen who have the experiences, the resources and determination to make their business succeed.

In the light of this therefore, it has become necessary to examine another variable in business namely: accounting information in order to high light its importantly its place in the success of small scale business.

The research work will under score the consequences and causes of inadequate and complete lack of proper financial record among our small business proprietors it will also under line the benefits of good financial record keeping ascertain the extent to which sample companies maintain proper and adequate financial records.

Finally, a relationship will be established between proper and adequate financial record and success of small businesses reaming unemployed citizen at the country.

1.2 OBJECTIVE OF THE STUDY

· To derive total and describe properly the constituent of proper and adequate financial record keeping.

· Why is it necessary to design a direct and short cut system of a financial record keeping for a specific small - scale business?

· What are the requisite steps to recommend ways to building and subsequently maintaining effective accounting system for proper maximization of good management

· To design a direct and shot cut system of financial record keeping specific small business

· To recommend ways of building and subsequent maintaining effective accounting system or proper maximization of good management and decision - making and optimum growth.

1.3 SIGNIFCANCE OF THE STUDY

This research paper will highlight the importance of keeping financial records and makes recommendation on accounting system of selected small scale businesses with this, it is hoped will help management of small scale business to make profitability decision for ling term survival, also, the government objective of over all industrial development through the small business is propelled.

This paper will be very useful to the management consultants and professional accountant as they are partners in progress with small - scale industries. Students of accounting system will final this work as a basis foundation for more in-depth and diversifiable research on the future aimed at achieving greater productivity in this sector.

Finally, prospective small - scale business proprietors of whom the researcher and student in ordinary national diploma level will find this work of immense help.

1.4 SCOPE AND LIMITAION OF THE STUDY

Secrecy is a factor that account for success in many business scale. There is no doubt that lack of access to the production costs, profit, margins, marketing strategies, management style and other success imperative by competitors can guarantee a sate rich for business I the total market, because of this, the researcher found it very difficult by getting information from investors already in the business.

This limitation not withstanding, it is believed that the findings and conclusion reached would be useful to any person that want to go into business o his / her own