ACCOUNTING PROFESSIONS AND ITS ROLE IN THE SOCIETY

By

UDEAGHA IFEOMA CHINWE

Presented To

Department of Accountancy

TABLE OF CONTENT

Title page

Approval page

Dedication

Acknowledgement

Table of content

CHAPTER ONE

Introduction

1.1 Statement of the problem

1.2 Objective of study

1.3 Significance of study

1.4 Scope and limitation of study

CHAPTER TWO

2.1 Literature review

2.2 History of accounting

2.3 Definition / features of accounting

2.4 Role of accounting profession in the society

2.5 The effect created by the body of org.

CHAPTER THREE

3.1 Summary of finding

3.2 Recommendation

3.3 Conclusion

Bibliography

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY

The aim of this research project is to look into in detail the accounting profession and then remunerate its functions and rise in society.

The accounting profession is regarded in the course of history as social institution that when ever people met in the economic arena a references is needed to keep scare, this is accounting.

Since the turn of the 19^th century, the accounting profession has grown tremendously all over the world. Infact, during the first sixty years of the 20^th century, major economic and social force have thrust the accounting profession to new frontiers and responsibilities. The factor contributing to this growth are the increase of the large corporate business in number, size and complexity in addition to government influence in the affairs of business by taxation and regulation. Technological advance especially in the filed of computer, which has rapidly change the process of data accumulation and interpretation, are also factors contributing to the growth of the accounting profession.

The role of the computer in accounting profession has facilitated the traditional accounting function, such as payroll, cost accounting, and general book keeping. It is also used for analytical purpose such as cost benefit analysis. Etc

New types of work are added to the practice of the accounting profession, installation of accounting system, management of social activities, auditing and a host of other activities relating to financial production and organizational problem and government units. The accountant apart from the examining, supplying and communicating financial information to tis various, uses, gives his opinion on wide variety of representation such as sales, statistic, lease agreement advice on financial mobility and tax matters budgeting, cost control planning etc. he had also contributed immensely quota in a complex society in ways other then the ones stated above such as attacking problem of urban congesting, medicine, crime control, economic development etc.

The accounting profession is a wide based and complex profession this is because the above activities performed by accountant conflict complex problems and this creates the need for a high degree of specifies to enable him solve some of the problem created by management and society.

New kinds of problems like auditing and installation of accounting system can also be added.

1.1 STATEMENT OF THE PROBLEM

In discuss of the problem of accounting profession when related to the individual and society, we already know that accounting is the act of recording, interpreting and communicating financial information as an aid to decision making.

Firstly, is the government influence in the affairs of businesses through taxation and regulation has introduced new accounting problem and broadened the scope of accounting.

In addition, we individual face some problem of decision to take like, how much income will I receive in a given period? What expenses will I incur?

Are these amount larger or smaller than in some other period? If income exceed expenses, what do I do with the surplus if income is insufficient to meet, what were the sources and amount of income for the year and to whom and in what law are pertinent to those accounting and reporting procedure?

We individual resolve these question through primitive record and repots. But the soundness of the judgment and decision depends on the quality, timelessness of the information.

The processing of information at this level must be systematized and managed by experts.

1.2 OBJECTIVE OF THE STUDY

As we have introduced the subject of accounting and accounting profession and how it relates to individual in particular and society in general. It will also be useful to state the objective of our study.

In this particular study, we will further discuss mainly the role and, function of the accounting profession in management and society. We all know that the accountant provide financial information for its various user which include management and society. This financial data is accumulated and interpreted in order to measure the contributed and reward of the various group I society. It determines the decision that this study work into the roles, the accountant play in the course of providing such information to both individual and society.

Another thing will be looked into is how far the role have been achieved and problem that arise during the course of the accountant duty. Also the impact to accounting on society including its significance to individual and society will be discussed.

Finally, we shall discuss the feature of the profession which include the professional quality of the accountant made possible through education standard established and enforced by such profession legal responsibility and dedication to service.

It is important to that accountant in performing the role does it with skill and diligence to enable him give an objective, perception and concrete opinon on the financial data prepared by management.

1.3 SIGNIFICANCE OF STUDY

According to the American institution of certified accountants, accounting is defined as the act of recording, classifying and summarization in a significance manner and in terms of money transaction and event which are import at least of financial character and interpreting the result there of.

Accounting is not only concerned with their coding, classifying and summarizing of economic event. It also concerns communication of such data to interested users after. Its analysis and interpretation this accounting can be referred as the process of identifying, measuring and communication economics data decision of the users.

In discussing the importance of accounting and accounting profession to management and society, we will find out that the above mentioned definition will serve our purpose. The importance of accounting and accounting profession can be defined in relation to its role as an information supplier. The accounting profession perform its duty of providing adequate financial information not for its own sake but establishes its usefulness to interested users of such information which permit than to form judgment and decision, thus when adequate information in available, all kind of decision are made, based on such information.

1.4 SCOPE AND LIMITATION OF STUDY

The scope of study is restricted to this importance feature and problem and solution of the accounting profession and the role it play in the society. It also include the definition of accounting in relation to society and the individual.

The limitation of the study is in the area of data available and collection as this was a difficult task because of the nature of the study which did not involve calculation and the junior workers of the place I used as my case study were unwilling to disclose necessary information required from them.

However, limited area availabile to the researcher was used in his conclusion.