A good accounting system is directed in search of what is adequate control, checks and balances as a tool for averting industrial and business failures. The study therefore seeks to provide a sound accounting system that will afford management of the necessary information for effective management of resources and in decision- making that will and growing of an enterprise in accounting and financial policies.Consequently, there have been poor returns on investments an constant factory shut-down which is a function of poor management and ineffective and bad accounting system.This is common practice in most privately owned enter prose’s the application of unconventional and ineffective accounting practices, concept and convention. Most privately owned enterprises and character sized with: 1. The absence of proper records of accounts. 2. Inadequate financial planning and implementation of recommended facts. 3. Inability to devious ownership from management. 4. Lack of understanding the worth of input and advantages of accounting. 5. Inadequately or no-installation, of a good system of internal control. 6. employment of unqualified or non-professional and of a result accounting books are kept uncompleted and Inadequate to aid management in formulation of policies and decision makers.