CHAPTERONE

INTRODUCTION

1.1       Background of the Study

Accounting grew gradually and starts from charge and discharge to double entry book keeping and ascertainment of profit. In Nigeria the origin of accounting started from 1965, before then accounting formed an association of accountant which was later transfer into the institute of chartered accountant of Nigeria (ICAN) in 1965 by an act of parliament.

Later in 1979, the association of national accountant of Nigeria (ANAN) was formed by degree 76 signed by a military president general Ibrahim Babangida before he left 1993. In Nigeria today we have two separate body (ICAN and ANAN) which every accountant should pass through either of both before he will be qualified as a charted accountant.

Accounting is the means by which managers are informed of the financial status and progress of their companies, thus contributing to the continuing process of planning, control of operation and decision making (Walgenbach et al 1990). It’s also an activity designed to identify, measure and communicate information about economic entitles that is intended to be useful in making economic decisions. (Williams et al 1989).

1.2      Statement of the Problem

This research is to reveal to us the main objectives of accounting, the reason why a business entity should have an accountant and the significance of accounting in a business entity. This study will further hold that an accountant is so important and it effect change in a company in this era of accountability.

1.3      Objectives of the Study

The objective of a study is to examine the role of accounting and entrepreneurship education for self-reliance and sustainable development in Nigeria. The study considers the accounting profession and the major role it plays in entrepreneurship development. The major objectives are outlined below.

ü    The information should be useful to investors and lenders, be helpful in determining a company’s cash flows, and report the company assets, liabilities and owners’ equity and the changes in them.

ü    Financial accountant produces financial statement based on the accounting standard in a given jurisdiction.

ü    Generally accepted accounting principles refer to the standard framework of guidelines for financial accounting used in any jurisdiction.

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