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PROJECT TOPIC: THE EFFECTS OF ACCOUNTING ON THE ECONOMIC GROWTH OF SOLIVE OIL MANUFACTURING COMPANY NIGERIA LIMITED

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CHAPTER ONE

INTRODUCTION

 Introduction:

Our discussion in this chapter centres on the following sub-headings-background of the study, the statement of the problem, the purpose of the study, significance of the study, Research Questions, Hypothesis, scope of the study, and the definition of terms used in this study.

 Background of the Study

Solive oil manufacturing company of Nigeria aptly came on board in 1998 with its head office at Akwa Ibom State of Nigeria. It was formerly known and called Akwa Oil Company and later it was renamed solive oil manufacturing company. The branch under study is the Enugu state branch.

Over the years, the company has passed through several changes which have helped to transform the productivity of the company. This company has been into the production of cercal oil generally called or known as groundnut oil and has gained so much reputation in the market due to its productivity efficiency. It produces and supplies goods to any person or persons who need its services including foreigners from countries such as Ghana, Cameron, Libya, China and so on it’s steadfastness in production to meet the demands of its customers has led to the transformation of the company’s management. But unfortunately, the financial and information units of the company were exempted in the transformation hence giving rise to decayed problems of mismanagement of fund and lack of proper information flow in the company. These lingered problems are as a result of non-application of modern facilities (i.e. Information Communication Technology) in monitoring use of fund and controlling information therefore, embark on the study of the impact of computerization to the economic growth of Solive Oil Manufacturing Company Nigeria Limited with a view to proffering solution to the inherent problems.

Statement of the Problem

The problems associated with the company under study are such that should not be taken lightly. Mismanagement of fund has been identified as one of the major problems being faced by the company. This has become a general problem associated with the Nigerian society today. If the Nigerian economy must improve, the management of the various sectors of the economy must evolve strict polices that would put a check to misuse of funds. Other problems associated with the case study are as follows:

  1. Lack of technical know-how in operation of digital devices
  2. Improper record keeping/documentation especially in the financial department of the company.

iii. Poor Communication skill which is as a result of lack of communication technology.

  1. Inadequate training of employees due to lack of knowledge on the role of information and communication technology (ICT) towards the improvement of the study.

 Purpose of the Study

The world is in the midst of an electronic communication revolution. Electronic information flows across national boundaries. But not every nation is in this information technology jamboree. Many companies in Nigeria for reasons of technology, infrastructure or socio-economic status do not have access to electronic information therefore, the purposes of this study include:-

  1. Encouraging the application of accounting education in the activities of small scale industries in Enugu state with a view to improving the productivity and efficiency of the company.
  2. Identification of the impediments towards the growth of small scale industries in Enugu state.

iii. Proffering solutions to the problems so identified in 1.3ii above.

 Significance of the Study

In carrying out this study, the researchers believe that their findings will help Solive Oil Manufacturing Company Nigeria Limited, the country and individual/students thus:

Country: This study will help the country to see the need for accounting and how the application of information communication technology can contribute in boosting the productivity and the development of the country’s economy.

Company: Due to the change in speed and method of transaction business which Information and Communication Technology (ICT) has introduced, this study will challenge Solive Oil Manufacturing Company to identify with computerization as it affects the financial and information units so that she can effectively compete in the global market place.

Individual/Students: This study could be valuable as a source of reference to other researchers who might want to carry out similar or further research on this area.

Scope of the Study

This research endeavor centres on the impact of accounting on the growth of Nigeria economy. Solive Oil Manufacturing Company Nigeria Limited is the case study.

 Research Questions

The following research questions guided the study:

  1. What are the effects of accounting on the economic growth of Solive Oil Manufacturing Company Nigeria Limited?
  2. What are the effects of inadequate orientation and training of employees on the economic growth of Solive Oil Manufacturing Company Nigeria Limited?

 Research Hypotheses

The following research hypotheses were used for this study:-

  1. Lack of accounting on the economic growth of Solive Oil Manufacturing Company Nigeria Limited causes poor management, mismanagement of funds, improper record keeping in the company.
  2. Inadequate orientation and training of employees result to lack of technical know-how in the company.

The researches find it expedient and necessary to defined words/terms used in this study with respect to the context of their usage in order to avoid ambiguity and confusion and consequently ensure easy understanding by the user of the study.

  1. Computer: A computer is an electronic mechanical device that is capable of accepting data input, processes it and gives output at a fantastic speed.
  2. Database: A database is a collection of data items stored with a minimum of duplication so as to provide a consistent and controlled pool of operational data.

iii. File: This is a collection of related records.

  1. Record: This is a collection of data which are grouped according to how the fields are related.
  2. Information Technology: This means all computer based activities that are derived form convergent disciplines of micro-electronics, computing and telecommunications which have led to reorganization of the process of production.
  3. Economy: This means the relationship between production, trade and supply of money on a particular country or area.

vii. Technology: The method of using scientific discoveries for practical purposes, especially in industry.


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