THE PROSPECT OF ACCOUNTING AS PROFESSION; IMPLICAITON FOR ACOUNTING STUDENTS
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This topic of this study, which is the prospect of accountingi as a profession, implication to accounting students, is geared towards explanation of the Basic Expectations OF AN Accounting AND its Impact On the accounting students. This study examined critically accounting as a profession and while accountingi IS Regarded as a profession. Also THE OEXPECTATIONS OF Accountants working in business and non Business OR trading organizations. One of the major constrains in writing this study is the LARGE volume of Population to conduct the Data collection from, through the USE of structural questionnaires. Another constraints are time and finnace needed in order to carrying a qualitative research. However, one major technique to be adopted in tackling the constraints is reduction of the number of schools and students that will be used as sample in THE STUDY> THIS WILL ALSO AID IN Tackling THE problem OF TIME AND finance to be encountered in the study.
In order to ensure an Encouraging GROWTH of accountancy profession in Nigeria, the government SHOULD aid By providing school of accountingi in Nigeria as WE have SCHOOL of MEDICINE and law, and to provide good text book For Student to read in their school libraries and state libraries. Also both the government and Nigerians SHOULD aid in establishing Other Accountancy professional body IN Nigeria In ORDER TO end the monopoly By institute of chartered Accountants of Nigeria (ICAN), which ADMISSION of new members into the firm. Accounting deals WITH ASCERTAINING-prudently whether a business organization is making profit or los and the income generated and expenditures incurred in non PROFIT MAKING organizations. Also an accountingi student becomes a professional Accountant after passing ab examination set by a professional body (example, institute of chartered accountant of Nigeria ) all these points put together makes accounting a professional course.
The title of this project is “The prospect of accountingi as a profession; implication for accountingi students. The project was written to highlight the prospect of accountingi profession, to identify the problems associated with accountingi students in their pursuit /of academic certificate and the implications of the problems for the students. The study aroused the interest of the investigator because he felt that the study of accountingi have been impeded with multiplicity of the factors inhibiting it. To identify these problems, the research
Many people think of accounting as a highly technical field which can be understood only by professional accountants. Actually, nearly everyone practices accounting in one form or another on an almost daily basis
We live in an era of accountability. Although, accounting has made sits most dramatic progress in the field of business, the accounting function is vital to every unit of our society. An individual must account for his or her income, and must supply personal accounting information in order to buy a car or home to qualify for a college scholarships to secure a credit card, or to obtain a bank loan. Large corporations are accountable to their stockholders, to government agencies, and to the public. The federal government, the states, the cities, the school district: all must use accounting as a basis for controlling their resources and measuring their accomplishments. Accounting is equally essential to the successful operation of a business, a university, a polytechnic and a social program.
1.1.1 DEFINITION OF ACCOUNTING:
Okechukwu (1999), defined accounting as, “the art of recording, classifying and summarizing, analyzing, interpreting and reporting on the financial transactions and position of an organization to interested persons or bodies.” He gave this definition because whenever two or more persons comes together to form a union or an organization, the next thing is that money must be involved. Also, the accurate recording of the financial dealings of the companies, as well as the correct reporting of the financial results of the union’s activities for a period to the members of that union, and to outsiders become of paramount importance.
Amachina and Ezeh (1996), defined accounting as, “a profession that co-ordinates the functions of financials accounting which is concerned with the recording, analyzing, summarizing and interpretation of business and other entities”.
Okafor (1996), defined accounting as “a systematic means of writing of economic history and plans of an organization in both quantitative and financial manner so that facts can be revealed, and properly analysing such fact for the purpose of advising management.
1.2.2 OTHER AREAS OF ACCOUNTING INCLUDES
- MANAGEMENT ACCOUNTING
Osuagwu (1998), defined management accounting as, “ sthe application of accounting knowledge, technique and skills to the provision of information designed to assist all levels of management in planning and controlling the activities of a business enterprise.”
Moreover, sthe chartered institute of management accountant (CIMA) defines management accounting as, “ an integral part of management concerned with identifying, presenting, and interpreting information used for formulating strategy, planning and controlling activities, decisions taking optimizing the use of resources, disclosure to shareholders and other external to the entity, disclosure to employees and safeguarding assets.
- COST ACCOUNTING:
Onovo et al (2002), defined cost accounting and costing principles, methods and techniques in the ascertainment of costs and the analysis of savings and excesses as compared with previous experirence with standards.
Nze (1998), defined cost accounting as, “The accopunting of the cost of production of goods or services or both of them”.
The institute of cost and management accountants defines costing as “a management information system which analysis parts, present, and indeed, future data to fit the variety of different problems confronting managers. In order to carryout their responsibilities for planning and controlling the resources of a business, managers must be properly informed’.
- PUBLIC SECTOR ACCOPUNTING:
Ani (2001), defined public sector accounting as, “the composite activity of collecting, analysing, recording, summarizing, reporting and interpreting the financial – transactions of government units.
The various government units includes:
- The federal government (it ministries, departments and agencies).
- The state governments represented by it ministries and department.
iii. The local governments
- The government parastatals partly or completely financial by the government.
Some of the nature of government entities are:
- They are established by the citizenry through the cosntitutional and charter process
- They do not seek for profit from the activities in which they are engage
- They depends on the legislative authorities
- They owe responsibility to the citizens
From the various definitions of accounting mentioned above, we can see obviously that whether the accounting is concerned with financial accounting or management accounting or cost accounting, that all of them is geared towards provision of vital information that will aid the management in attainment of the objective f the orgnaization.
Moreover, accounting aids tocheck fraud and make corrections ins the records of transactions kept by an organization through the services rendered by professional accountants. In the case of private sector, the auditors checks the accounts and records of the company, in order to ensure that to the accounts are prepared in accordance of the laid down rules ins the companies and allied matters error in the financial statement of the company, where therre is an error or fraud in the financial statement, the auditor is supposed to specify it in its’ report, finally, he will express his opinion on whether the financial statement of the company shows a true and faire view of the financial state of that company at the given date.
While in the public sector, in sector 85 subsection (2) of the 1999 constitution of the Federal republic of Nigeria, the auditor-General is authorizes to appoint auditors for government stationary corporations, commissions authorities, agencies, including all persons and bodies established by an act of the national assembly.
Furthermore, in the area of taxation, accountants aids the government to calculate the amount of taxes which persons and companies will pay as taxes. Persons pay taxes from the income ahtey earn as from their work and companies pays taxes from the profit they made in the business.
1.1.2 USERS OF ACCOUNTING INFORMATION
- The proprietor
This proprietor is the owner of a business accounting information aids him sto know whether he is making a profit or loss in his business and also it aids him sto know how much drawing to make in order not toadversely affect the progress of the business
Accounting informaiton aid the creditors to know whether those they sold their goods toon credit will be ablve to pay them stheir money.
- Prospective investors:
This are persons that want to buy shares in a company. The accounting information aids them to know the profitability, solvency and how the assets have been put to effective use.
- Banks and other financial institutions:
Provision of accounting information enables banks to grant loans, overdraft and other advances to their customers
- Labour Unions and Employees
Accounting information enables the labour unions toensure that their workers are adequately remunerated as an when due.
Accounting information enables the government to impose tax on profits of companies and income of individuals.
The management uses the accounting information in making decision that will lead to the attainment of the organization objective.
1.2 STATEMENT OF PROBLEM
One of the characteristics of a profession is that it afford those who practice it permanent membership of a life career. The professional accounting bodies in Nigeria has a very stringent policy for admitting its members into the profession.
Also, in a tradinmg and non trading organizations where adequate memorandum books and sources documents are nsot kept which will provide a record of the business transaction made by the organization constitutes a problem to the accountant working in that organization.
Moreover, income tertiary institutions, there Are unqualified lecturers, which will not contribute in teaching the students all they are supposed to know concerning Accounting profession..
1.3 OBJECTIVE OF THE STUDY
The purpose of this study includes:
- To explain the expectations of accountantsas profession
- To expalin the role played by accountants in both trading and non trading organizations
- To appraise the roles ofprofessional bodies in promoting the prospect of accounting profession
- To identify the problems facing accountingi students
- To ascertain the implication of accountingi on accounting students.
- To offer recommendation necessary for the growth and prospect of accountingi profession in Nigeria
1.4 STATEMENT OF HYPOTHESIS
- Ho: There is no prospect fo accountingi as a profession
- Hi: There is a profect of Accountingi as a profession.
1.5 SIGNIFICANCE OF STUDY
Accounting is a course, which it services is indeed in all organizations, whether the objective of the organization is to make profit or not to make profit. There is always the need to account for the day to day running of the organization relation to spending and receiving of money.
Accounting is one of the professional course which many students looking for admission in hihger institutions wants to study.
This study, as looking into the problems and benefits accountingi students should meet as prospective accountants. The study is important not only to the students, but also to those qualified professional accountants and teachers aof accountancy, the government, and the general public, for they should with this study assess to know where the problem lies and where improvement is needed in accountingi education.
1.6 RESEARCH QUESITONS
For the effective study of this topic, the following research questions are investigated.
- Is accounting a profession with prospects?
- Has ICAN contributed to the growth and prospect of accountingi profession?
- Does ICANJ hinder the progress and prospect of accountingi students in Nigeria?
- Does the accounting students perceive ICAN as the best and the only professional body of accountancy in Nigeria to help sustain the prospect of accountingi as a profession?
- Should the HND/ university degree in accountancy be equivalent to the ICAN professional certificate?
- Should there be a professional school of accountancy in Nigeria?
- Has the Nigerian (Government been encouraging accountancy as a profession?
- How can you assess the role played by accountants in both trading and non trading organizations?
1.7 ASSUMPTIONS OF STHE STUDY
Accounting is a professions that has high regard in Nigeria. Many students in Nigeria wants ato study accountancy.
There are many prospects of accounting as a profession which accountants must bear in minds in discharging their duties.
Both the profit making organizations (Trading) and Non profit making organizations (Non trading) depends upon the information provided by the accountants for the smooth running of the organization.