Thursday, 11 August 2016

Critical Evaluation Of Accounting System In Non-Profit Making Organizations

Non-profit making in its simplest form includes the public sectors, ecclesiastical i.e. churches and mosques, clubs e.t.c established to exhibit. A variety of social economic political and loyal characteristics; it is an organization which cater for services of the general public and a whole and thus with no view of making profit. In this sense it has different objectives and is financed in different ways.


The basic background is to impact the knowledge that no – profiting making organization exist and that they have accounts that they keep among the accounts kept by non – profit, expenditure account, wages account, statement of recurrent revenue, statement of recurrent expenditure to mention but of few public sector. Accounting is made up of many independence departments which are entitles on their own such like the case of the public limited liabilities company which is a legal entity.

TABLE OF CONTENT
Title page                                                                         
Certification                                                                     
Dedication                                                                       
Acknowledgment                                                             
Table of content                                                               
 CHAPTER ONE
Introduction.
1.1      Background of the study
1.2      Statement of the problem
1.3      Objective s of the study
1.4      Significance of the study
1.5      Scope and limitation of the study
1.6      Definition of the terms.

CHAPTER TWO

Literature review
2.0   Introduction
2.1   Voluntary health and welfare organization
2.1.2 Public sector accounting
2.2   Accounting system reporting practice of non-profit making organization
2.3   General treatment of fixed assets and depreciation of non –profit making organization

CHAPTER THREE

Case study and methodology
3.1   historical backgrounf of kwara state water corporation
3.1.1 Corporation assets
3.1.2 The staff strength.
3.2   Research methodology
3.3   Sources of data.

CHAPTER FOUR

Data presentation analysis and interpretation
4.1   The co-operations organization mode of operation
4.2   The organ gram of kwara water co-operation
4.3   Diagram of accounting procedure in kwara state water corporation.
4.4   Analyzing of accounting procedure
4.5   Analyzing of balance sheet under capital employed.
4.6   Analyzing of income and expenditure account
4.7   Analyzing of the comparatives.
 CHAPTER FIVE
Summary, conclusion and recommendation
5.0   Introduction
5.1   Summary
5.2   Conclusion
5.3   Recommendation
Bibliography 

CHAPTER ONE

  • 1.1      BACKGROUND OF THE STUDY

The purpose of accounting is non-profit making organization includes the followings to demonstrate the proprietary of transaction and their conformity with the established rules (i.e rules establishing non-profit making organization) to give evidences of accountability or stewardship within the system to provide useful information for good control and efficient management.

  • 1.2      STATEMENT OF THE PROBLEM ACCOUNTING


The problem encountered in the accounting system of non – profit making organization with reference to this research work is as follows:-

The data i.e payment voucher, sales voucher receipt and the likes are delayed in computation and this hinders the progress of the system.

Some of staff is in experienced; they do not even understand reason for operating or keeping the account system.

The corporation cannot increases its water rate because its fixed by the government

  • 1.3      OBJECTIVES OF THE STUDY

The objectives of this study includes:-
i.         To evaluate the accounting system of non-profit making organization critically.
ii.        To point to areas of weakness in the accounting system
iii.        To suggest any remedial courses of action that should be taken to improve the system.
iv.      To recommend a set of accounting system which will necessarily fatter the aims of the non-profit making organization?


  • 1.4      SIGNIFICANT OF THE STUDY

This project works in significant in the followings ways:

To enable improvement on the old system of record keeping that is prevalent in non-profit making organization.

To enable people to understand the system of accounting that is obtainable in the non profit making organization.

To enable non-profit making organization understand what is realized of them by the public and to let them know what information is needed from them.

To make self actualization in people that non- profit making organization generate some revenue for the implementation of their objectives.

To instill the knowledge that it provides financial information useful, for the determining and predicting the flows, balances and financial resources of the government.

  • 1.5      SCOPE AND LIMITATION OF THE STUDY
The scope of this study will be limited to kwara state water corporation being a good example of non-profitable making organization in the public sector. Due to time and financial constraint, emphasis will be on its background and accounting system.
        The value of this limited to certain constraints. The most salient limitation in that the research covers only critical evaluation of the accounting system of the case study that is, kwara state water corporation, Ilorin.


There are some books and record that were not released which are of more value to the research work, because they are termed “official secrets”.

Secondly, the study is constrained financially in terms of transportation.

Expenses, purchase of stationery, photocopies and other incidental expenses.


Thirdly, the time within which the project is to be completed is in short. a longer time might have allowed greater evaluation.


Fourth, the hostility faced or received from the respondents that in some members of state of kwara state water corporation ranging from come today, come tomorrow syndrome
       
Lastly, the data analyzed are ratable to the extent of their validity as applied by the corporation. Therefore, sufficient reliability is major limitation of this research,
 


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